January 22, 2020 / 4:40 PM / a month ago

Investors extend largest pullback from U.S. stock funds since 2016

    By David Randall
    NEW YORK, Jan 22 (Reuters) - Investors pulled $4.5 billion
out of mutual funds and exchange-traded funds that hold U.S.
stocks last week, extending the longest consecutive pullback
from the domestic stock market since the spring of 2016,
according to data released on Wednesday by the Investment
Company Institute. 
    The retreat from the U.S. stock market came despite a rally
that has pushed the S&P 500 to record highs on the strength of
corporate earnings and widespread expectations the Federal
Reserve will not raise interest rates this year.
    The S&P 500 is up 3% for the year to date, more than double
the performance of any comparable developed market in Europe or
Asia, according to Refinitiv data. 
    Investors continued to flood into taxable and municipal
debt, sending nearly $17 billion into bond funds last week. That
inflow came on the heels of $24.7 billion in inflows the week
before, completing the largest two-week jump in bond fund assets
since at least 2013, according to ICI data. 
    World stock funds,  meanwhile, brought in $3.3 billion in
new assets, notching the fifth consecutive week of inflows into
the category.
    
    The following is a broad breakdown of the flows for the
week, including mutual funds and exchange-traded funds in
millions of dollars:
    
             1/15/202  1/8/2020  12/31/2  12/24/20  12/18/20
                    0                019        19        19
 Equity        -1,215   -12,715   -1,425    -3,543     1,345
    Domesti    -4,519   -13,134   -3,849    -6,252      -519
    c                                               
    World       3,304       419    2,424     2,708     1,864
 Hybrid            16      -971      -55      -542    -1,730
 Bond          16,938    24,744    9,164     9,560    11,014
    Taxable    13,664    21,211    7,659     6,899     8,629
    Municip     3,275     3,533    1,505     2,661     2,385
    al                                              
 Commodity        104        92      311        61        17
 Total         15,842    11,151    7,995     5,536    10,646
 

    
    

 (Reporting by David Randall
Editing by Chris Reese)
  
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