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U.S.-based bond funds attract $4 bln as investors warm to riskier debt -ICI
2016年3月9日 / 下午5点43分 / 2 年内

U.S.-based bond funds attract $4 bln as investors warm to riskier debt -ICI

By Trevor Hunnicutt
    NEW YORK, March 9 (Reuters) - U.S.-based bond mutual funds
attracted $4.1 billion in the latest week, reversing outflows
from the prior week as investors warmed to corporate debt,
according to data released Wednesday by the Investment Company
Institute (ICI).
    Investment-grade bond funds, which posted outflows during
the prior week, took in $124 million during the week that ended
March 2, according to ICI.
    High-yield bond funds added a second straight week of new
money, the data showed, as investors pumped $3.6 billion into
the funds, more than double the prior week.
    "High-yield and risk assets are moving in lock step with oil
prices," said Niklas Nordenfelt, senior portfolio manager at
Wells Fargo Asset Management, which has seen inflows in
its high-yield products. "High-yield is also benefiting from the
fact it has sold off and started showing pretty attractive
yields."
    During the prior week, junk-bond funds in the United States
broke a 15-week streak of outflows that swallowed $28.8 billion
of the funds' cash and precipitated the December collapse of
Third Avenue's Focused Credit Fund. 
 
    "Investors embraced risk taking through bond funds last
week," said Todd Rosenbluth, who directs mutual-fund research at
S&P Global Market Intelligence. "This is more than six times as
much that went into government funds."
    Government bond funds, which have benefited from a flight to
safety, took in just $571 million this week, down from an
average $1 billion per week over the prior two weeks. But the
government funds nonetheless added a 12th week to their streak
of inflows.
    Municipal-bond funds added a 22nd consecutive week to their
inflows, taking in $934 million during the week, ICI said.
    Results for stock funds were mixed. Funds focused on
domestic shares posted $2.2 billion in outflows during the week,
while international stock funds took in $2.2 billion of new
cash, according to ICI, a mutual fund trade organization.
    Some stock funds saw outflows "even as the market moved
higher," according to Rosenbluth.
    The following table shows estimated ICI flows for the past
five weeks (all figures in millions of dollars):
                3/2     2/24    2/17      2/10    2/3/2016
 Total equity   45      4,441   -1,237    -1,373  8,057
     Domestic   -2,189  2,090   -2,271    -3,625  2,313
     World      2,234   2,350   1,034     2,252   5,744
 Hybrid         987     1,601   -3,562    -1,044  1,706
 Total bond     4,072   -99     963       690     -4,289
     Taxable    3,138   -1,120  107       -729    -5,490
     Municipal  934     1,020   857       1,419   1,200
 Total          5,105   5,942   -3,835    -1,727  5,473
 
 (Reporting by Trevor Hunnicutt; Editing by Nick Zieminski)

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