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Investors pull most from U.S. stock funds invested abroad since May -ICI
2016年8月31日 / 下午5点06分 / 1 年前

Investors pull most from U.S. stock funds invested abroad since May -ICI

By Trevor Hunnicutt
    NEW YORK, Aug 31 (Reuters) - Investors took back the most
money since May from U.S.-based funds that buy international
stocks, further hemming in their exposure to Europe and Japan,
Investment Company Institute data for the latest week showed on
    The international stock funds recorded $2.2 billion in
withdrawals during the week, the data showed, the largest
outflows since roughly the same amount fled the funds at the end
of May.
    "A stronger U.S. dollar, combined with concerns about
economic weakness in Europe and Japan has caused investor
outflows," said Todd Rosenbluth, director of exchange-traded and
mutual fund research at S&P Global Market Intelligence.
    While emerging markets have been a popular draw for fund
investors this year, Japanese and developed European markets
have not been able to shake economic weakness, while weaker
currencies generally hurt returns for U.S. dollar investors.
    Although the MSCI ACWI index measuring major markets has
returned more than 6 percent this year, a
debate over whether the Federal Reserve is inclined to raise
interest rates has pressured trading in recent days.
    Over the same week, funds focused on domestic shares posted
$4.5 billion in outflows, the trade group said, marking their
worst flows result in three weeks.
    Overall, stock mutual funds and exchange-traded funds
recorded $6.6 billion in outflows for the week.
    U.S. investors have been shifting money from stocks to bonds
for most of this year.
    They pulled $65 billion from U.S.-based stock mutual funds
and ETFs in the first half of 2016, and poured $104 billion into
bond funds, earlier ICI data showed.
    That puts the funds on course for bigger annual withdrawals
than even 2008, the peak of the global financial crisis, when
U.S.-based stock funds sank by $72 billion for the full year.
    Bond funds attracted $6.4 billion in their eighth
consecutive week netting cash, ICI data showed.
    Municipal and corporate debt funds have become a hot
commodity for investors seeking income and safety in a world of
increasingly negative bond returns and concerns about the stock
    WisdomTree Investments Inc senior fixed income
strategist Kevin Flanagan said that although some U.S. bond
yields remain attractive, investors should not necessarily
expect price gains in the bonds to continue apace.
    "It will be difficult to replicate that kind of return," he
said. "The focus is more on the income part of the equation."
    The following table shows estimated ICI flows, including
ETFs (all figures in millions of dollars):
               8/24    8/17    8/10     8/3  7/27/2016
 Equity      -6,649    -456   3,723  -6,991     -6,178
 -Domestic   -4,496  -2,298   3,723  -6,000     -4,130
 -World      -2,153   1,842      -1    -990     -2,047
 Hybrid         -71     235     -58    -106        491
 Bond         6,404   8,909   9,796   6,438      6,134
 -Taxable     4,911   7,107   8,186   4,906      4,441
 -Municipal   1,493   1,802   1,610   1,532      1,694
 Commodity     -252    -411      78     913       -362
 Total         -568   8,277  13,540     254         85
 (Reporting by Trevor Hunnicutt; Editing by Meredith Mazzilli)

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