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U.S. muni funds nab least cash in a year as performance slips -ICI
2016年10月19日 / 晚上6点16分 / 1 年前

U.S. muni funds nab least cash in a year as performance slips -ICI

By Trevor Hunnicutt
    NEW YORK, Oct 19 (Reuters) - Investors funneled the least
cash to U.S.-based municipal bond funds in more than a year,
Investment Company Institute data for the latest week showed on
Wednesday, the latest sign that demand in some fixed-income
categories is waning.
    The muni mutual funds and exchange-traded funds (ETFs)
attracted just $299 million in the week through Oct. 12, the
trade group's data showed. That amounts to the funds' worst
weekly showing since September 2015, which was the last time the
funds recorded net withdrawals.
    In the year since, investors have pumped more than $60
billion into muni funds, seeking a low-risk alternative to 
trillions of dollars in bonds now yielding less than zero. There
are $10.9 trillion of negative-yielding government bonds
globally, according to Fitch Ratings data as of Sept. 12.
 
    Muni funds buy debt issued by cities and states, which pay
interest exempted from U.S. federal income taxes, making them
particularly appealing to wealthy investors.
    But the funds have delivered negative returns in five of the
last six weeks, Thomson Reuters Lipper data showed, their worst
such streak since the massive inflows began last year.
    "Investors are rotating to taking on more risk," said Todd
Rosenbluth, director of ETF and mutual fund research at CFRA.
"Muni funds have had weekly inflows for nearly a year, and that
could be coming to an end, which is notable."
    Like other categories of bonds, municipal debt performance
is hurt by rising interest rates. In 2013, for instance, munis
sank during the "Taper Tantrum," when yields spiked after the
Fed suggested it might scale back a massive bond-buying program
it was using to stimulate the economy.
    Muni yields have risen in recent weeks as investors digest
the possibility that the Federal Reserve may raise rates in
December. 
    Earlier Lipper data also showed that investors pulled cash
from investment-grade corporate debt funds at the fastest rate
since March during the same week. 
    Overall, though, ICI said bond funds took in $5 billion
during the week, showing that lagging results in some
fixed-income categories has not derailed a strong year of
momentum for bond funds overall.
    International stock funds attracted the most money since
August, pulling in $800 million during the week. But domestic
stock funds were out of favor, pushing net withdrawals for
U.S.-based stock funds to $3.7 billion overall. 
    The following table shows estimated ICI flows, including
ETFs (all figures in millions of dollars):
              10/12     10/5    9/28    9/21  9/14/2016
 Equity      -3,717  -11,808   4,227  -4,387     -2,750
 -Domestic   -4,517   -8,833   7,870  -2,903     -3,401
 -World         800   -2,975  -3,643  -1,484        651
 Hybrid        -854   -1,539    -507    -541     -1,545
 Bond         5,077    9,144   7,785   6,475        998
 -Taxable     4,778    8,212   6,667   5,595        198
 -Municipal     299      933   1,118     880        800
 Commodity      228     -105     325     533       -898
 Total          734   -4,308  11,831   2,080     -4,196
 
 (Reporting by Trevor Hunnicutt; Editing by Meredith Mazzilli)

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