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U.S.-based stock funds hit by biggest withdrawals of 2017 -ICI
2017年4月12日 / 下午5点21分 / 7 个月前

U.S.-based stock funds hit by biggest withdrawals of 2017 -ICI

    By Trevor Hunnicutt
    NEW YORK, April 12 (Reuters) - Fund investors are ousting
U.S. stocks in favor of bonds and international assets as they
turn skittish on an aging bull market, data from the Investment
Company Institute showed on Wednesday.
    Investors pulled $12.7 billion from U.S.-based funds that
buy domestic stocks, and plunged an additional $6.7 billion into
international equity and $11.1 billion into bond funds, the
trade group said. The data covers the week ended April 5.
    Domestic stock fund outflows were the biggest since October
2016, while international equity inflows were the highest since
July 2015, the ICI data showed. 
    Market returns have mirrored that pattern, with the S&P 500
 down 1.3 percent over the last month in price terms,
compared to the 1.1 percent rise of MSCI's gauge of stocks
outside the United States.
    "Investors are getting more concerned about the U.S.
equities, given political uncertainty and amid an increasingly
aging bull market," said Todd Rosenbluth, director of ETF and
mutual fund research at CFRA. "Last week's flows were sharply
impacted by rare outflows to U.S. equity ETFs. Investors have
sought the relative safety of taxable bond funds."
    Political tension ranging from Syria to the Korean peninsula
weighed on market sentiment this month, pressuring an eight-year
bull market in U.S. stocks.
    Meanwhile, global growth has created opportunities in other
regions, such as emerging markets, said Stephen Cucchiaro,
president and chief investment officer at 3EDGE Asset Management
in Boston.
    Fixed-income funds attracted their 15th straight week of
cash. They have had just two months of net outflows in the past
year, according to ICI.
    Bonds have become the choice asset for U.S. fund investors
over the past year despite a rally in stocks. Bonds have their
own risks, as the Federal Reserve hikes interest rates and eyes
potential plans this year to trim its $4.5 trillion of bonds and
other assets. Rising interest rates erode bond prices.
    The following table shows estimated ICI flows, including
mutual funds and exchange-traded funds (all figures in millions
of dollars):
                  4/5    3/29    3/22    3/15   3/8/2017
 Equity        -6,074   1,603  -1,782  10,992      9,119
 -Domestic    -12,724     303  -6,872   9,014      4,289
 -World         6,650   1,300   5,090   1,978      4,830
 Hybrid        -1,467  -1,077    -779    -242       -376
 Bond          11,143   7,594  13,190   2,777      6,926
 -Taxable      10,590   6,950  12,511   2,980      6,873
 -Municipal       553     644     679    -203         53
 Commodity       -125     100    -151     237       -663
 Total          3,478   8,221  10,478  13,764     15,006
 (Reporting by Trevor Hunnicutt; Editing by Meredith Mazzilli)

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