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U.S.-based bond funds net most cash in nearly 2 years -ICI
2017年6月14日 / 下午5点40分 / 5 个月前

U.S.-based bond funds net most cash in nearly 2 years -ICI

    By Trevor Hunnicutt
    NEW YORK, June 14 (Reuters) - U.S. fund investors downgraded
their expectations for the domestic economy and snapped up bonds
during the latest week, dropping the most cash into debt funds
in more than 23 months, Investment Company Institute data showed
on Wednesday.
    Bond mutual funds and exchange-traded funds in the United
States pulled in $13.6 billion during their 24th consecutive
week of inflows and posted their best result since June 2015,
the trade group said.
    Stock fund withdrawals were $7.7 billion during the week
ended June 7, with $11.1 billion in domestic equity outflows
offset a bit by funds focused on international shares taking in
$3.4 billion.
    The week ended June 7 came ahead of a British general
election, the European Central Bank's policy meeting and former
FBI Director James Comey's testimony before a Senate panel.
    "There's more concern, but it's not general concern about
risk, it's more focused on the diminishing expectations for the
Trump administration agenda," said Kristina Hooper, global
market strategist for Invesco Ltd, in New York.
    Hooper said Comey's testimony offered further evidence that
Congress is "distracted" and unlikely to pass market-friendly
legislation of the scope initially expected.
    "It's almost like sand running through your finger watching
the agenda come to fruition."
    The period measured by the ICI did not include the dramatic
shift on Friday and Monday from technology stocks into banks and
other sectors.
    "If there was some sign that the economy was in trouble, I'd
be worried," said Ted Theodore, chief investment officer at
TrimTabs Asset Management LLC in New York.
    Theodore said investors are still scarred by the 2008
financial crisis and are ready to quickly sell an investment
that stalls.
    "You just have a generation of people who think the world is
going to end."
    The following table shows estimated ICI flows for mutual
funds and exchange-traded funds (all figures in millions of
                 6/7    5/31    5/24    5/17  5/10/2017
 Equity       -7,726  13,999    -828   4,356      7,420
 -Domestic   -11,093   8,482  -5,487  -5,604       -984
 -World        3,367   5,517   4,659   9,961      8,404
 Hybrid         -860    -271    -212    -315        122
 Bond         13,621   4,923   8,012  10,381      6,357
 -Taxable     12,305   4,678   7,347   9,791      5,720
 -Municipal    1,316     245     665     590        637
 Commodity       997    -458    -152    -150        288
 Total         6,031  18,193   6,820  14,273     14,187
 (Reporting by Trevor Hunnicutt; editing by Diane Craft)

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