June 13, 2018 / 4:16 PM / 6 months ago

U.S. fund investors trim stock, commodity holdings in week -ICI

    NEW YORK, June 13 (Reuters) - U.S. mutual funds and
exchange-traded funds recorded their first overall week of
withdrawals since March, Investment Company Institute (ICI) data
showed on Wednesday.
    Cash flowed out of U.S.-based stock and commodity funds
alike during the week ended June 6, while demand for bond funds
weakened to $1.4 billion from a $5.4 billion average this year,
the data showed.
    Overall, the mutual funds and ETFs tracked by the trade
group posted $4.2 billion in withdrawals.
    "The market is caught between a bit of a rock and a hard
place right now," said Katie Nixon, chief investment officer for
Northern Trust Corp's wealth management business.
    "It's a battle between the micro picture, which is very
strong, earnings are very strong and look to be very strong into
next year, and macro factors," from the U.S. Federal Reserve's
withdrawal of monetary stimulus to the mushrooming conflict
between the United States and its trading partners.
    In an interview published on Wednesday by the newspaper
Handelsblatt, World Trade Organization Director-General Roberto
Azevedo warned that if the trade conflict between the United
States and other countries intensifies, it could negatively
impact the global economy and said there are indications this is
already happening.
    An earlier report by Thomson Reuters Lipper unit covering
the same seven-day period showed low-risk money-market funds
took in the nearly $34.9 billion, the most cash in nearly five
years.
    Money funds could be competing for cash with other
safe-haven assets. Funds invested in commodities, such as gold,
posted $761 million in withdrawals, the weakest demand since
July 2017, according to the ICI.
    The following table shows estimated ICI flows for mutual
funds and ETFs (all figures in millions of dollars):
               6/6     5/30   5/23    5/16    5/9/2018
 Equity        -3,651  5,435  3,994   8,394   2,040
    Domestic   -4,531  4,701  3,352   6,066   1,302
    World      880     734    642     2,329   738
 Hybrid        -1,118  -642   -807    -866    -788
 Bond          1,376   2,235  5,206   5,177   2,735
    Taxable    727     1,574  5,021   4,727   2,383
    Municipal  648     661    185     450     352
 Commodity     -761    125    -73     -281    242
 Total         -4,155  7,153  8,320   12,425  4,229
 
 (Reporting by Trevor Hunnicutt; Editing by Dan Grebler)
  
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