April 24, 2019 / 8:36 PM / a month ago

Investors sent net $3.99 bln into U.S. stock mutual funds, ETFs last week -ICI

    By Jennifer Ablan
    NEW YORK, April 24 (Reuters) - Investors sent a net $3.99
billion into mutual funds and exchange-traded funds that hold
U.S. stocks last week, marking a second consecutive week of
inflows into the domestic stock market, according to data
released on Wednesday by the Investment Company Institute. 
    The move back into the U.S. stock market came amid a rally
that has sent the benchmark S&P 500 up by 17%
year-to-date. It has been supported by a dovish Federal Reserve,
hopes of a U.S.-China trade resolution and largely upbeat
earnings.
    Despite the rally, investors have favored bond funds,
boosted by the Fed's pause on interest-rate hikes this year. 
    Bond funds, which include taxable and municipal debt funds,
brought in a net $8.8 billion last week, continuing a streak of
positive inflows over every full week of the year to date.
    The outsized inflows into bond funds have come at the
expense of equity funds at a time when the economy is
strengthening and could soon lead to a reversal as investors
increase their appetite for riskier assets, BlackRock chief
executive Larry Fink told Reuters in a recent interview
.
    "We still saw, as an industry and at BlackRock, outflows in
equities and this is one of the reasons why I believe the market
is getting set up for huge inflows into equities," he said. 
    Indeed, on Tuesday April 23, the S&P and Nasdaq closed at
record levels.
    World stock funds, meanwhile, attracted a net $549 million,
ending an eighth week losing streak. 
    
    The following table shows estimated ICI flows for mutual
funds and ETFs (all figures in millions of dollars):    
                       4/17     4/10      4/3     3/27     3/20 
 Equity               4,542     5,811   -7,496  -11,085   -2,145
         Domestic     3,993     6,210   -7,465  -10,896    1,474
         World          549      -400      -31     -190   -3,619
 Hybrid                -976      -122   -3,575     -199     -636
 Bond                 8,809     7,813   11,275    7,884   10,552
         Taxable      7,559     6,675    9,783    5,528    8,660
         Munis        1,250     1,138    1,492    2,356    1,892
 Commodity             -101      -286     -983      141      393
 Total               12,273    13,216     -778   -3,259    8,163
 
 (Reporting by Jennifer Ablan
Editing by Tom Brown)
  
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