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Investors scoop up billions in bonds, most since July -ICI
2017年9月27日 / 晚上7点16分 / 25 天内

Investors scoop up billions in bonds, most since July -ICI

    By Trevor Hunnicutt
    NEW YORK, Sept 27 (Reuters) - Investors throttled up their
bond exposure in the latest week, adding the most cash to
U.S.-based debt funds since July as momentum for U.S. stock
funds stalled, Investment Company Institute (ICI) data showed on
    More than $11 billion rolled into U.S.-based bond mutual
funds and exchange-traded funds (ETFs) during the week ended
Sept. 20, including a 42nd consecutive week of inflows for
taxable-bond funds, the trade group said.
    Domestic stock funds continued to struggle, with outflows of
$2.1 billion during the week, according to the ICI.
    Meb Faber, chief investment officer at Cambria Investment
Management LP, said people may be starting "to get jittery"
about U.S. stocks after an unusual bull run that has lasted more
than eight years fueled by demand for ETFs and corporations
buying back their own stock.
    "The outlier really is the U.S. on the expensive side. Most
of the rest of the world is normal to quite cheap," said Faber.
    "People may just be running out of places to find yield."
    World stock funds also netted cash for the 42nd consecutive
week, attracting $3.1 billion during the seven-day period.
    International stocks are on pace to chart their best
performance against U.S. equities since the 2009 global
financial crisis, according to MSCI Inc data. They
underperformed in each of the last four years.
    The rebound in international stocks is likely to be
sustained, Faber said. "We think it is a multi-year process."
    The following table shows estimated ICI flows for mutual
funds and ETFs (all figures in millions of dollars):
                9/20    9/13     9/6     8/30  8/23/2017
 Equity        1,007   5,003    -231    8,190     -1,808
 -Domestic    -2,137   2,096  -2,937    3,683     -4,687
 -World        3,143   2,907   2,706    4,506      2,880
 Hybrid          903    -903  -1,184     -758     -1,236
 Bond         11,083   9,583   6,453    5,354      5,314
 -Taxable     10,171   8,674   5,926    4,601      4,074
 -Municipal      912     908     527      753      1,240
 Commodity      -134     125     980      982        604
 Total        12,858  13,808   6,018   13,768      2,874
 (Reporting by Trevor Hunnicutt; Editing by Richard Chang)

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