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Friday, June 28, 2013

Bond Outflows Hit Fourth Consecutive Week

Reported by Tommy Fernandez

The great rotation out of bonds continues.

The size of the exodus was recently gauged by Leuthold Weeden [profile] analyst Kristen Hendrickson, who had this to write on the subject:
This is the fourth consecutive week of large net outflows from bond mutual funds. Last week's outflows were stronger than initial estimates, and this week's net cash outflows may be the largest of the past four at an estimated $16 billion. Bond mutual funds are on course to tally net outflows around $40 billion in June, the largest monthly outflows since October of 2008. Bond ETF net flows were negative again this week on the heels of relatively flat outflows last week; 2013's net cash flows remain positive for both bond fund categories, but each significantly lag flow tallies seen through late June of last year.

Domestic equity mutual funds continue experiencing net cash outflows as well (an estimated $1.8 billion this week); however, cumulative YTD net flows remain about $60 billion higher versus this time last year. Domestic equity ETFs remain on track for a record- breaking year of positive cash flows despite the estimated $6.6 billion leaving the fund genre during this volatile week in the equity markets.
Hendrickson also noted that "foreign mutual funds continue seeing consistent weekly net inflows this year, with international funds receiving a majority of the inflows. But foreign ETFs have experienced fairly large outflows the past five weeks, with much of this outflow coming from emerging market-focused ETFs." 

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