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Friday, June 25, 2021

Outflows Slip, No Thanks to Money Funds

Reported by Neil Anderson, Managing Editor

Money market funds' net outflows increased by about 12 percent this week, even as equity and fixed income funds saw net inflows, according to the latest data from the Lipper team at Refinitiv.

Jack Fischer
Refinitiv Lipper
Senior Research Analyst
In the U.S. Weekly FundFlows Insight Report for the week ended June 23, Jack Fischer, senior research analyst at Refinitiv Lipper, reveals that $15.4 billion net flowed out of mutual funds and ETFs in the U.S. in the past week (down from $30.1 billion in net outflows in the prior week). Money market funds were the "sole driver" of this week's net outflows, Fischer notes, thanks to $29.9 billion in net outflows (up week over week from $26.8 billion).

Equity funds brought in $10 billion in net inflows this week (up W/W from $7.1 billion in net outflows). Equity ETFs brought in $2.84 billion in net inflows (down W?W from $8.2 billion). On the flip side, conventional equity funds brought in $12.8 billion in net weekly inflows (up W/W from $15.4 billion in net outflows); that includes $11 billion in net domestic equity fund inflows (up W/W from $15 billion in net outflows) and $1.8 billion in net international equity fund inflows (up W/W from $350 million in net outflows).

This was the first week of conventional domestic equity fund net inflows in 26 weeks, Fischer notes, and the largest weekly conventional domestic equity fund net inflows since March. Yet he also notes that the big equity inflows jump this week (especially on the conventional domestic equity fund side) was driven in large part by some big fund distributions in the prior week that were mostly promptly reinvested this week.

On the fixed income side, fixed income ETFs brought in $1.1 billion in net inflows this week, while conventional fixed income funds brought in $1.6 billion in net inflows (their fifth week in a row, according to Fischer). 

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