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Friday, July 22, 2022

Flows Sour With a $15B, One-Week Swing

Reported by Neil Anderson, Managing Editor

Industry outflows returned this week, and long-term outflows rose slightly, according to the latest data from the Lipper team at Refinitiv.

Tom Roseen
Refinitiv Lipper
Head of Research Services
In the U.S. Weekly FundFlows Insight report for the week ending July 20, 2022 (i.e. Wednesday), Tom Roseen, head of research at Refinitiv Lipper, reveals that $7.2 billion net flowed out of mutual funds and ETFs in the U.S. this week. That's the industry's first week of inflows in three weeks, down from $8.1 billion in net inflows last week and from $12.1 billion in net inflows two weeks ago. Long-term funds and ETFs suffered $1.6 billion in net outflows this week, up from $1.3 billion last week but down from $8.31 billion two weeks ago.

Money market funds were almost the sole bright spot this week, with $5.6 billion in net inflows, down from $9.4 billion last week and form $20.41 billion two weeks ago. On the flip side, equity funds suffered $10.4 billion in net outflows this week (up from $3.1 billion last week and up from $7.9 billion two weeks ago), taxable bond funds suffered $1.6 billion in net outflows (down from $1.6 billion in net inflows last week and up from $111 million in net outflows two weeks ago), and tax-exempt bond funds suffered $699 million in net outflows (down from $210 million in net inflows last week, up from $313 million in net outflows two weeks ago).

Equity ETFs suffered $2.7 billion in net outflows this week, their sixth week of outflows in a row, up from $1.5 billion last week but down from $3.5 billion two weeks ago. Domestic equity ETFs suffered $3.4 billion in net outflows this week (their fourth week of outflows in a row, up from $1.8 billion last week), while non-domestic equity ETFs brought in $736 million in net inflows (their fourth week of inflows in a row, up from $272 million last week).

The biggest equity ETF winner this week was SSGA's Health Care Select Sector SPDR ETF (XLV), which brought in $642 million in net inflows.

Conventional (i.e. non-ETF) equity funds suffered $7.7 billion in net outflows this week, their 24th week of outflows in a row, up from $1.6 billion last week and up from $4.4 billion two weeks ago. Conventional domestic equity funds suffered $6.1 billion in net outflows this week (their 24th week of outflows in a row, up from $1.2 billion last week), while conventional non-domestic equity funds suffered $1.6 billion in net outflows (their 15th week of outflows in a row, up from $440 million last week).

On the fixed income side, taxable fixed income ETFs brought in $4.6 billion in net inflows this week, their fourth week in a row of net inflows, down from $6.3 billion last week. This week's biggest taxable fixed income ETF winner was BlackRock's iShares U.S. Treasury Bond ETF (GOVT), with $3 billion in net inflows.

Municipal bond ETFs brought in $32 million in net inflows this week, their fourth week of inflows in five weeks, up from $265 million in net outflows last week. This week's biggest muni bond ETF winner was BlackRock's iShares National Muni Bond ETF (MUB), with $129 million in net inflows.

Conventional taxable bond funds suffered $6.3 billion in net outflows this week. It was their 26th week of outflows in a row, up from $4.6 billion last week but down from $7.6 billion two weeks ago.

Conventional muni bond funds suffered $731 million in net outflows this week. It was their sixth week of outflows in seven weeks, down from $471 million in net inflows last week and fomr $828 million in net outflows two weeks ago. 

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