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Friday, November 11, 2022

Net Flows Fall $62B

Reported by Neil Anderson, Managing Editor

Net industry flows fell by more than $62 billion this week, fueled mainly by drops in money market and equity fund flows, according to the latest data from LSEG's Refinitiv Lipper team.

Tom Roseen
Refinitiv Lipper
Head of Research Services
In the U.S. Weekly FundFlows Insight report for the week ending November 9, 2022 (i.e. Wednesday), Tom Roseen, head of research services at Refinitiv Lipper, reveals that $23.3 billion net flowed out of mutual funds and ETFs in the U.S. this week. That's the industry's first week of outflows in three weeks, down from $38.9 billion in net inflows last week. Long-term (i.e. non-money market) funds and ETFs suffered $11.8 billion in net outflows this week, down from $3.1 billion in net inflows.

Money market funds suffered $11.5 billion in net outflows this week, down from $35.8 billion in net inflows last week. Equity funds suffered $8.5 billion in net outflows this week (down from $9.6 billion in net inflows), tax-exempt bond funds suffered $2.5 billion in net outflows (up from $2.4 billion), and taxable bond funds suffered $838 million in net outflows (down from $4.1 billion).

Equity ETFs brought in $240 million in net inflows week. It was their sixth week of inflows in a row, down from $17.5 billion last week.

Domestic equity ETFs suffered $2.6 billion in net outflows this week, their first week of outflows in six weeks. Yet nondomestic equity ETFs brought in $2.8 billion in net inflows this week, their seventh week of inflows in a row.

This week's biggest equity ETF winner was the Invesco QQQ Trust 1 (QQQ), with $2.5 billion in net inflows.

Conventional (i.e. non-ETF) equity funds suffered $8.8 billion in net outflows this week. It was their 40th week of outflows in a row, up from $7.9 billion last week.

Conventional domestic equity funds suffered $5.8 billion in net outflows this week, also their 40th week of outflows in a row. And conventional nondomestic equity funds suffered $3 billion in net outflows, their 31st week of outflows in a row.

Taxable fixed income ETFs were one of this week's few bright spots, bringing in $3.7 billion in net inflows, their fifth week of inflows in six weeks. This week's biggest taxable fixed income ETF winner was BlackRock's iShares iBoxx $ High Yield Corporate Bond ETF (HYG) with $1.3 billion in net inflows.

Municipal bond ETFs brought in $209 million in net inflows this week, their third week of inflows in a row (down from $737 million last week). This week's biggest muni bond ETF winner was SSGA's SPDR Nuveen Bloomberg Municipal Bond ETF (TFI), with $57 million in net inflows.

Conventional taxable fixed income funds suffered $4.5 billion in net outflows this week. It was their 12th week of outflows in a row, up from $3.6 billion last week.

Conventional muni bond funds suffered $2.7 billion in net outflows this week. It was also their 12th week of outflows in a row, down from $3.1 billion last week. And Roseen notes that conventional muni bonds have now suffered $131.4 billion in net outflows so far in 2022, more than in any full year on record since the Lipper folks started calculating weekly flows data back in 1992. 

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