Net flows out of equity mutual funds fell by nearly 89 percent this week, even as overall industry outflows increased nearly four-fold, according to the latest data from LSEG's Refinitiv Lipper team.

Jack Fischer Refinitiv Lipper Senior Research Analyst

In the U.S. Weekly FundFlows Insight report for the week ending December 21, 2022 (i.e. Wednesday), Jack Fischer, senior research analyst at Refinitiv Lipper, reveals that $61.4 billion net flowed out of mutual funds and ETFs in the U.S. this week. It was the industry's third week of outflows in four weeks, up from $16.4 billion last week. Long-term (i.e. non-money market) funds suffered $37 billion in net outflows this week, up from $35.3 billion.

Money market funds led the way with an estimated $24.4 billion in net outflows this week, down from $18.9 billion in net inflows last week. Equity funds suffered $19.5 billion in net outflows this week (down week-over-week from $29.3 billion), taxable fixed income funds suffered $14.4 billion in net outflows (up from $5.7 billion), and tax-exempt fixed income suffered $3.1 billion in net outflows (up from $3.1 billion).

Equity ETFs suffered $17 billion in net outflows this week. It was their third week of outflows in four weeks and their sixth largest weekly outflows of all time, down W/W from $14.4 billion in net inflows.

This week's biggest equity ETF winner was the ProShares: UltraPro ETF (TQQQ), with $561 million in net inflows.

Conventional (i.e. non-ETF) equity funds suffered $2.5 billion in net outflows this week. It was their 46th week of outflows in a row, down W/W from $22 billion.

Fixed income ETFs suffered $6.1 billion in net outflows this week. It was their first week of outflows in three weeks and their fourth largest weekly outflows of all time, down W/W from $4.1 billion in net inflows.

This week's biggest taxable fixed income ETF winner was BlackRock's iShares: Core US Aggregate Bond ETF (AGG), with $639 million in net inflows.

Municipal bond ETFs suffered $313 million in net outflows this week. It was their first week of outflows in nine weeks, down W/W from $758 million in net inflows.

Conventional taxable fixed income funds suffered $8.3 billion in net outflows this week. It was their 18th week of outflows in a row, roughly level with last week.

Conventional muni bond funds suffered $2.8 billion in net outflows this week. It was also their 18th week of outflows in a row, up W/W from $2 billion. Fischer notes that conventional muni bond funds have only brought in five weeks of net inflows year-to-date. 

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