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Rating:Money Funds Drive a $106B Industry Flows Drop Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, April 12, 2024

Money Funds Drive a $106B Industry Flows Drop

Reported by Neil Anderson, Managing Editor

Money funds drove a $106.3-billion drop in net industry flows this week, according to the latest data from the LSEG Lipper team.

In the U.S. Weekly FundFlows Insight report for the week ending April 10, 2024 (i.e. Wednesday), Jack Fischer, senior research analyst at LSEG Lipper, confirms that $29.7 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, down from $76.6 billion in net inflows last week and down from $49.8 billion in net inflows three weeks ago. Long-term (i.e. non-money-market) funds brought in $5.6 billion in net inflows this week, down week-over-week from $6.7 billion.

Taxable fixed income funds led the pack, bringing in $6 billion in net inflows this week, down W/W from $7.1 billion. Other inflows-winning categories included: alternatives funds, $571 million (up W/W from $231 million); and tax-exempt fixed income funds, $415 million (up W/W from $80MM).

On the flip side, money market funds dominated overall industry flows again, thanks to an estimated $35.3 billion in net outflows this week, their third week of outflows in four weeks and their second largest outflows year-to-date, down W/W from $69.9 billion in net inflows. Other big outflows-suffering categories this week included: equity funds, $1 billion in net outflows (up M/M from $941 million); commodities funds, $207 million in net outflows (down W/W/ from $642 million in net inflows); and mixed-assets funds, $168 million in net outflows (down W/W from $448 million).

Equity ETFs brought in $5.5 billion in net inflows this week. It was their seventh week of outflows in a row, down W/W from $5.8 billion.

This week's biggest equity ETF winner was the Invesco S&P 500 Equal Weight ETF (RSP). The fund brought in $2.8 billion in net inflows.

Conventional equity funds suffered $6.4 billion in net outflows this week. It was their 113th consecutive week of outflows, down W/W from $6.8 billion.

Taxable fixed income ETFs brought in $7.2 billion in net inflows this week. It was their 15th week of inflows in 16 weeks, up W/W from $1.3 billion.

This week's biggest taxable fixed income ETF winner was BlackRock's iShares Core US Aggregate Bond ETF (AGG). The fund brought in $1 billion in net inflows.

Spot bitcoin ETPs (which the LSEG Lipper team categories as "alternative currency strategies ETFs," under the broad "taxable fixed income label) brought in $312 million in net inflows this week. It was their 14th week of inflows in a row, up W/W from $180 million. Of the different spot bitcoin ETPs, only the Grayscale Bitcoin Trust (GBTC) suffered net outflows this week, specifically $816 million (up W/W from $783 million), which was the second highest outflows for any taxable fixed income ETF this week.

Conventional taxable fixed income funds suffered $1.1 billion in net outflows this week. It was their second week of outflows in 15 weeks, down W/W from $5.8 billion in net inflows.

Municipal bond ETFs brought in $809 million in net inflows this week. It was their second week of inflows in three weeks, up W/W from $390 million in net outflows.

Conventional muni bond funds suffered $364 million in net outflows this week. It was their second week of outflows in three weeks, down W/W from $470 million in net inflows. 

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