One mutual fund category's annus horribilis has grown to nearly $97 billion in outflows pain and counting; meanwhile, stock fund outflows are rising, even as money market and fixed income outflows are falling, 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 first week of September, i.e. the week ending September 7, 2022 (Wednesday), Tom Roseen, head of research services at Refinitiv Lipper, reveals that $17.5 billion net flowed out of mutual funds and ETFs in the U.S. this week. That's the industry's second week of outflows in a row, down from $30.2 billion last week. Long-term (i.e. non-money market) funds and ETFs suffered $14.9 billion in net outflows this week, down from $23.3 billion.

Equity funds led the way with $12.9 billion in net outflows this week, up from $10.6 billion last week. Money market funds suffered $2.6 billion in net outflows this week (down from $6.9 billion), tax-exempt bond funds suffered $1.1 billion in net outflows (down from $3.4 billion), and taxable bond funds suffered $913 million in net outflows (down from $9.2 billion).

Equity ETFs suffered $7.8 billion in net outflows this week. It was their second week of outflows in a row and their biggest weekly outflows since June 15, up from $6 billion in outflows last week. Domestic equity ETFs suffered $6.2 billion in net outflows this week (also their second week of outflows in a row) (up from $5.9 billion) and non-domestic equity ETFs suffered $1.6 billion in net outflows (their fifth week of outflows in a row, up from $34 million).

This week's biggest equity ETF winner was the ProShares UltraPro QQQ (TQQQ), with $413 million in net inflows.

Conventional (i.e. non-ETF) equity funds suffered $5.1 billion in net outflows this week; it was their 31st week of outflows in a row, up from $4.7 billion last week. Conventional domestic equity funds suffered $4 billion in net outflows this week (also their 31st week of outflows in a row, up from $3.6 billion), and conventional non-domestic equity funds suffered $1.1 billion in net outflows (their 22nd week of outflows in a row, roughly level with last week).

On the flip side, taxable fixed income ETFs brought in $577 million in net inflows this week. It was their second week of inflows in a row, down from $688 million last week. This week's biggest taxable fixed income ETF winner was SSGA's SPDR Bloomberg 1-3 Month T-Bill ETF (BIL), with $2.3 billion in net inflows.

Municipal bond ETFs suffered $189 million in net outflows this week. It was their fifth week of outflows in a row, down from $311 million last week. This week's biggest muni bond ETF winner was BlackRock's iShares Short-Term National Muni Bond ETF (SUB), with $66 million in net inflows.

Conventional taxable fixed income funds suffered $1.5 billion in net outflows this week. It was their third week of outflows in a row, down from $9.9 billion last week.

Conventional muni bond funds suffered $901 million in net outflows this week. It was their third week of outflows in a row, down from $3.1 billion last week. And Roseen notes that conventional muni bond funds have suffered $96.9 billion in net outflows year-to-date, the category's largest net yearly redemption in at least 30 years (since the Lipper team starting calculating estimated weekly net flows back in 1992.) 

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