"Great Rotation" Does A 360 As US Equity Funds Post Biggest Weekly Outflow Of 2013 Submitted by Tyler Durden on 03/01/2013 05:56 -0500 Bank of America Bank of America Bond fixed The "great rotation" illusion may have ended just as rapidly as it arrived. Bank of America reports that in the past week, "commodity funds reported their largest historical weekly outflow, in dollar terms, of -$3.2bn this week and US equity funds reported an outflow of -$4.1bn this week, which is their largest weekly outflow this year ." So much for anyone rotating anywhere. And while we await for the delayed ICI to confirm this data, we can only remind readers that this is precisely the same inflow followed by outflow that was seen in early 2011, which was then followed by nearly two straight years of relentless and persistent outflows. Oh well - better luck in 2014. Full BofA note: US loan funds reported their 2nd largest weekly inflow in history this week (+$1.3bn) after a record +$1.5bn inflow just two weeks ago. Interestingly, the top 5 largest inflows into US loan funds in history, in dollar terms, have all come over the past 5 weeks. Strong inflows into loan funds, which began during the last quarter of 2012, are the result of demand for the asset class which offers investors both higher yields, compared to the broader fixed income market, and protection from rising interest rates. Year-to-date inflows into US loan funds have reached +15.5bn (+12.5%), far exceeding inflows into any of the other asset classes we track. Alternatively, US HY funds have reported outflows in each of the past 5 weeks, including a -$211mn outflow this week. Inflows into US IG funds were a solid +$1.7bn this week, leaving YTD inflows at +23.8bn (+1.4%). EM local currency bond funds reported another very strong inflow of +$983mn this week and have seen total net assets grow by +$9.9bn (+8.1%) YTD. Inflows have been less impressive into EM external debt funds so far this year, with YTD AUM growth of just +$3.1bn (+2.3%) after including this week’s -$398mn outflow. In other asset classes, commodity funds reported their largest historical weekly outflow, in dollar terms, of -$3.2bn this week and US equity funds reported an outflow of -$4.1bn this week, which is their largest weekly outflow this year. Average: 5 Your rating: None Average: 5 ( 1 vote) Tweet Login or register to post comments 6431 reads Printer-friendly version Send to friend
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