BofAML: Recaudando dinero en Acción de Gracias (The Flow Show)

Redacción - Jueves, 26 de Noviembre

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The Flow Show: Cashing in on Thanksgiving •  Wkly flows: chunky Money-Mkt inflow ($12bn); small Equity inflow ($0.4bn); outflow from Bonds ($3bn) & Precious Metals ($1bn)
•   Still no love for EM: 4 straight weeks of outflows from EM equity funds & outflows in 17 of past 18 weeks from EM debt funds
•   Largest outflows from precious metals in 17 weeks ($1.0bn); largest outflows from IG bond funds in 8 weeks ($2.6bn)

Note: due to the Thanksgiving holiday, data reported in The Flow Show this week is partial (based on 4 days of fund flows as opposed to the full week)

 

Talking Points

Weekly flows: chunky Money-Market inflows ($12bn - Chart 1); small Equity inflows ($0.4bn); outflows from Bonds ($3bn) & Precious Metals ($1bn)

Largest outflows from precious metals in 17 weeks ($1.0bn)

Largest outflows from IG bond funds in 8 weeks ($2.6bn)

Still no love for EM: 4 straight weeks of outflows from EM equity funds and outflows in 17 of past 18 weeks from EM debt funds (Chart 2)

BofAML GWIM: private clients also reduced market exposure by rotating into cash ($1.1bn - largest in 5 weeks)

 

Chart 1: YTD cumulative flows to money-market funds ($bn)

Source: BofAML Global Investment Strategy, EPFR Global

 

Asset Class Flows (Table 1)

Equities: small $0.4bn inflows (masks divergence between $7.3bn ETF inflows & $6.8bn mutual fund outflows)

Bonds: $3.3bn outflows (3 straight weeks)

Precious metals: $1.0bn outflows (largest in 17 weeks)

Money-markets: $12.0 inflows (huge $132bn inflows over past 8 weeks)…another week of heavy redemptions from short-term bonds ($2.3bn)

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