La Carta de la Bolsa

Enviar por Email:
BofAML: Recaudando dinero en Acción de Gracias (The Flow Show)
De (correo electrónico): Su nombre: Para (correo elctrónico): Asunto: Mensaje:
    <strong>Artículo publicado en <a href="http://www.lacartadelbolsa.com">La Carta de la Bolsa</a> el Jueves, 26 de Noviembre en la sección: Articulos</strong>
    <h3 class="titulo_articulo">BofAML: Recaudando dinero en Acción de Gracias (The Flow Show)</h3>
    Redacción
    <p><br />
<a href="http://rsch.baml.com/r?q=t0MmR4McN9Mg1ehoGhazEw&e=alexandra.fletcher%40baml.com&h=ZoqGSg" target="_blank">The Flow Show: Cashing in on Thanksgiving</a> •  Wkly flows: chunky Money-Mkt inflow ($12bn); small Equity inflow ($0.4bn); outflow from Bonds ($3bn) & Precious Metals ($1bn)<br />
•   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<br />
•   Largest outflows from precious metals in 17 weeks ($1.0bn); largest outflows from IG bond funds in 8 weeks ($2.6bn)</p>
    <p><em>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)</em></p>

<p> </p>

<p><strong>Talking Points</strong></p>

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

<p>Largest outflows from <strong>precious metals</strong> in 17 weeks ($1.0bn)</p>

<p>Largest outflows from <strong>IG bond funds</strong> in 8 weeks ($2.6bn)</p>

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

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

<p> </p>

<table border="0" cellpadding="0" cellspacing="0" style="width:474px">
	<tbody>
		<tr>
			<td style="width:474px">
			<p><strong>Chart 1: YTD cumulative flows to money-market funds ($bn)</strong></p>
			</td>
		</tr>
		<tr>
			<td style="width:474px">
			<p><img alt="f805be0f4624483d9d7a847a2e1c5911.png" class="graficos" src="https://mail.google.com/mail/u/0/?ui=2&ik=ad04113e64&view=fimg&th=15143be1204f200b&attid=0.2&disp=emb&attbid=ANGjdJ_yeAyeYTfzQi5b6W7Yim8GcKt5oEWu6Vson-KexklQp1n1wfsqQPRG-Cw7bd772Fu8lDfgiPm5P3WK8JHMhGaLPCAgkD57ygFfcI67BjG6E3MYGovDrwR4WMI&sz=w1248-h598&ats=1448543613849&rm=15143be1204f200b&zw&atsh=1" style="height:292px; width:610px" /></p>
			</td>
		</tr>
		<tr>
			<td style="width:474px">
			<p>Source: BofAML Global Investment Strategy, EPFR Global   </p>
			</td>
		</tr>
		<tr>
			<td style="width:474px"> </td>
		</tr>
	</tbody>
</table>

<p> </p>

<p><strong>Asset Class Flows (Table 1)</strong></p>

<p><strong>Equities</strong>: small $0.4bn inflows (masks divergence between $7.3bn ETF inflows & $6.8bn mutual fund outflows)</p>

<p><strong>Bonds</strong>: $3.3bn outflows (3 straight weeks)</p>

<p><strong>Precious metals</strong>: $1.0bn outflows (largest in 17 weeks)</p>

<p><strong>Money-markets</strong>: $12.0 inflows (huge $132bn inflows over past 8 weeks)…another week of heavy redemptions from short-term bonds ($2.3bn)</p>
    https://lacartadelabolsa.com/index.php/250755
[Volver]
Otros artículos en La Carta
Lo más leído hoy en La Carta