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US Leveraged Loan Funds See $1.32B Outflow

U.S. loan funds reported an outflow of $1.32 billion for the week ended Nov. 28, according to Lipper weekly reporters only. This is the second consecutive week of outflows of more than $1 billion—marking the largest two-week outflow total in three years—and the third outflow in the past five weeks.

Outflows have now been logged in four of the last six weeks for a cumulative net outflow of $4.4 billion over that span. Despite this week’s result, the four-week trailing average narrowed to $721 million, from $768 million, as a large outflow rolled off.

Mutual funds were again the primary driver of the outflow at $992.2 million, while another $328.3 million was pulled from ETFs. This is the fifth straight week that investors have moved cash out of mutual funds, for a total of $3.2 billion during that period.

With this latest outflow, the year-to-date total inflow falls to $7.3 billion.

The change due to market conditions last week was a decrease of $395.8 million, moderating from a steeper decline last week, but still the third straight week in the red. Total assets were roughly $103.8 billion at the end of the observation period and ETFs represent about 11% of that, at roughly $11.7 billion. — Jon Hemingway

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US High Yield Bond Funds Hit With $1.2B Cash Withdrawal

high yield bond flows

U.S. high-yield funds reported an outflow of $1.2 billion for the week ended Nov. 28, according to weekly reporters to Lipper only. This marks the second consecutive negative reading, albeit milder than last week’s $2.2 billion exit.

The net withdrawal was largely the function of ETFs, which registered outflows totaling $719.5 million, while mutual funds recorded a $480.5 million outflow. The four-week trailing average was little changed at $465.9 million, from $426.7 million in the prior week.

This week’s result brings the year-to-date total outflow to roughly $27.7 billion. That is well ahead of 2017’s full-year outflow of roughly $14.9 billion, which stands as the largest exit on an annual basis to date.

The change due to market conditions was an increase of $124.1 million, a reprieve from large declines in the two prior weeks. Total assets at the end of the observation period were roughly $192.3 billion. ETFs account for roughly 21% of the total, at $41.2 billion. — Jon Hemingway

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US Leveraged Loan Funds See Hefty $1.7B Cash Outflow

U.S. loan funds reported an outflow of $1.74 billion for the week ended Nov. 21, according to Lipper weekly reporters only. This is the second major outflow of the past four weeks, and just the eighth negative reading of 2018.

US loan funds

Last week’s outflow was the heaviest since the week ended Dec. 16, 2015 ($2.04 billion) and comes just three weeks after a $1.51 billion exodus over the last week of October (this excludes a nominal $1.3 billion mutual-fund outflow for the week ended Nov. 8, which came as the result of a reclassification at a single institutional investor).

With that, the four-week trailing average slumps to $767.8 million, its lowest level in nearly three years.

As with the other recent outflow, mutual funds led the way with $1.07 billion pulled out, while the total for ETFs was roughly $673 million. For ETFs that is the largest exit on record behind the $551.5 million loss for the week ended Oct. 31. Of note, ETF flows were positive in the weeks between, whereas mutual fund flows were negative for the fourth consecutive week.

While last week’s outflow puts a dent in the year-to-date total inflow, it remains a substantial $8.6 billion.

The change due to market conditions last week was a decrease of $774.3 million, the steepest decline since Dec. 16, 2015. Total assets were roughly $105.5 billion at the end of the observation period and ETFs represent about 11% of that, at roughly $12.1 billion. — Jon Hemingway

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Investors Withdraw $2.2B from US High Yield Bond Funds, ETFs

U.S. high-yield funds reported an outflow of $2.19 billion for the week ended Nov. 21, according to weekly reporters to Lipper only. This result reverses positive readings in the prior two weeks, and brings the year-to-date total outflow to roughly $26.5 billion.

us high yield flowsThe year-to-date total exit continues to mark an unprecedented outflow from high-yield funds, outpacing last year’s total outflow of roughly $14.9 billion, which stands as the largest exit on an annual basis to date.

Mutual funds led the way, posting their largest outflow since February at $1.51 billion. ETFs saw another $682.4 million pulled by investors during the observation period. The four-week trailing average narrowed marginally to negative $427 million, from negative $470 million in the prior week.

The change due to market conditions was a decrease of $1.49 billion, according to Lipper. Total assets at the end of the observation period were roughly $193.4 billion. ETFs account for roughly 22% of the total, at $41.8 billion. — Jon Hemingway

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US High Yield Bond Funds See $1B Investor Cash Inflow

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U.S. high-yield funds reported an inflow of about $1 billion for the week ended Nov. 7, according to weekly reporters to Lipper only, reversing last week’s outflow of roughly the same amount and narrowing the year-to-date total outflow to roughly $24.8 billion.

The year-to-date total exit continues to mark an unprecedented volume of outflows from high-yield funds (last year’s total outflow of roughly $14.9 billion stands as the largest exit on an annual basis to date).

ETFs led the inflow this week, with a gain of $631 million, while $409 million entered mutual funds.

The four-week trailing average narrowed to negative $480 million, from roughly negative $2 billion in the previous week.

The change due to market conditions was an increase of $1.15 billion, according to Lipper.

Total assets at the end of the observation period were $198.8 billion. ETFs account for about 21.8% of the total, at $43.3 billion. — James Passeri

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Risk off (Finally): Investors Withdraw $1.5B from US Leveraged Loan Funds

loan fund flows
U.S. loan funds reported an outflow of $1.5 billion for the week ended Oct. 31, according to Lipper weekly reporters only. This marks the largest weekly outflow from loan funds since the week ended Dec. 16, 2015, which posted an outflow of about $2 billion.

This follows last week’s slight outflow of $7 million, and narrows the year-to-date total inflow to roughly $10.2 billion.

Mutual funds drove the bulk of the outflow this week, with an exit of $956 million, marking the largest exit from mutual funds since the week ended Dec. 23, 2015, which posted a mutual-fund exit of $1.2 billion (and barring a nominal $1.3 billion mutual-fund outflow for the week ended Nov. 11, 2017, which came as the result of a reclassification at a single institutional investor).

Meanwhile, ETFs reported an outflow of $551.5 million this week, indicating the largest weekly ETF exit on record.

The four-week trailing average snapped a 40-week streak in the black, slipping to negative $247 million, from positive $207 million last week.

The change due to market conditions this past week was a decrease of $10 million, following last week’s decline of $186 million.

Total assets were roughly $106.8 billion at the end of the observation period. ETFs represent about 11.7% of total assets, at roughly $12.5 billion. — James Passeri

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US Leveraged Loan Fund Inflow Streak Hits 11 Weeks, $4.3B

US loan funds

U.S. loan funds recorded an inflow of $494 million for the week ended May 2, according to Lipper weekly reporters only. This follows last week’s inflow of $264 million and marks the eleventh consecutive week of inflows for U.S. loan funds, for a total inflow of roughly $4.3 billion over that span.

Mutual funds again led the gains this week, with an inflow of $373.5 million, while ETFs reported an inflow of about $121 million.

The four-week trailing average rose modestly, to $441 million, from $389 million last week, marking a fifteenth consecutive week in the black.

The year-to-date total inflow is now roughly $5 billion.

Total assets rose to roughly $101 billion at the end of the observation period, which is the highest level since the week ended Sept. 24, 2014, when total assets were reported at $102.4 billion. The change due to market conditions this past week was an increase of $205 million. ETFs represent about 13% of total assets, at about $13.3 billion. — James Passeri

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US High Yield Funds See Hefty Retail Investor Cash Inflow

us high yield flows

Riding the current broad rally across the speculative grade bond markets, U.S high-yield funds saw a $989 million net inflow from retail investors during the week, the first significant inflow for the asset class since the second week of January, according to Lipper.

ETFs did the heavy lifting, netting $771 million—this is the second straight week that ETFs saw an inflow—while funds proper saw a $217 million inflow, according to Lipper.

The four-week average narrowed to a $344 million outflow, from a $589 million outflow last week.

The change due to market value was a hefty $1.39 billion.

Despite this week’s activity, U.S. high yield funds and ETFs have seen a net $15 billion outflow in the year to date.

Total assets now stand at $204.5 billion; $44.9 billion from ETFs, according to Lipper. — Tim Cross 

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US High Yield Bond Funds See $525M Investor Cash Withdrawal

us high yield flows

U.S. high-yield funds recorded an outflow of roughly $525 million for the week ended March 7, according to weekly reporters to Lipper only. It’s the eighth consecutive week of exits, for a total outflow of $16.6 billion over that period, which ranks as the largest high-yield outflow streak on record.

ETFs drove this week’s exit, with an outflow of roughly $349 million, while roughly $176 million was pulled from mutual funds.

The total outflow so far this year is now $13.7 billion.

The four-week trailing average narrowed to negative $2 billion, from negative $2.5 billion last week.

The change due to market conditions this past week was a decrease of $484 million. Total assets at the end of the observation period were about $192.7 billion. ETFs account for about 23% of the total, at $44.2 billion. — James Passeri

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US High Yield Bond Funds See $2.7B Investor Cash Withdrawal


us high funds

U.S. high-yield funds recorded an outflow of roughly $2.7 billion for the week ended Feb. 7, according to weekly reporters to Lipper only. This follows last week’s exit of about $1.7 billion and marks the fourth consecutive week of outflows, for a total of $8.7 billion over that span.

This week’s exit was fairly evenly split with a $1.4 billion outflow from mutual funds, while $1.3 billion exited ETFs.

The year-to-date total outflow from high-yield funds is now at about $5.9 billion.

The four-week trailing average declined to negative $2.2 billion for the period, from negative $825 million last week, and the change due to market conditions this past week was a decrease of $1.7 billion.

Total assets at the end of the observation period were $202.2 billion, indicating the lowest point since November 2016. ETFs account for about 23.5% of the total, at $47.6 billion. — James Passeri

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