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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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US High Yield Bond Funds See $1.1B Investor Cash Withdrawal

high yield bond flows

U.S. high-yield funds recorded an outflow of roughly $1.1 billion for the week ended Jan. 24, according to weekly reporters to Lipper only. This week’s outflow follows last week’s exit of roughly $3.1 billion, and brings the total outflow from high-yield funds so far this year to about $1.4 billion.

ETFs made up the bulk of this week’s outflow, with an exit of roughly $621 million, while $510 million was pulled out of mutual funds.

The four-week trailing average widened to negative $342 million, from negative $119.5 million last week.

The change due to market conditions this past week was an increase of $123.5 million. Total assets at the end of the observation period were $207.8 billion. ETFs account for about 24% of the total, at $50.3 billion. — James Passeri

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US Leveraged Loan Funds See $477M Investor Cash Inflow

US loan funds

U.S. loan funds recorded an inflow of $477 million for the week ended Jan. 24, according to Lipper weekly reporters only. This inflow snaps a streak of 14 consecutive weeks of outflows that totaled $4.35 billion over that span.

Note on the week ended Nov. 8, U.S. loan funds recorded an exit of roughly $1.5 billion, although roughly $1.1 billion of that total outflow was the result of a reclassification at a single institutional investor, whereby the investor’s open-end fund was liquidated and merged into its closed-end fund. The transaction was reported as a net outflow as money exited the open-end universe into closed-end funds.

Mutual funds made up roughly $295.5 million of the total inflow this week, while $181.5 million entered ETFs.

The four-week trailing average came in at positive $55 million, up from negative $114 million last week, and it follows twelve consecutive weeks in the red.

The change due to market conditions this past week was positive $136 million. Total assets were $95.8 billion at the end of the observation period. ETFs represent about 19.8% of the total, at $18.9 billion. — James Passeri

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After Big Inflow, US High Yield Funds See $3.1B Investor Cash Withdrawal

high yield bond flows

U.S. high-yield funds recorded an outflow of roughly $3.1 billion for the week ended Jan. 17, according to weekly reporters to Lipper only.

This week’s outflow follows an inflow of $2.65 billion last week, and puts the total outflow so far this year at about $238 million.

ETFs accounted for roughly $2 billion of this week’s outflow, while $1.1 billion exited mutual funds.

The four-week trailing average swung to negative $120 million, from positive $371 million last week.

The change due to market conditions this past week was an increase of $316 million. Total assets at the end of the observation period were $208.8 billion. ETFs account for about 24% of the total, at $50.8 billion. — James Passeri

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Risk-On: US High Yield Bond Funds See $2.65B Investor Cash Inflow

us high  yield flows

U.S. high-yield funds recorded an inflow of roughly $2.65 billion for the week ended Jan. 10, according to weekly reporters to Lipper only, marking the largest such inflow since December 2016. This follows last week’s inflow of $186 million, indicating a total inflow to high-yield funds of about $2.8 billion so far in 2018.

Mutual funds made up the bulk of this week’s inflow, taking in roughly $1.5 billion, while about $1.2 billion entered ETFs. This marks the largest inflow to mutual funds since roughly $1.9 billion for the week ended Dec. 14, 2016.

The four-week trailing average rose to positive $371 million, from negative $522 million last week, snapping a streak of ten consecutive weeks in the red.

The change due to market conditions this past week was an increase of $226 million. Total assets at the end of the observation period were $211.6 billion. ETFs account for about 25% of the total, at $52.8 billion. — James Passeri

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After $6.5B of Withdrawals, Investors Cautiously Approach High Yield Mart

US high yield fund

U.S. high-yield funds recorded an inflow of $310 million for the week ended Nov. 29, according to weekly reporters to Lipper only. This follows last week’s exit of $209 million and snaps a streak of four consecutive weeks of outflows, which saw a total exit of $6.5 billion over that period.

ETFs were the driver behind this week’s action, with an inflow of $602 million that outweighed the $292 million exodus from mutual funds. Mutual funds have now posted outflows for seven consecutive weeks, for a total exit of $5.4 billion over that span.

The four-week trailing average narrowed to negative $1.2 billion this week, from negative $1.6 billion last week, which marked the widest level since March.

The year-to-date total outflow is now roughly $12.9 billion, reflecting a $16.3 billion exit from mutual funds and a $3.4 billion inflow to ETFs.

The change due to market conditions this past week was an increase of $133 million. Total assets at the end of the observation period were $208.5 billion. ETFs account for about 25% of the total, at $52.2 billion. — James Passeri

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Asset Growth at US Loan Funds Continues Tepid as Investors Cast Wary Eye on Market

US loan fund asset growth

Asset growth at U.S. loan funds continued apathetic in October, with investor coffers increasing by just $450 million, according to Lipper and LCD.

While that’s more than in three of the past four months—there was an outlying $1.6 billion gain in July—it’s firmly in the low-growth pattern that has taken root in the market since the start of 2017’s third quarter, and is well off the monthly average of $3.4 billion during the first half of the year.

total assets US loan funds

The October activity brings assets at U.S. loan funds to $157 billion, the most since the $158 billion in September 2014. But again, the asset figure is relatively unchanged from $154 billion back in May.

Asset growth has slowed considerably from earlier in 2017 and in 2016, when retail investors were more bullish regarding additional interest rate hikes by the Fed. Floating-rate asset classes such as leveraged loans tend to fare well in a rising rate environment, so the specter of multiple rate increases, after a prolonged stretch without one, attracted billions to the market.

While the market consensus widely expects a 25 bps hike this month – bringing the rate to 1.5% – the sentiment is mixed regarding rate hikes thereafter. – Tim Cross

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