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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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