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Friday, April 22, 2022

The Industry Takes an $85B Flows Hit

Reported by Neil Anderson, Managing Editor

This was the second worst week on record for the industry, in terms of flows, according to the latest data from the Lipper team at Refinitiv. Yet the picture didn't universally darken: outflows lessened for bond funds.

Jack Fischer
Refinitiv Lipper
Senior Research Analyst
In the U.S. Weekly FundFlows Insight report for the week ending April 20, 2022 (i.e. Wednesday), Jack Fischer, senior research analyst at Refinitiv Lipper, reveals that $85.1 billion net flowed out of mutual funds and ETFs in the U.S. this week. That's the industry's third week in a row of net outflows, up from $46.2 billion last and $34.2 billion two weeks ago. Long-term (i.e. non-money market) funds and ETFs suffered $23.1 billion in net outflows this week, down week-over-week from $23.2 billion last week but up from $7.8 billion two weeks ago.

Money market funds led the way once again, this time with $62 billion in net outflows this week, up W/W from $23 billion last week and up from $26.4 billion two weeks ago. Equity funds suffered $14.7 billion in net outflows this week (up W/W from $9.6 billion and up from $253 million two weeks ago), taxable bond funds suffered $4.8 billion in net outflows (down W/W from $9.6 billion but up from $4.3 billion two weeks ago), and tax-exempt bond funds suffered $3.6 billion in net outflows (down W/W from $4.1 billion and down from $4.3 billion two weeks ago).

Equity ETFs suffered $9.7 billion in net outflows this week, their second week of outflows in a row, up W/W from $3 billion but down from $2.6 billion in net inflows two weeks ago. (The biggest equity ETF winner this week was SSGA's Select Sector: Health Care SPDR ETF, which brought in $869 million.) And conventional (i.e. non-ETF) equity funds suffered $5.1 billion in net outflows (less than equity ETFs in a rare switch), their 11th week of outflows in a row, down W/W from $6.6 billion but up from $2.8 billion two weeks ago.

On the fixed income side, ETFs brought in $1.7 billion in net inflows this week, their first inflows in three weeks, up W/W from $1 billion in net outflows and up from $2.5 billion in net outflows two weeks ago. (The biggest taxable fixed income ETF winner this week was BlackRock's iShares: iBoxx $Investment Grade Corporates ETF, which brought in $838 million.) And conventional fixed income funds suffered $6.5 billion in net outflows this week, their 13th week of outflows in a row, down W/W from $8.5 billion but up from $1.8 billion two weeks ago. 

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