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☆ China reopening spurs record inflows into emerging market funds -BofA
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 20 (Reuters) - Investors poured a record $12.7 billion into emerging-market debt and equity funds in the week to Wednesday, in response to China's easing of its COVID-19 restrictions on activity, data on Friday from BofA Global Research showed. The sudden shift in Chinese policy has boosted many different asset classes, from commodities and mining stocks to currencies and equity markets in popular tourist destinations. The BofA data also showed weekly flows of $14.4 billion into bond funds, $7.5 billion into equities, $0.6 billion into cash and $0.6 billion from gold. BofA said there were $0.2 billion of inflows to European stock funds, the first inflows in 49 weeks. BofA's "Bull & Bear indicator" is at 3.5, a 10-month high driven by the inflows into emerging markets.

☆ Behavioral investing expert Phil Toews sees upside for stocks and bonds now — but warns investors that a bigger, longer-lasting downturn might be on the way
▼ + stars: | 2023-01-18 | by ( Marley Jay | ) www.businessinsider.com time to read: +3 min

Phil Toews is the CEO of Toews Asset Management, which has more than $2 billion in assets. Phil Toews has made a name for himself with defensive-oriented investing, so it's something of a surprise to hear he's taking some risks these days. Toews is the CEO and a portfolio manager at Toews Asset Management, which manages more than $2 billion in assets. One major reason is that stocks look expensive when a recession might be approaching. Toews says that stocks keep making short-term rallies because investors think the Federal Reserve is about to pivot and take a more dovish approach to interest rates.

☆ Global equity funds see first weekly inflow in 10 weeks
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +2 min

Jan 13 (Reuters) - Global equity funds drew their first weekly inflow in 10 weeks in the week to Jan. 11 on hopes of easing inflation and expectations that China's re-opening would boost global economies. Refinitiv Lipper data showed global equity funds attracted $5.17 billion in net purchases, for their first weekly inflow since Nov. 2. European and Asian equity funds received $7.35 billion and $1.54 billion worth of inflows, but investors exited U.S. funds worth $2.01 billion. Fund flows: Global equity sector fundsEquity funds focused on China accumulated $1.61 billion worth of inflows, the biggest since July 6. Data for 24,627 emerging market (EM) funds showed, bond funds secured $730 million in net buying, while equity funds drew $3.94 billion, the biggest weekly inflow since April 2022.

☆ Investors jump into equities and bonds in Goldilocks scenario - BofA
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 13 (Reuters) - Investors poured money into equity and bond funds and moved money out of gold in the week to Wednesday, according to BofA Global Research, taking heart from a string of positive data points and policy changes. Bofa also pointed to the impact of China reopening its borders after COVID-19 restrictions, lower EU energy prices and encouraging U.S. fiscal and labour market data, as all factors behind the moves. The report found there were weekly flows into funds investing in bonds ($17.5bn), cash ($8.3bn), and stocks ($7.2bn), and out of gold ($0.4bn). BofA also said there were the largest inflow to investment grade bonds since July 21 ($10.4bn), and the largest inflow to emerging market debt and emerging market stocks since April 22 ($3.6bn). "Flows show the chase is on," said BofaReporting by Alun John, editing by Lucy Raitano and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ For Closed-End Fund Investors, Paper Losses Turn Real
▼ + stars: | 2023-01-12 | by ( Heather Gillers | ) www.wsj.com time to read: 1 min

Six BlackRock municipal-bond funds experienced at least two payout cuts last year. Investors in closed-end funds are feeling a painful consequence of the historic market slump: cuts to their monthly payouts. A Pacific Investment Management Co. California municipal-bond fund slashed dividends by 45% this month, while a Nuveen LLC stock fund endured a 7% cut. Eaton Vance Management in November cut distributions across six stock funds by as much as 24%. Six BlackRock muni funds endured at least two payout cuts last year, with dividends falling by as much as 38% in total.

☆ Analysis: Move over TINA, it's time for TARA
▼ + stars: | 2023-01-11 | by ( Naomi Rovnick | ) www.reuters.com time to read: +5 min

Reuters GraphicsIdanna Appio, a portfolio manager at First Eagle Investments, said that TINA was good for passive investors as it meant that equity prices went up because bond yields went down. "The risk free rate," he added, referring to core government bond yields, "actually gives you something." Bond funds recorded net inflows for six straight weeks until early January, BofA said, based on its analysis of EPFR data. "The end of TINA is very important," said Francesco Sandrini, head of multi-asset strategies at Amundi, Europe's largest fund manager. "You don’t need a bond bull market, you now have income," said Jeffrey Sherman, deputy chief investment officer at U.S. money manager DoubleLine.

☆ BlackRock's iShares flows top Vanguard's ETFs, fixed income on the up
▼ + stars: | 2023-01-11 | by ( Davide Barbuscia | ) www.reuters.com time to read: +3 min

NEW YORK, Jan 11 (Reuters) - BlackRock's iShares exchange traded funds (ETFs) gained more net flows than Vanguard's ETFs last year, according to estimates from industry tracker Morningstar, putting the world's biggest asset manager in the lead for the first time since 2019. Despite the yearly declines, net flows into ETFs, both globally and in the United States, were the second-highest ever last year, with BlackRock's iShares regaining the top position. Estimated net flows into BlackRock's global iShares ETFs amounted to about $220 billion last year against nearly $214 billion in estimated net flows into Vanguard's ETFs, according to Morningstar data. Net flows into Vanguard's ETFs had been higher in the prior two years. "For many investors, ETFs remained the vehicle of choice for low-cost, broadly diversified exposure to the stock and bond markets."

☆ 2022 was the worst-ever year for U.S. bonds. How to position your portfolio for 2023
▼ + stars: | 2023-01-07 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

Interest rates started 2022 at rock-bottom — where they'd been for the better part of the time since the Great Recession. Bond prices move opposite interest rates — as interest rates rise, bond prices fall. Duration is a measure of a bond's sensitivity to interest rates and is impacted by maturity, among other factors. We can see why long-dated bonds suffered especially big losses in 2022, given interest rates jumped by about 4 percentage points. The traditional dynamics of a 60/40 portfolio — a portfolio barometer for investors, weighted 60% to stocks and 40% to bonds — will likely return, advisors said.

☆ Did the market already show its hand in the first week of 2023? What we've learned so far
▼ + stars: | 2023-01-07 | by ( Michael Santoli | ) www.cnbc.com time to read: +9 min

Recall that at the start of last year, the popular bet was for a smooth and painless rotation from expensive growth stocks to financials and cyclicals. It didn't last: The S & P financial sector trounced utilities by seven percentage points in just the first week of 2022. Yet the Nasdaq 100 's premium to the overall S & P 500 remains at 25% — higher than at any point in the decade before the Covid pandemic hit. And the broader tape, as measured by the equal-weighted S & P 500, continues to act better than the top-heavy headline index. This egalitarian basket, buyable via the Invesco S & P 500 Equal Weight ETF (RSP) , is up 16% from the autumn low, is down less than 12% from its record high and has broken to a new cycle high against the traditional S & P 500.

☆ Global equity funds post outflows for ninth week in a row
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +2 min

According to Refinitiv Lipper data, global equity funds recorded a net $15.42 billion worth of withdrawals, compared with just $791 million worth of disposals in the previous week. U.S. equity funds suffered $20.72 billion worth of net selling, but investors bought European and Asian funds of $3.16 billion and $1.06 billion, respectively. Fund flows: Global equity sector fundsMeanwhile, investors secured a net $5.28 billion worth of bond funds in their first weekly net buying since mid-August. Government bond funds also attracted $4.37 billion in inflows, but inflation- protected funds had outflows of $108 million. According to data available for 24,528 emerging market (EM) funds, investors exited $901 million worth of equity funds in a second straight week of net selling but bond funds drew a net $954 million in inflows.

☆ The first quarter could determine how good or bad the new year will be
▼ + stars: | 2023-01-01 | by ( Patti Domm | In | ) www.cnbc.com time to read: +9 min

The first quarter of the third year of a presidential term is consistently the best quarter for S & P 500 performance, according to CFRA data. "If everyone says the first half is going to be bad and the second half is going to be good, it could be the opposite. "The timing of the economic rebound probably starts in the second quarter so the market can look forward to it," he said. "Right now it's estimated to be down 3% year-on-year … We are looking at an earnings recession which is typically coincident with an economic recession." The second quarter is expected to be down 2.3%.

☆ Global equity funds see outflows for an eighth straight week
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +2 min

Dec 30 (Reuters) - Global equity funds posted net outflows for an eighth straight week in the seven days to Dec. 28 as a stronger than expected U.S. GDP reading raised worries that U.S. interest rates could stay higher for longer. According to Refinitiv Lipper data, investors withdrew a net $529 million from global equity funds, although that was down from $39.1 billion the previous week. Short- and mid-term bond funds experienced their 19th straight week of outflows, at $1.59 billion, while high yield bond funds lost a net $179 million. Global bond fund flows in the week ended Dec. 28Investors purchased lower risk money market funds worth a net $14.18 billion and parked $814 million in government bond funds in a eighth straight week of net buying. According to data available for 24,668 emerging market (EM) funds, both equity and bond funds saw net weekly outflows, amounting $344 million and $97 million, respectively.

☆ These ETF strategies can help investors navigate a murky 2023 for markets
▼ + stars: | 2022-12-27 | by ( Jesse Pound | ) www.cnbc.com time to read: +6 min

Here's how some ETF experts are viewing the year and what types of funds could be winners in 2023. … In 2023, investors should be a lot more selective," said Pedro Palandrani, director of research at Global X ETFs. While those areas would be negatively affected by a recession, infrastructure spending approved earlier in the Biden administration could help create solid demand even if the U.S. consumer weakens. Similarly, iShares highlighted the U.S. Infrastructure ETF (IFRA) and the MSCI Global Agriculture ETF (VEGI) in its 2023 outlook as potential winners, in part due to their inflation-hedging properties . In iShares' 2023 outlook, the firm identified its MSCI USA Value Factor ETF (VLUE) and Core S & P Small-Cap ETF (IJR) as two funds that could benefit from a low-growth environment.

☆ Global equity funds see biggest weekly outflows since March 2020 -Lipper
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

Dec 23 (Reuters) - Global equity funds have recorded their biggest weekly outflows since March 2020, hit by recession fears as central banks vow to keep interest rates higher to tame inflation. The Fed has delivered 400 basis points (bps) of rate hikes this year, and the European Central Bank a record 250 bps. Global bond funds also saw a net weekly outflow, of $14.1 billion, the biggest in more than two months. Money market funds recorded net sales of $41 billion. According to data available for 24,687 emerging market (EM) funds, a net $664 million flowed out of bond funds, while a meagre $195 million was added to equity funds.

☆ Equity funds record largest ever weekly outflows -BofA
▼ + stars: | 2022-12-23 | by ( Lucy Raitano | ) www.reuters.com time to read: +2 min

U.S. value funds and passive equities also recorded record weekly net outflows, of $17.2 billion and $27.8 billion respectively, the bank said. BofA said "tax loss harvesting" was behind the record outflows, a strategy that involves selling assets at a loss to offset capital gains taxes. Local emerging market bonds drew their first net inflow since April, while emerging market equities recorded a third week of inflows, adding a net $3.2 billion. On a sector basis they favour value over growth, and industrials and banks over tech and private equity. Bond funds recorded net outflows of $10 billion, prompting a small drop in BofA's "Bull & Bear" indicator to 3 from 3.1 last week - which was its highest since March 15th.

☆ China to maintain ample liquidity in 2023 to implement proactive fiscal policy - state media
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Dec 17 (Reuters) - China will maintain reasonably ample liquidity in financial markets while better serving needs from the real economy next year, state media quoted a vice governor of the People's Bank of China (PBOC) as saying on Saturday. Monetary policy in 2023 will ensure sufficient amount of liquidity and the structure will be accurate to aid key sectors, PBOC Deputy Governor Liu Guoqiang said. "Funding cost will remain reasonably flexible, with little ups and downs," Liu was quoted by state broadcaster CCTV as saying. At the same forum, Vice Finance Minister Xu Hongcai said China will also implement a proactive fiscal policy next year, setting a reasonable deficit ratio and the size of local government special bonds. China will "appropriately expand the areas where special government bond funds can be invested and used as capital," CCTV reported Xu as saying.

☆ U.S. equity funds gain first weekly inflow in four weeks
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

According to Refinitiv Lipper data, investors bought a net $3.9 billion worth of U.S. equity funds, marking their first weekly net buying since Nov. 16. Fund flows: US equities bonds and money market fundsFinancial sector funds obtained $521 billion worth of inflows after three straight weeks of outflows. Fund flows: US equity sector fundsMeanwhile, U.S. bond funds continued to record outflows for a sixth week, with disposals amounting to a net $3.75 billion. Investors withdrew $2.1 billion from US taxable bond funds, while net selling in U.S. municipal bond funds jumped to a five- week high of $963 million. Still, government bond funds gained a net $1.92 billion in a sixth successive week of inflow.

☆ Extreme bear sentiment over as investors buy stocks and bonds - BofA
▼ + stars: | 2022-12-16 | by ( Lucy Raitano | ) www.reuters.com time to read: +1 min

LONDON, Dec 16 (Reuters) - Investors ploughed cash into stocks and bonds and sold cash and gold in the week to Wednesday, BofA Global Research said on Friday, hailing the end of "extreme bear sentiment". Equity inflows totalled $18 billion and bond funds saw $2.3 billion of inflows while investors sold $0.2 billion of gold and shed cash at the highest rate in three months, selling $31.1 billion. U.S. equity value funds recorded their largest inflows ever, of $14.3 billion, and investors bought passive equities and sold active equities. BofA's "Bull & Bear" indicator jumped to its highest level since March 15 in the week to Wednesday. Investors sold $1.3 billion of bank loan funds, the largest outflow in three months.

☆ Global equity funds draw first weekly inflow after five weeks
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +2 min

Dec 16 (Reuters) - Global equity funds attracted their first inflow in six weeks in the week ended Dec. 14, with investors optimistic that easing inflation levels would prompt central banks to scale back the pace of interest rate hikes. According to Refinitiv Lipper data, investors poured a net $1.01 billion into global equity funds in their first weekly net buying since Nov. 2. Fund flows: Global equity sector fundsInvestors withdrew about $1.53 billion net from global bond funds after a net purchase of $4.96 billion last week. Global bond fund flows in the week ended Dec. 14Money market funds saw a net $12.95 billion outflow after three straight weeks of net purchases. Equity funds also received inflows worth $215 million after a weekly outflow.

☆ Bond Investors Swap Mutual Funds for ETFs at Record Pace
▼ + stars: | 2022-12-10 | by ( Eric Wallerstein | Heather Gillers | ) www.wsj.com time to read: 1 min

The aggressive pace of Federal Reserve tightening has led to a difficult year in the bond market. Worn down from record losses, investors have fled bond mutual funds en masse. But many aren’t quitting on bonds—they are just turning to exchange-traded funds. Some investors sell beaten-down positions in bond funds to harvest tax losses. In many cases this year, investors have opted to put cash into similar ETFs to maintain bond exposure in their portfolios.

☆ U.S. equity funds register biggest weekly outflow in about 1-1/2 years
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

According to data from Refinitiv Lipper, U.S. equity funds recorded withdrawals of $26.66 billion, the biggest weekly outflow since April 2021. Fund flows: US equity sector fundsMeanwhile, U.S. bond funds received a net $992 million in inflows after witnessing weekly outflows for four weeks. U.S. taxable bond funds had net purchases of $886 million after three weeks of selling in a row, although municipal bond funds suffered small outflows, amounting to $53 million. U.S. investors purchased high-yield bond funds of $318 million and government bond funds of $1.06 billion in their biggest weekly net purchase since Nov. 16. Fund flows: US bond fundsMeanwhile, U.S. money market funds obtained $36.19 billion in inflows, the biggest amount for a week since Nov. 2.

☆ Global equity funds record biggest weekly outflows in three months
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

According to Refinitiv Lipper data, investors offloaded a net $22.03 billion worth of global equity funds, marking their biggest weekly net selling since Sept. 7. read moreInvestors sold a net $26.65 billion in U.S. equity funds, although they purchased European and Asian equity funds worth $3.41 billion and $990 million, respectively. Fund flows: Global equity sector fundsMeanwhile, global bond funds attracted $8.54 billion in inflows after witnessing outflows for four weeks. Corporate bond funds received $2.17 billion, and government bond funds drew $1.06 billion, the biggest weekly inflow in three weeks, while outflows from short- and mid-term bond funds eased to a 16-week low of $272 million. According to data available for 24,734 emerging market (EM) funds, equity funds saw outflows of 1.06 billion after two straight weeks of inflows, but investors purchased $1.35 billion worth of bond funds.

LONDON, Dec 2 (Reuters) - Investors have withdrawn $316 billion from credit funds this year, unwinding all of the previous year's inflows, BofA Global Research said in a note on Friday. In its latest note on fund flows, BofA said equities funds had seen inflows of $207 billion in 2022, below the "euphoric inflows" of the previous year. Equity funds suffered a $14.1 billion outflow in the largest exit in three months, BofA said, citing EPFR data. Cash funds attracted $31.1 billion of inflows and gold funds added $59 million, BofA added. In emerging markets, BofA said bonds had a 15th week of outflows, losing $500 million, while equities attracted $1.1 billion of inflows.

☆ Equity funds suffer biggest weekly outflow in three months - BofA
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

LONDON, Dec 2 (Reuters) - Equity funds suffered a $14.1 billion outflow in the week to Wednesday in the largest exit in three months, BofA Global Research said in a note on Friday. U.S. equity funds saw an $16.2 billion outflow, the biggest since April, the latest flow data from BofA also showed. Bond funds also saw outflows, to the tune of $2.4 billion, while cash funds attracted $31.1 billion inflows and gold funds added $59 million, BofA said citing EPFR data. In its weekly note, BofA noted that outflows from credit funds in 2022 of $316 billion have unwound all the inflows of 2021. It added that while equity funds have seen inflows this year of some $207 billion, this was down from the "euphoric inflows" seen last year.

☆ U.S. equity funds register biggest weekly outflow in over five weeks
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +2 min

read moreAccording to data from Refinitiv Lipper, U.S. equity funds saw outflows of $17.37 billion, the biggest amount for a week since June 15. U.S. equity growth and value funds both witnessed outflows for a second straight week, with disposals amounting to $6.8 billion and $1.76 billion, respectively. Fund flows: US equity sector fundsData for U.S. bond funds showed investors withdrew $10.41 billion in a fourth straight week of net selling. U.S. investors sold taxable bond funds of $8.91 billion, marking a third straight week of outflow, while exiting $288 million out of municipal bond funds. Fund flows: US bond fundsMeanwhile, safer U.S. money market funds received $26.95 billion, the biggest amount in four weeks, and government bond fund attracted $738 million.

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