NEW YORK: Fund investors worldwide pulled $7.1bn out of US-focused stock funds in the week ended Tuesday while putting cash into Japanese and emerging market stock funds, data from a Bank of America Merrill Lynch Global Research report showed.
The outflows from US-focused stock funds were the first in three weeks. Stock funds overall attracted $300m in new cash after hefty $11.2bn inflows over the prior week, data from the report, which also cited data from fund-tracker EPFR Global, showed.
Funds that specialise in Japanese stocks attracted big inflows of $4.2bn, with exchange-traded funds attracting most of the new cash. ETFs are thought to represent the institutional investor. Emerging market stock funds attracted $1.9bn, marking their third straight week of new demand. Bond funds attracted $2.1bn, marking their sixth straight week of inflows. Emerging market bond funds attracted $600m, marking their third straight week of inflows.
Floating-rate debt funds, which are protected from rising interest rates by being pegged to floating-rate benchmarks, posted $100m in outflows. That marked their first outflows in 95 weeks.
Reuters
