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US equity funds record outflows for seventh week by Reuters

US equity funds record outflows for seventh week by Reuters

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©Reuters. A person walks past the New York Stock Exchange (NYSE) in New York City, the United States, January 5, 2023. REUTERS/Andrew Kelly

(Reuters) – US equity funds recorded outflows for the seventh consecutive week in the seven days ended January 4 amid concerns that the Federal Reserve may hike further interest rates to tame inflationary pressures.

Investor reticence ahead of the release of minutes from the last Fed meeting also dampened appetite for equities.

Chart – Fund Flows: US equities, bonds and money market funds – https://fingfx.thomsonreuters.com/gfx/mkt/lbpggorodpq/Fund%20flows%20US%20equities%20bonds%20and%20money%20market%20funds.jpg

Refinitiv Lipper data showed that investors sold $20.72 billion net worth of US equity mutual funds, compared to $5.56 billion net withdrawals the previous week.

Data released on Thursday showed a tightening labor market as US personal payrolls rose more-than-expected in December, fueling further inflation concerns.

Chart – Fund Flows: US Growth and Value Funds – https://fingfx.thomsonreuters.com/gfx/mkt/egvbymnmxpq/Fund%20flows%20US%20growth%20and%20value%20funds.jpg

US growth funds suffered net outflows of $7.12 billion for the seventh consecutive week, while value fund withdrawals were $2.49 billion.

Data showed that technology, healthcare, and financial sector funds saw outflows of $776 million, $485 million, and $484 million, respectively.

Outflows from US bond funds fell to a 16-week low of $51 million, data showed.

Chart – Flows: US Equity Sector Funds – https://fingfx.thomsonreuters.com/gfx/mkt/lgpdklmlbvo/Fund%20flows%20US%20equity%20sector%20funds.jpg

U.S. taxable bond funds had their first weekly inflow in eight weeks at $80 million, but municipal bond funds suffered a fifth weekly outflow totaling $2.01 billion.

Investors bought $3.93 billion in US short/intermediate government and treasury funds, the largest weekly net purchase since Sept. 28, albeit high-yield and short/intermediate investing -Grade bond funds faced outflows of $1.96 billion and $1.26 billion, respectively.

Chart – Fund Flows: US Bond Fund – https://fingfx.thomsonreuters.com/gfx/mkt/klvygzezwvg/Fund%20flows%20US%20bond%20funds.jpg

Money market funds saw inflows for the second straight week, totaling $69.46 billion net.

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