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European High Yield Bond Funds See €112M Cash Inflow

J.P. Morgan’s weekly analysis of European high-yield funds shows an inflow of €112 million for the week ended Aug. 9. This figure includes a €38 million net inflow to ETFs, and a €54 million net outflow from short duration funds. The reading for the week ending Aug. 2 is unrevised from an inflow of €136 million. Note, the net weekly readings also include flows from long-only managed accounts.

The provisional reading for July is an outflow of €1.18 billion. This follows a €188 million outflow in June, a €296 million inflow in May, and a €548 million outflow in April. There was a €1.55 billion outflow in March, and €517 million and €218 million inflows in February and January. The total fund-flow reading for 2017 (including monthly reporting funds that have not yet released July figures) is an outflow of €2.286 billion.

In the U.S., high-yield funds recorded an inflow of $123 million for the week ended Aug. 9, according to the weekly reporters to Lipper only. This comes on the heels of the prior week’s $195 million inflow into the asset class. ETFs drove the gain, with an inflow of $97 million, while $26 million flowed into mutual funds. The four-week trailing average remains in positive territory for the second consecutive week, rising to positive $630 million from positive $313 million in the prior week.

J.P. Morgan only calculates flows for funds that publish daily or weekly updates of their net asset value and total fund assets. As a result, its weekly analysis looks at around 60 funds, with total assets under management of €50 billion. Its monthly analysis takes in a larger universe of 80 funds, with €70 billion of assets under management. For a full analysis, please see “Europe receives HY fund flow calculation”. — Nina Flitman

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US High Yield Funds See $2.2B Investor Cash Inflow

U.S. high-yield funds recorded an inflow of $2.2 billion for the week ended July 19, the largest such inflow since the week ended April 5, when the total was $2.4 billion, according to weekly reporters to Lipper only.

US high yield fund flows

This inflow snaps four straight weeks of outflows from the asset class for a total outflow of $4.2 billion over that period.

ETFs made up the bulk of the inflow this week, at $2 billion. The $200 million inflow to mutual funds follows last week’s exit of $1.4 billion.

The four-week trailing average remains in negative territory for the fourth consecutive week, rising to negative $453 million, from negative $1 billion last week.

The year-to-date total outflow is $6.6 billion, with a $8.3 million outflow from mutual funds outweighing a $1.7 billion inflow to ETFs.

The change due to market conditions this past week was an increase of $1.3 billion. Total assets were $210 billion at the end of the observation period. ETFs represent about 24% of the total, at $49.7 billion. — James Passeri

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US High Yield Funds See Yet Another $1B-plus Investor Withdrawal


US high yield fund flows

U.S. high-yield funds recorded an outflow of $1.1 billion for the week ended July 12, according to weekly reporters to Lipper only. This is the fourth straight week of outflows from the asset class for a total of $4.2 billion over that period.

Mutual funds led the exit this week, with outflows of $1.4 billion outweighing inflows into ETFs of $276 million, following last week’s exit of $184 million from ETFs.

The four-week trailing average remains in negative territory for the third consecutive week, dipping to $1 billion, from $705 million last week.

The year-to-date total outflow is $8.9 billion, with an $8.5 billion outflow from mutual funds and a $319 million exit from ETFs.

The change due to market conditions this past week was an decrease of $33.9 million. Total assets at the end of the observation period were $206.3 billion. ETFs account for about 23% of the total, at $47.3 billion. — James Passeri

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Investors Withdraw $1.1B from US High Yield Funds

US high yield fund flows

U.S. high-yield funds recorded an outflow of $1.2 billion for the week ended July 5, according to weekly reporters to Lipper only. This is the third straight week of outflows from the asset class for a total of $3 billion over that period.

Mutual funds made up the bulk of the outflow this week, at $972 million, following last week’s exit of $1.2 billion. The $184 million outflow from ETFs follows an outflow of $536 million last week.

The trailing four-week average remains in negative territory for the second consecutive week, deepening to negative $705 million from negative $270 million last week.

The year-to-date total outflow is now $7.7 billion, split between outflows of $7.1 billion from mutual funds and $595 million from ETFs.

The change due to market conditions this past week was an increase of $521.5 million. Total assets at the end of the observation period were $207.8 billion. ETFs account for about 22.6% of the total, at $47.1 billion. — James Passeri

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Investors Pour $521M into US High Yield Bond Funds

US high yield fund flows

U.S. high-yield funds recorded an inflow of $521 million for the week ended May 31, according to weekly reporters to Lipper only.

A $1.1 billion inflow into ETFs outweighed a $617 million exit from mutual funds. It was the third straight week of outflows for mutual funds.

The four-week trailing average remains in negative territory, narrowing to negative $280 million from negative $507 million last week.

The year-to-date total outflow is now $5.5 billion, reflecting outflows of $5.2 billion from mutual funds and $316 million from mutual funds.

The change due to market conditions this past week was a increase of $623 million. Total assets at the end of the observation period were $206.2 billion. ETFs account for about 23% of the total, at $47.3 billion. — James Passeri

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Investors Withdraw $568M from US High Yield Bond Funds

U.S. high-yield funds recorded an outflow of $568 million for the week ended May 24, according to weekly reporters to Lipper only. This week’s exit from the asset class follows last week’s inflow of $649.5 million.

US high yield fund flows

ETFs made up the bulk of the outflow this week at $347 million, while $221 million was pulled out of mutual funds.

The year-to-date total outflow is now just over $6 billion, with a $4.6 billion outflow from mutual funds pairing with a $1.45 billion exit from ETFs.

The four-week trailing average remains in negative territory for the fourth straight week, widening to negative $507 million from negative $292 million last week.

The change due to market conditions this past week was an increase of $597 million. Total assets at the end of the observation period were $205 billion. ETFs account for about 22% of the total, at $46.1 billion. — James Passeri

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After Big Retreat, Investors Pour $650M into US High Yield Funds

U.S. high-yield funds recorded an inflow of $649.5 million for the week ended May 17, according to weekly reporters to Lipper only. The gain snaps two consecutive weeks of outflows, which totaled $2.1 billion over the period.

US high yield fund flows

ETFs drove the inflows this week, pulling in $687.5 million, while mutual funds reported an outflow of $38 million. This marks a reversal from last week’s $1.7 billion outflow from ETFs and an $18 million inflow into mutual funds.

The four-week trailing average remains in negative territory, rising to negative $292 million, from negative $545 million last week.

The year-to-date total outflows from high-yield funds is now $5.4 billion, with a $4.3 billion exit from mutual funds and a $1.1 billion outflow from ETFs over the period.

The change due to market conditions this past week was an increase of $286 million. Total assets at the end of the observation period were $206.6 billion. ETFs account for about 22% of the total, at $46.3 billion. — James Passeri

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High Yield Bond ETFs See $1.7B Investor Cash Withdrawal

U.S. high-yield funds recorded an outflow of $1.7 billion for the week ended May 10, according to weekly reporters to Lipper only, marking the largest outflow since the week ended March 15, when the outflow from the asset class totaled $5.7 billion.

high yield fund flowsThis week’s result was entirely driven by a $1.7 billion outflow from ETFs, while mutual funds recorded a small inflow of $18 million.

The year-to-date total outflow is now $6.1 billion, reflecting a $4.3 billion outflow from mutual funds added to a $1.8 billion exit from ETFs.

The four-week trailing average dropped to negative $545 million from negative $201 million last week.

The change due to market conditions this past week was a decline of $111 million. Total assets at the end of the observation period were $204 billion. ETFs account for about 22% of the total, at $45.5 billion. — James Passeri

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Investors Pour Massive $3.75B into US High Yield Bond Funds

high yield fund flows

U.S. high-yield funds recorded an inflow of $3.75 billion for the week ended Dec. 14, according to the weekly reporters to Lipper only. This is the third largest inflow of 2016 and the fourth consecutive weekly inflow for a total of $6.7 billion over that span.

This past week saw an even mix of cash flowing into ETFs ($1.88 billion) and mutual funds ($1.87 billion). With the large inflow, the four-week trailing average is at its highest level since March, at $1.68 billion.

The year-to-date total inflow is now $10.55 billion, with 54% ETF-related. A year ago at this juncture, the measure was an outflow of $5.89 billion, reflecting $6.68 billion of mutual fund outflows and ETF inflows of $791.5 million.

The change due to market conditions last week was an $893 million increase. Total assets at the end of the observation period were $208 billion. ETFs account for about 22% of the total, at $45.1 billion. — Jon Hemingway

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High Yield Bond Funds See $2B Investor Cash Inflow

US high yield bond flows

U.S. high-yield funds recorded an inflow of $2.03 billion for the week ended Dec. 7, according to weekly reporters to Lipper only. This is the third straight inflow and the largest since July 13.

This week’s result was powered by $1.51 billion flowing into mutual funds compared to $528.6 million into ETFs. With this result, the four-week trailing average turns positive for the first time in six weeks at $172.5 million, from negative $503.2 million last week.

The year-to-date total inflow is now $6.8 billion, with 56% ETF-related. A year ago at this juncture, the measure was an outflow of $2.08 billion, reflecting $4.27 billion of mutual fund outflows and ETF inflows of $2.19 billion.

The change due to market conditions last week was a $1.81 billion increase, the largest increase since August 10. Total assets at the end of the observation period were $203.3 billion. ETFs account for about 21% of the total, at $43 billion. — Jon Hemingway

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