High-yield fund outflows swell to largest in 24 weeks, though ETF heavy

Data from EPFR Global show a $1.27 billion cash outflow from U.S.-domiciled high-yield mutual funds and exchange-traded funds in the week ended Nov. 14, by the weekly reporters only. That is the largest single negative reading in 24 weeks and the third largest single one-week outflow in the year 2012.

However, note that the outflow was 58% ETF influenced, at $740 million. The outflow builds on last week’s $39 million outflow, which was actually mutual fund inflows against an $88 million ETF outflow.

Nonetheless, with a surge in net outflows, the four-week trailing average deepens to negative $378 million, from just negative $28 million last week.

A net $23.1 billion of inflows have been recorded in the year-to-date, of which 32% is ETF infusions.

Total assets of the weekly reporter sample were $185.4 billion at the end of the observation period, versus $187.8 billion last week, which after stripping out the outflow figure shows a $1.2 billion decrease due to market momentum, or a decline of 0.6% week over week. Still, net assets are up 30% in the year to date. –Matt Fuller

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