US equity funds record biggest weekly outflow in five weeks
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US equity funds witnessed massive outflows in the week to May 3, undermined by uncertainty over US debt ceiling, caution about the Federal Reserve’s policy meeting and a sell-off in regional bank shares.
Investors exited a net US$15.61 billion worth of US equity funds during the reported period, their biggest weekly net selling since Mar 29, Refinitiv Lipper data showed.
US large-cap funds lost US$7.27 billion in net selling, the most since Mar 29, while small- and mid-cap funds saw outflows of US$1.84 billion and US$1.29 billion, respectively.
Among sector funds, tech and financials witnessed outflows of a net US$706 million and US$389 million, respectively, but investors poured in US$432 million into consumer staples.
Meanwhile, US money market funds drew a net US$31.37 billion worth of inflows, compared with US$47.72 billion in net purchases in the week before.
US bond funds, however, saw net outflows of US$1.36 billion. Investors pulled out from US bond funds for the third week in a row.
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US general domestic taxable fixed income funds witnessed outflows of US$1.49 billion. US high yield funds lost US$1.77 billion in their first weekly net selling in five weeks.
Meanwhile, US short/intermediate investment-grade funds obtained a net US$1.92 billion in their biggest weekly inflow in 10 weeks. Investors also purchased US$1.07 billion worth of US government bond funds. REUTERS
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