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Junk funds see $260 million of cash exit trailing previous big inflow
New York, July 19 – High-yield mutual funds and exchange-traded funds – considered a reliable barometer of overall junk market liquidity trends – were back in the red as $260 million of cash left the funds during the weekend ended July 18, according to fund-flow statistics generated by AMG Data Services Inc.
The outflow came after a substantial $1.852 billion gain the previous week which had in turn followed a $1.729 billion outflow during the week ended July 4.
That latter loss was the third consecutive week in which investors headed for the exit door, according to a Prospect News analysis of the reports by the Arcata, Calif.-based unit of Thomson Reuters Corp’s Lipper analytics division.
In the week to June 27, the funds lost $1.135 billion and in the week before that the cash drain was $232 million.
The three downward weeks came after a choppy period which saw the funds gain $324 million before the string of outflows began.
Preceding that, there was a big $2.420 billion outflow following a minimal $18 million withdrawal of cash.
In the week to May 23, the funds had added $261 million of cash but there were outflows of $0.542 billion and $0.755 billion in the preceding weeks and those followed a gain of $0.526 billion in the week ending May 2 and suffering a large $2.489 billion loss the week before that and an even larger $2.971 billion inflow in the April 18 week.
The cumulative outflow for the year is now $18.71 billion, worse than $18.45 billion the previous week but above the year’s low of $20.30 billion, set the week before that.
With the most recent datapoint, the funds have seen three inflows and seven outflows in the past 10 weeks.
There have been nine inflows and 20 outflows in the 29 weeks to date in 2018, according to the Prospect News analysis.
IG corporates see solid inflow
Among other asset classes, investment-grade corporate funds saw a significant inflow of $2.021 billion in the week to July 18.
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