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Junk funds add $344 million; inflow streak continues for fourth consecutive week
By Abigail W. Adams
Portland, Me., Aug. 23 – High-yield mutual funds and exchange-traded funds – considered a reliable barometer of overall liquidity trends in the junk market – continued their streak of inflows for the week ended Aug. 22, adding $344 million, according to fund-flow statistics generated by AMG Data Services Inc.
The week marks the fourth consecutive week of inflows, turning the tide on a choppy year that has seen outflows reach record levels.
High-yield mutual and exchange-traded funds saw inflows of $197 million for the week ended Aug. 15, $828 million for the week ended Aug. 8 and $37 million for the week ended Aug. 1.
August stands poised to close out as the first month in recent history to see consecutive inflows after a year where fund flows have see-sawed between small gains and large losses.
July saw mostly outflows with $548 million of cash departing in the week ended July 25 and $260 million in the week ended July 18.
The losses came after a sizable $1.85 billion gain during the week ending July 11. However, the sizable inflow was preceded by a sizable outflow of $1.73 billion during the week ended July 4.
The cumulative outflow for the year now totals $17.85 billion, according to a Prospect News analysis of the reports by the Arcata, Calif.-based unit of Thomson Reuters Corp.’s Lipper analytics division.
For the past 10 weeks, the funds have seen six inflows and four outflows.
There have been 13 inflows and 21 outflows in the 34 weeks to date in 2018, according to the Prospect News analysis.
IG corporate inflows continue
Among other asset classes, investment-grade corporate funds continued to see inflows with $2.678 billion entering the space.
Investment-grade funds saw $1.453 billion enter the space in the week ended Aug. 15, $2.804 billion in the week ended Aug. 8, $1.211 billion in the week ended Aug. 1 and an inflow of $1.986 billion in the week ended July 25.
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