U.S. high-yield funds recorded an outflow of $175 million for the week ended July 27, according to the weekly reporters to Lipper only. This was the first net outflow after three weeks of inflows totaling $6.5 billion.
The influence of ETFs was again significant this week. The net outflow figure was based on inflows of $336 million to mutual funds buffeted by outflows of $512 million from ETFs. Last week featured a similar pattern, but ETF outflows of $518 million didn’t technically overflow the mutual fund inflow of $839 million.
The net outflow doesn’t ratchet the four-week-trailing figure because a large outflow five weeks ago falls out of the calculation. The figure rises to positive $1.6 billion per week—the largest in 18 weeks—from positive $1.2 billion last week.
The year-to-date total inflow is now $9.5 billion, with 39% ETF-related. A year ago at this juncture, the inflow was just $849 million and 39% ETF-related.
The change due to market conditions this past week was negative $417 million, which is negligible against the $198 billion of total assets at the end of the observation period. The ETFs account for about 21% of the total, at $41.8 billion. — Matt Fuller
Follow LCD News on Twitter.
This story first appeared on www.lcdcomps.com, an offering of S&P Global Market Intelligence. LCD’s subscription site offers complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.