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Junk funds see largest outflow since July, lose $1.569 billion
By Abigail W. Adams
Portland, Me., Sept. 27 – High-yield mutual funds and exchange-traded funds – considered a reliable barometer of overall liquidity trends in the junk market – saw outflows of $1.569 billion in the week ended Wednesday, Sept. 26, according to fund-flow statistics generated by AMG Data Services Inc.
The outflow is the largest that funds have seen since the week ended July 4 when $1.73 billion left the space.
Fund flows have seesawed between gains and losses throughout September after a streak of consecutive inflows in August.
Dedicated high-yield bond funds saw $967 million of inflows in the week ended Sept. 19 after two consecutive weeks of outflows.
Funds saw $862 million in cash leave the space in the week ended Sept. 12 and $639 million leave the space in the week ended Sept. 5.
Prior to the outflows in early September, funds saw five consecutive weeks of inflows.
The cumulative outflow for the year now totals $18.98 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 five inflows and five outflows.
There have been 15 inflows and 24 outflows in the 39 weeks to date in 2018, according to the Prospect News analysis.
IG corporates see inflows
Among other asset classes, investment-grade corporate funds continued to see inflows.
Investment-grade funds saw inflows of $1.781 billion for the week ended Sept. 27.
Funds saw inflows of $1.02 billion for the week ended Sept. 19 and $3.217 billion for the week ended Sept. 12.
The steady stream of inflows was interrupted during the week ended Sept. 5 when IG funds saw $297 million leaving the space.
The outflow was the first that IG funds have seen in recent history.
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