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High-yield funds pare losses, see inflows of $1.39 billion for week
By Abigail W. Adams
Portland, Me., Oct. 4 – High-yield mutual funds and exchange-traded funds – considered a reliable barometer of overall liquidity trends in the junk market – pared last week’s losses with inflows of $1.389 billion for the week ended Oct. 3, according to fund-flow statistics generated by AMG Data Services Inc.
Funds saw outflows of $1.569 billion in the week ended Sept. 26, the largest outflow 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 $17.59 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 16 inflows and 24 outflows in the 40 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 $1.222 billion for the week ended Oct. 3. Funds have now seen four consecutive weeks of inflows after seeing theier first outflow in recent history.
IG funds saw inflows of $1.781 billion for the week ended Sept. 27, $1.02 billion for the week ended Sept. 19 and $3.217 billion for the week ended Sept. 12.
IG funds saw their first outflow in recent history during the week ended Sept. 5 when $297 million left the space.
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