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Junk mutual funds, ETFs add $1.05 billion, breaking streak of outflows
By Abigail W. Adams
Portland, Me., Jan. 10 – High-yield mutual funds and exchange-traded funds – considered a reliable barometer of overall liquidity trends in the junk market – saw inflows of $1.05 billion for the week ended Wednesday, according to fund-flow statistics generated by AMG Data Services Inc.
The inflow marks the first of 2019 and breaks a streak of seven consecutive outflows.
Funds saw outflows of $628 million for the week ended Jan. 2, which was preceded by a substantial outflow of $3.53 billion for the week ended Dec. 26.
Junk funds saw $789 million leave the space for the week ended Dec. 19, $2.06 billion leave the space for the week ended Dec. 12, $829 million leave the space in the week ended Dec. 6, $1.2 billion leave the space in the week ended Nov. 28 and $2.19 billion leave the space for the week ended Nov. 21.
While the string of outflows was preceded by two consecutive weeks of inflows, the fourth quarter of 2018 was marked by heavy outflows.
There was a record amount of outflows in 2018 with the cumulative outflow totaling $36.5 billion, according to a Prospect News analysis of the reports by the Arcata, Calif.-based unit of Thomson Reuters Corp.’s Lipper analytics division.
The inflow over the past week has turned 2019 net positive with a cumulative inflow of $420 million.
For the past 10 weeks, funds have seen three inflows and seven outflows.
There were 19 inflows and 33 outflows in the 52 weeks in 2018. There have been one inflow and one outflow in the two weeks of 2019, according to the Prospect News analysis.
Among other asset classes, investment-grade corporate funds saw outflows of $1.14 billion. Investment-grade funds also saw a substantial outflow of $4.52 billion for the week ended Jan. 2.
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