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Easton Ramirez
Easton Ramirez

Global Equity Funds Face Weekly Outflows On Gro...



Both money market funds (-$14.1 billion) and equity funds (-$7.5 billion) suffered outflows, while taxable bond funds (+$3.9 billion) and tax-exempt bond funds (+$1.1 billion) attracted net new capital. Money market funds reported their first outflows in five weeks.




Global equity funds face weekly outflows on gro...



Exchange-traded equity funds recorded $527 million in weekly net outflows, marking their seventh weekly outflow in eight. The macro-group posted a positive return of 2.66% on the week, their third straight week of plus side returns.


Meanwhile, the bottom three equity ETFs in terms of weekly outflows were SPDR S&P 500 (SPY, -$5.9 billion), Invesco S&P 500 High Dividend Low Volatility (SPHD, -$785 million), and Invesco QQQ Trust 1 (QQQ, -$662 million).


Conventional equity funds (ex-ETFs) witnessed weekly outflows (-$7.0 billion) for the twenty-sixth straight week. Conventional equity funds posted a weekly return of positive 2.55%, their third consecutive week of plus-side performance.


Growth/value-large cap funds (-$4.5 billion), international equity (-$1.4 billion), and global equity funds (-$519 million) were the largest subgroup outflows under conventional equity funds. Growth/value-large cap funds observed their sixteenth weekly outflows in a row and their second-largest weekly outflows of the year. International equity conventional funds have suffered 16 straight weeks of outflows despite three consecutive weeks of positive performance. Their four-week outflow moving average has remained greater than $1.3 billion for 13 straight weeks.


International & global debt conventional funds (-$1.1 billion), balanced funds (-$784 million), and government-Treasury & mortgage funds (-$441 million) led the macro-group in outflows. International & global debt conventional funds have reported 30 straight weeks of outflows and their largest four-week outflow moving average since April 2020.


After more than three years of inflows, investors are now pulling cash out of US equity exchange-traded funds with higher environmental, social and governance standards. May saw $2 billion of outflows from ESG equity funds, according to data from Bloomberg Intelligence -- the biggest monthly cash pullback ever.


Hedge funds were able to reverse trend this past week, posting positive gains compared to a negative MSCI World. The average global hedge fund was up 30 bps compared to -150 bps for the MSCI World. This puts them down 2.2% for month vs. -5% MTD for the MSCI World. Americas based long/short funds were the only group to post negative weekly returns but their -20 bps significantly outperformed the S&P that declined -3% and since the May 9th trough, Americas based long/short funds are +170 bps compared to -220 bps for the S&P. 041b061a72


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