by Tom Roseen.
Investors were net redeemers of mutual fund assets for the seventh month in a row, redeeming $34.2 billion from the conventional funds business (excluding ETFs, which are reviewed in the section below) for July. For the sixteenth month running, stock & mixed-assets funds experienced net outflows (-$20.1 billion). After the Federal Reserve Board hiked its key lending rate on July 27 by an expected 75 basis points (bps), the fixed income funds macro-group—for the eighth consecutive month—witnessed net outflows, handing back $37.6 billion. Money market funds (+$23.5 billion) witnessed net inflows for the second month in a row.
For the third consecutive month, ETFs witnessed net inflows, taking in $38.7 billion for July. Authorized participants (APs—those investors who create and redeem ETF shares) were net purchasers of stock & mixed-assets ETFs—also for the third month in a row—injecting $10.5 billion into equity ETF coffers. For the sixth month in a row, they were net purchasers of bond ETFs—injecting $28.2 billion for the month. APs were net purchasers of three of the five equity-based ETF macro-classifications, padding the coffers of U.S. Diversified Equity ETFs (+$15.3 billion), World Equity ETFs (+$4.9 billion), and Alternatives ETFs (+$3.6 billion), while being net sellers of Sector Equity ETFs (-$13.1 billion) and Mixed-Assets ETFs (-$208 million).
In this report, I highlight the July 2022 fund-flows results and trends for both ETFs and conventional mutual funds (including variable annuity underlying funds).
Click here to download the July 2022 FundFlows Insight Report: Conventional Funds Hand Back $34.2 Billion In July, While ETFs Attract $38.7 Billion.
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