
For the third week in a row, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $65.1 billion for Lipper’s fund-flows week ended March 18, 2020. However, the headline number is totally misleading. Fund investors were net purchasers of money market funds (+$148.0 billion, their largest weekly net inflow on record going back to 1992), but were net redeemers of taxable fixed income funds (-$55.9 billion, a weekly record), equity funds (-$14.8 billion), and municipal bond funds (-$12.2 billion, a weekly record) this week. Market Wrap-Up For the fund-flows week ended March 18,