
While U.S. equity markets appear to have gotten their second wind, hitting a new round of record highs during the Refinitiv Lipper fund-flows week ended March 10, 2021—excluding the NASDAQ, which entered correction territory, ETF and mutual fund investors appear to be very selective in their purchasing choices. Year to date, through the most recent fund-flows week, investors have injected a net $254.9 billion into conventional funds and ETFs. The primary attractor of investors’ assets, despite a steepening of the Treasury yield curve, continues to be taxable bond funds (+$107.4 billion), followed by money market funds (+$76.9 billion), equity funds