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Friday, September 22, 2023

Flows Sour By $35.5B In a Week

Reported by Neil Anderson, Managing Editor

Industry flows soured by $35.5 billion this week, driven by the return of outflows for stock funds and money funds, according to the latest data from the LSEG Lipper team.

Tom Roseen
LSEG Lipper
Head of Research Services
In the U.S. Weekly FundFlows Insight report for the week ending September 20, 2023 (i.e. Wednesday), Tom Roseen, head of research services for LSEG Lipper, reveals that $16.8 billion net flowed out of mutual funds and ETFs in the U.S. this week. It was the industry's first week of outflows in four weeks, down from $18.7 billion in net inflows last week. Long-term (i.e. non-money-market) funds suffered $7.1 billion in net outflows this week, down week-over-week from $9.3 billion in net inflows.

On the one hand, fixed income funds brought in $1.2 billion in net inflows this week.

On the other hand, money market funds suffered $9.7 billion in net outflows this week, down W/W from $9.4 billion in net inflows. Equity funds suffered $7.2 billion in net outflows this week (down W/W from $9.6 billion in net inflows), alternatives funds suffered $472 million in net outflows (down W/W from $637 million), commodities funds suffered $33 million in net outflows (up W/W from $84 million), and mixed-assets funds suffered $292 million in net outflows (up W/W from $246 million).

Equity ETFs suffered $1.8 billion in net outflows this week. It was their second week of outflows in three weeks, down W/W from $13.4 billion in net inflows.

Domestic equity ETFs suffered $1.7 billion in net outflows this week, their second week of outflows in three weeks. And non-domestic equity ETFs suffered $82 million in net outflows this week, their second week of outflows in a row.

This week's biggest equity ETF winner was Rafferty's Direxion Daily Semiconductor Bull 3X Shares ETF (SOXL) [profile]. The fund brought in $443 million in net inflows this week.

Conventional (i.e. non-ETF) equity funds suffered $5.4 billion in net outflows this week. It was their 84th week of outflows in a row, up W/W from $3.8 billion.

Conventional domestic equity funds suffered $4.5 billion in net outflows this week, their 85th week of outflows in a row. And conventional non-domestic equity funds suffered $892 million in net outflows this week, their 28th week of outflows in a row.

Mixed-assets ETFs suffered $9 million in net outflows this week. And conventional mixed-assets funds suffered $283 million in net outflows.

Alternative equity ETFs suffered $162 million in net outflows this week. And conventional alt equity funds suffered $310 million in net outflows.

Commodity ETFs suffered $266 million in net outflows this week. And conventional commodities funds suffered $45 million in net outflows.

Taxable fixed income ETFs brought in $2.7 billion in net inflows this week. It was their second week of inflows in a row, up W/W from $2.6 billion.

This week's biggest taxable fixed income ETF winner was BlackRock's iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD). The fund brought in $687 million in net inflows this week.

Conventional taxable fixed income funds suffered $1.4 billion in net outflows this week. It was their seventh week of outflows in a row, down W/W from $1.7 billion.

Municipal bond ETFs brought in $562 million in net inflows this week. It was their second week of inflows in a row, down W/W from $1 billion.

This week's biggest muni bond ETF winner was BlackRock's iShares National Muni Bond ETF (MUB). The fund brought in $460 million in net inflows this week.

Conventional muni bond funds suffered $1.4 billion in net outflows this week. It was their seventh week of outflows in a row, up W/W from $1.3 billion.

Editor's Note: The LSEG Lipper team is switching to powering these reports with data from Lipper's Global Fund Flows application. Meanwhile, the Lipper U.S. Fund Flows application will be decommissioned on September 30. 

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