May 8, 2019 / 4:14 PM / 3 months ago

Fund investors sell U.S. stocks despite record highs

    By David Randall
    NEW YORK, May 8 (Reuters) - Investors continued to retreat
away from the U.S. stock market, despite the benchmark S&P 500
index hitting new record highs last week, according to figures
released Wednesday by the Investment Company Institute. 
    Mutual funds and exchange-traded funds that hold domestic
stocks lost slightly more than $5.9 billion in outflows in the
week that ended May 1. That decline came on the heels of a $7.2
billion outflow the week before. 
    The move came during a week in which the benchmark S&P 500
notched two new record highs, fueled in part by better than
expected corporate earnings and the Federal Reserve's decision
to hold interest rates steady. For the year, the S&P 500 is up
slightly more than 15%. Fund investors have been net sellers
during that rally, pulling a total of $19.8 billion out of U.S.
stocks. 
    Taxable and municipal bond funds continued to pull in new
assets. Overall, bond funds attracted $9.1 billion in inflows,
continuing a streak that has lasted every full week of the year
and brought in a total of nearly $160 billion in assets. 
    World stock funds, meanwhile, lost a total of $777 million
for the week. Investors have pulled a net $5.3 billion from the
category in the year to date. 
    
    The following table shows estimated ICI flows for mutual
funds and ETFs (all figures in millions of dollars):  
    
    
                     5/1/201  4/24/20  4/17/20  4/10/20  4/3/201
                           9       19       19       19        9
 Equity               -5,952  -16,195    4,545    5,815   -7,496
            Domesti   -5,175   -7,240    3,993    6,215   -7,465
            c                                            
            World       -777   -8,955      551     -400      -31
 Hybrid               -2,474     -131     -976     -122   -3,575
 Bond                  9,127    9,981    8,809    7,824   11,259
            Taxable    6,993    7,597    7,559    6,686    9,767
            Municip    2,134    2,384    1,250    1,138    1,492
            al                                           
 Commodity              -192     -342     -101     -286     -983
 
 
    
    

 (Reporting by David Randall; Editing by Bernadette Baum)
  
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