August 29, 2018 / 3:30 PM / 25 days ago

U.S.-based stock funds attract most cash in two months -ICI

    NEW YORK, Aug 29 (Reuters) - U.S. fund investors showed
flashes of optimism during the latest week, feeding the most
cash into the stock market in more than two months, according to
Investment Company Institute (ICI) data on Wednesday.
    Equity mutual funds and exchange-traded funds (ETFs) based
in the United States netted $3 billion during the week ended Aug
22, the most cash in any week since June, the trade group said.
    Demand for stock funds nosedived in recent weeks as strong
corporate earnings were overshadowed by the possibility of a
trade war.
    During the period measured by ICI, one former affiliate of
U.S. President Donald Trump was found guilty of tax and bank
fraud charges and another pleaded guilty to a range of charges
and said he acted at the direction of Trump. Each case
threatened political consequences that could agitate markets.
 Nonetheless, the S&P 500 marked its longest
bull-market run.
    Domestic-focused equity funds pulled in $1.4 billion, also
the most since June, while funds that buy international shares
took in $1.6 billion, according to the data.
    Investors continue to flock to debt for an ostensibly safer
source of returns. U.S.-based bond funds collected $4.6 billion
in the most recent seven days, marking a 27th straight week
netting cash, ICI said. 
    Commodities funds faced $532 million in withdrawals. The
dollar's more than 4 percent gain over the past six months
against its major trading partners have hurt demand for
gold, which is priced in the greenback.
    The following table shows estimated ICI flows for mutual
funds and ETFs (all figures in millions of dollars):
                 8/22    8/15     8/8     8/1  7/25/2018
 Equity         3,021     779  -1,667  -3,011        419
    Domestic    1,408      12  -3,408  -2,130        524
    World       1,613     767   1,741    -881       -105
 Hybrid        -1,487  -1,479  -1,447  -2,268     -1,165
 Bond           4,598   1,675   6,857   5,844      4,417
    Taxable     4,067   1,013   6,135   5,681      3,817
    Municipal     531     662     723     163        600
 Commodity       -532    -674    -450    -101        164
 Total          5,600     301   3,292     463      3,835
 
 (Reporting by Trevor Hunnicutt)
  
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