Last week, U.S. equity funds reported their first outflows in seven weeks.
This week, the trend of outflows from U.S. equity funds not only continued, but accelerated to the fastest pace of withdrawals in five years, as the chart at right from BofA Merrill Lynch chief investment strategist Michael Hartnett illustrates.
On a global scale, equity funds saw $12.3 billion in redemptions this week – their first outflows in eight weeks.
$10 billion of that alone was accounted for by the popular SPDR S&P 500 ETF (ticker symbol “SPY”).
Bond funds didn’t benefit from equity fund outflows – they got hit with redemptions this week, too.
Where did all the money go?
CASH CASH CASH CASH