Stock And Commodity Funds Were Eviscerated This Week

Last week, $3.7 billion flowed out of equity mutual funds and ETFs – the first weekly outflow from funds investing in the stock market since the rally began all the way back in November.

Equity mutual fund outflows

And following the brutal sell-off in the commodity complex that caused so much market turmoil last week, commodity funds lost 1.3% of total assets under management to redemptions, with precious metals-oriented funds alone recording $2.3 billion in outflows.

That’s 11 straight weeks of outflows from precious metals funds now – the longest streak on record, according to BofA Merrill Lynch strategist Michael Hartnett.

“The mid-April plunge in gold prices [is] the most likely culprit for the first week of equity redemptions since November,” says Hartnett.

All of the equity outflows were from ETFs like SPY, IWM, and EEM. Assets under management at long-only equity funds were flat on the week.

On the other hand, bond funds saw their biggest weekly inflows – $7.6 billion – since November.

Below is a breakdown of the damage.

Global asset class flows

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