Investors Yank Record Amount from European Equity Funds
Strategists at BofA/Merrill Lynch noted that European equity funds had their biggest outflows on record last week, with investors pulling some $5.7 billion.
The selling followed a plethora of economic indicators pointing to worsening expectations on global growth, while the ECB struggles to convince markets on asset purchases.
Meanwhile, outflows from high-yield credit funds were steady with the week prior despite the significant market volatility. Also, European government bond funds enjoyed another strong week in flows, setting a new record high.
So far this year, high-grade and government bond funds have seen cumulative inflows of $69 billion. Equities are now only up $19 billion for the year and down more than $25 billion since June.
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