US equity funds draw largest weekly inflow in eight weeks
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People walk by the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 9, 2021. REUTERS/Andrew Kelly/File Photo
(Reuters) - U.S. equity funds attracted significant inflows in the seven days to May 15, fuelled by expectations of Federal Reserve rate cuts following subdued U.S. jobs data and a softer-than-anticipated inflation reading.
Investors pumped a net $5.78 billion into U.S. equity funds, the most in a week since March 20, data from LSEG showed.
Wednesday's report showing a slowdown in U.S. consumer prices boosted market anticipation of two rate cuts by year end. However, optimism has since waned again with the most recent jobs data on Thursday reflecting a still fairly tight jobs market.
U.S. large cap funds drew about $5.38 billion, the largest net weekly inflow since March 27.
Multi-cap funds attracted about $1.05 billion but mid- and small-cap funds saw net outflows of $817 million and $191 million, respectively.
Sectoral equity funds received just $22 million after six weekly net outflows in a row.
Industrials, financials and utilities attracted a net $515 million, $385 million and $359 million, respectively. The tech sector saw about $757 million worth of net selling.
U.S. bond funds attracted inflows for a fourth consecutive week, adding around a net $2.39 billion.
Investors allocated a net $815 million to U.S. loan participation funds, $812 million to general domestic taxable fixed income funds and $698 million to short/intermediate government and treasury funds.
U.S. short/intermediate investment-grade funds experienced a significant pullback, however, with net outflows of $1.18 billion the largest since November 8, 2023.
Money market funds attracted a net $2.56 billion, the smallest inflow in the past month.
(Reporting by Gaurav Dogra and Patturaja Murugaboopathy in Bengaluru; Editing by Kirsten Donovan)
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