US-based funds’ US$10b exit
Print Edition
US-based funds that invest in foreign stocks posted their largest outflows on record in the week ended on Wednesday, Lipper data showed, as mutual fund investors trimmed risk following a Federal Reserve interest rate hike.
Investors took US$10 billion out of “non-domestic” stock funds sold in the United States, especially mutual funds rather than exchange traded funds. That was the largest combined outflow recorded for both types of funds, according to Lipper statistics that date to 1992.
The foreign fund outflows contributed to a record US$16.2 billion in outflows for United States-based stock and taxable-bond funds for the week, according to Lipper.
Mutual fund investors took money out of stock and taxable-bond funds, while exchange-traded fund investors added new cash to both types of funds.
The flight of money came after the US central bank hiked rates, from near-zero, for the first time in nearly a decade on December 16, signaling faith in the US economy.
Emerging markets stock funds posted US$613 million of outflows, their eighth straight week of cash withdrawals, on persistent fears about the ability of those countries to weather stock outflows.
Japanese stock funds posted US$1.3 billion of outflows, though the outflows may be seasonal, nearly matching the US$1.5 billion in outflows from the comparable period a year ago.
Domestic stock funds recorded US$2.4 billion in new cash, rebounding after three weeks of outflows, as fears of a rout in energy prices weighed less on equity markets.
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