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Who Is Buying? Another $5 Billion Pulled From US Equity Funds, Outflows In 6 Of Past 7 Weeks

Tyler Durden's picture

It may come as a surprise to some that as the S&P500 has remained in a tight trading range over the past month, investors continued to withdraw substantial amounts of cash. According to the latest EPFR weekly data, global equities saw another $3.9bn outflows (comprised of $6.2bn in mutual fund outflows vs $2.3bn ETF inflows), which brings the number of weekly outflows to 5 in the past 6 weeks. Of note here is that while Europe has now suffered a record record 37 straight weeks of outflows, the US has been comparably pressured, with outflows in 6 of the past 7 weeks.


ここ数ヶ月S&P500の変動幅がとても小さいことに驚く、投資家は結構な額を引き上げている。最新のEPFR週報によると、世界株式市場から$3.9Bが引き出されている(投資信託から$6.2B流出、ETFで$2.5B流入)、ここ6週で5週は資金流出だ。注目すべきは欧州で、こお37週連続で資金流出が続く、米国もかなりな圧力を受けており、7週のうち6週で資金流出だ。


On a global basis, a whoppping $146 billion has now been pulled across equity funds, with $79 billion in ETF inflows offsetting $225 billion in mutual fund outflows.


世界的に見ると、なんと$146Bが株式市場から流出している、ETFは$79B流入、投資信託が$225Bの流出だ。


As money was leaving equities it entered bonds, which saw not only $2.7bn inflows in the latest week, but inflows in 15 of past 16 weeks. Precious metals, the "forgotten category" benefited from $0.5bn in inflows in the last week, making that 4 straight weeks of money being allocated to PMs.


資金は株式市場から債券へと移動していた、先週は$2.7Bの流入だが、過去16週のうち15週で流入となっている。貴金属は、「忘れられたカテゴリ」だが、先週は$0.5Bの流入だった、4週連続で貴金属に資金が流入している。


Summary by Asset Class:


アセットクラスごとに要約すると:

  • Equities: $3.9bn outflows (outflows in 5 of past 6 weeks), $6.2bn mutual fund outflows vs $2.3bn ETF inflows
  • Bonds: $2.7bn inflows (inflows in 15 of past 16 weeks)
  • Precious metals: $0.5bn inflows (4 straight weeks)


  • 株式:$3.9B流出(過去6週の内5週で流出)、$6.2B投資信託流出 vs. $2.3BETF流入
  • 債券:$2.7B流入(16週のうち15週流入)
  • 貴金属:$0.5流入(4週連続)

The breakdown by region:


地域別でみると:

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  • EM: $1.0bn inflows (inflows in 15 of past 16 weeks)
  • Europe: $1.6bn outflows (record 37 straight weeks of outflows)
  • US: $5.1bn outflows (outflows in 6 of past 7 weeks)
  • Japan: tiny $22mn inflows (inflows in 6 of past 7 weeks)
  • By sector: 4 straight weeks of financials inflows ($0.4bn); 5 straight weeks of materials inflows ($0.3bn); largest REITs outflows in 13 months ($1.0bn); 3 straight weeks of outflows from utilities & telcos; chunky healthcare outflows ($0.7bn.
  • 新興国:$1.0B流入
  • 欧州:$1.6B流出
  • 米国:$5.1B 流出
  • 日本: わずか$22M 流入
  • セクター別: 4週連続 金融 流入($0.4B);5週連続 素材流入(0.3B);REIT 流出 13か月($1.0B);ユーティリティ・通信3週連続流出;ヘルスケア 流出($0.7B)

Some details on fixed income flows:


fixed incomeの資金出入り詳細:


Fixed Income Flows 

  • 12 straight weeks of inflows to bank loan funds ($0.6bn)
  • 19 straight weeks of TIPS inflows ($0.4bn)
  • 16 straight weeks of inflows to EM debt funds ($0.6bn)
  • Small $0.1bn inflows to HY bond funds (4 straight weeks)
  • $1.5bn inflows to IG bond funds (inflows in 32 of past 33 weeks)
  • 2 straight weeks of outflows from munis ($0.2bn) (following 55 straight weeks of inflows)
  • 15 straight weeks of outflows from Govt/Tsy funds ($0.5bn)
  • 12週連続流入 銀行ローンファンド
  • 19週連続流入 TIPSインフレ連動国債
  • 16週連続流入 新興国債券
  • 4週連続少量流入 HY債券
  • 32週連続流入 投資適格債券
  • 2週連続流出 地方債
  • 15連続流出 国債

* * *

So we go back to our favorite question: with everyone pulling their cash, who is buying? Traditionally the normative answer would be buybacks, however we mostly entered buyback week two weeks ago, so the question certainly remains unanswered.


最初の疑問に戻ろう:皆が資金を引き上げている、一体誰が買っている?模範解答は自社株買いだろう、しかし多くの企業は二週前から買い戻し中断となっている、というわけで疑問に対する答えはない。