– U.S. equity funds witnessed big inflows in the week to March 23 as markets focused on a Federal Reserve rate hike and Russia’s avoidance of a bond default. U.S. investors purchased equity funds of $13.88 billion, which was their biggest weekly net buying since Feb. 9, Refinitiv Lipper data showed.
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The S&P 500 index gained 6.2% last week, marking its tallest surge since Nov. 2020. U.S. large-cap funds attracted $9.39 billion in net buying after facing outflows of $2.5 billion in the previous week, mid-cap funds received $98 million, and small caps saw outflows of $440 million. U.S. growth funds regained inflows, amounting $3.38 billion after six consecutive weeks of outflows, while value funds faced small outflows of $82 million after purchases of $1.41 billion in the previous week.
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U.S. health care and tech funds, both attracted over $1 billion in net buying, and financials sector funds received a net $637 million.
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Meanwhile, investors sold U.S. bond funds for a 11th straight week as they disposed of funds worth $1.17 billion, although outflows were 84% lower than the preceding week. U.S. municipal bond funds lost $1.67 billion in a sixth consecutive week of outflow, but taxable bond funds gained inflows of $495 million after two weeks of outflows. Investors sold U.S. short/intermediate investment-grade funds of over $2.78 billion in an eleventh straight week of net selling, while high yield funds faced outflows of $2.32 billion. Meanwhile, U.S. general domestic taxable fixed income funds and loan participation funds secured $2.13 billion and $1.34 billion respectively in net buying.
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U.S. money market funds lost $2.65 billion in a third subsequent week of outflow, although selling reduced 86% compared with the previous week.
(Reporting by Gaurav Dogra and Patturaja Murugaboopathy in Bengaluru; editing by Barbara Lewis)