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Fund investors continue retreat from U.S. stock market

Wed, 11th Sep 2019 19:39

By David Randall

NEW YORK, Sept 11 (Reuters) - Investors last week pulled nearly $4.4 billion from mutual funds and exchange-traded funds that hold U.S. stocks, continuing a retreat from the domestic equity market that has extended over four of the last five weeks, according to data released Wednesday by the Investment Company Institute.

The pullback from the U.S. stock market came as concerns about the trade war between the United States and China have weighed on investor sentiment, while signs of slowing economic growth across the globe have pushed companies such as Goldman Sachs to increase the probability that the United States falls into recession within the next 12 months.

Overall, investors have pulled a net of nearly $98 billion out of U.S. stock funds since the beginning of the year, with about $35.5 billion - or 36% of the total outflows - coming since the start of August.

The broad retreat from the U.S. market comes despite a rally that has pushed the benchmark S&P 500 up 19.4% for the year to date. The index is up 2.2% since the beginning of September.

Investors continued to send money to bond funds, which took in slightly more than $6.9 billion last week. Those inflows pushed the year to date gain for the category up to $289.7 billion.

World stock funds, meanwhile, were little changed, with a net inflow of $283 million. Investors have pulled $33.2 billion from the category since the start of the year.

The following is a broad breakdown of the flows for the week, including mutual funds and exchange-traded funds:

             9/4/201  8/28/20  8/21/20  8/14/20  8/7/2019
                   9       19       19       19
 Equity       -4,104   -9,506  -14,007    2,437   -22,583

Domesti -4,387 -5,324 -9,384 3,109 -19,568


    World        283   -4,182   -4,623     -672    -3,015

Hybrid -1,138 -1,412 -744 -2,739 -1,562 Bond 6,927 7,952 3,949 10,038 -2,611 Taxable 5,709 5,993 1,874 8,150 -5,484

Municip 1,218 1,959 2,074 1,888 2,872


Commodity 914 1,745 618 307 1,179 Total 2,598 -1,220 -10,184 10,043 -25,579 (Reporting by David Randall; Editing by Steve Orlofsky)

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