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Takeaway: Taxable bond funds captured their first inflow in 7 weeks; Munis still booked outflows and Domestic Equities experienced redemptions.

Editor's note: What follows below is a brief excerpt from a report released earlier this morning by Hedgeye's Financials team. For more information on how you can subscribe to Hedgeye research click here.

STOCKS VS BONDS: TREND WITHIN THE TREND - mon1

Investment Company Institute Mutual Fund Data and ETF Money Flow:

Equity mutual funds booked an outflow of $3.5 billion for the 5-day period ending September 25th, a reversal from the $3.3 billion inflow the week prior.

Fixed income mutual funds flow improved sequentially week-over-week, resulting in a $1.2 billion inflow, a reversal from the $2.6 billion outflow last week.

Within ETFs, passive equity products experienced another large inflow with $7.3 billion coming into the equity category. Bond ETFs also had positive trends, with a $1.3 billion inflow in the most recent weekly period.

Despite the short term weekly rebound in bond fund flows in the most recent 5 day period, 2013's year-to-date trends reflect a substantial asset allocation shift from bonds and into equities.

STOCKS VS BONDS: TREND WITHIN THE TREND - cast1