Lipper-FMI fund flow data - Week ended April 24

Skyrocketing inflows in US IG funds this week : at +$5.864bn for the week ended April 24, this is the 2 nd biggest inflow since we compile the Lipper’s data (2011) ! Nevertheless, no bubble there yet, given that the YtD net inflows in IG funds amount to $33bn, still short of the equivalent period of last year ($36bn) Apart from Money Market funds and US IG funds, all other types of funds actually posted net outflows o ve r the past week, including US HY funds after 6 consecutive weeks of net inflows. Leveraged loan fund withdrawals continue for the 2 3 rd consecutive week , with a YtD net outflows of $12.4bn. Equity funds also largely reversed the positive trend seen over the previous two weeks of April, with net outflows of $7.3bn despite the pretty positive earning season so far (77% positive earnings surprise, 53% sales surprise for 44% of the S&P 500 companies that published their Q1-19 figures).