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The turmoil triggered outflows from riskier equity funds, although sentiment improved on Thursday after large U.S. banks injected funds into San Francisco-based First Republic Bank (NYSE:FRC), and Swiss bank Credit Suisse clinched an emergency central bank loan.
Global money market funds drew $112.13 billion in the week to March 15, data from Refinitiv Lipper showed. Government bond funds received $8.22 billion during the period, the biggest weekly inflow since July 13, 2022.
(Graphic: Fund flows: Global equities, bonds and money market – https://fingfx.thomsonreuters.com/gfx/mkt/lgvdkjkdapo/Fund%20flows-%20Global%20equities%20bonds%20and%20money%20market.jpg)
Investors pulled out $19.2 billion from global equity funds, in their biggest weekly net selling since the third week of December.
The U.S., European and Asian equity funds all witnessed withdrawals, amounting to a net $17.22 billion, $3.31 billion and $270 million, respectively.
Among equity sector funds, healthcare, industrials and metals & mining suffered $645 million, $613 million and $258 million worth of net selling, respectively. Consumer discretionary, however, obtained a net $507 million inflow.
(Graphic: Fund flows: Global equity sector funds – https://fingfx.thomsonreuters.com/gfx/mkt/egpbyjyrbvq/Fund%20flows-%20Global%20equity%20sector%20funds.jpg)
Global bond funds recorded their first weekly outflow in 11 weeks, amounting a net $5.15 billion, with high-yield funds witnessing $2.51 billion worth of net disposals.
(Graphic: Global bond fund flows in the week ended March 15 – https://fingfx.thomsonreuters.com/gfx/mkt/dwvkdkdxnpm/Global%20bond%20fund%20flows%20in%20the%20week%20ended%20March%2015.jpg)
Among commodity funds, precious metal funds obtained about $250 million, the biggest weekly inflow in seven weeks, while energy funds saw marginal outflow of $33 million.
Data for 23,846 emerging market funds showed investors exited $1.23 billion worth of bond funds, and withdrew $1.37 billion out of equity funds after nine weeks of net purchases in a row.
(Graphic: Fund flows: EM equities and bonds – https://fingfx.thomsonreuters.com/gfx/mkt/klpygqgalpg/Fund%20flows-%20EM%20equities%20and%20bonds.jpg)
