U.S. high-yield funds recorded an outflow of $562 million in the week ended May 25, according to Lipper. The outflow dents last week's inflow of $1.1 billion and represents the third outflow over the past four weeks for a net withdrawal of $3.1 billion over that span.
Take note, however, that this week was again essentially all ETF-influenced, with ETF outflows at 91% of the sum. Last week's big inflow of $1.1 billion was 82% ETF-related, and two weeks ago the breakdown was $1.8 billion of ETF outflows against inflows of $31 million to mutual funds.
Whatever that might say about fast money, hedging strategies, and other market-timing efforts, this week's outflow drags the trailing four-week average deeper into the red, at negative $785 million, from negative $570 million last week.
The year-to-date total infusion contracts to $6.5 billion, with 25% ETF-related. Last year at this point, after 21 weeks, the $8.4 billion net inflow was similarly 34% ETF-related.
The change due to market conditions this past week was positive $863 million, which is essentially 0.5% against total assets of $190.5 billion at the end of the observation period. ETFs account for about 20% of the total, at $38.5 billion.
