Below is an update of fund flows data from the Investment Company Institute including mutual funds and ETFs. In the tables below, we show dollar fund flows for total mutual funds plus ETFs along with ETFs alone. Obviously, mutual fund flows have been persistently negative for a long time now, but ETF flows are making up for that in many ways. The combined data only goes back to 2013, but over that period total ETF flows are in the 99th percentile for all ETFs…and that includes a string of drawdowns in domestic equity ETF flows over the last few weeks. Combined, ETF plus mutual fund flows are a better measure of total sentiment than mutual funds alone. While ETF fund inflows are only just off record highs, combined mutual fund and ETF fund flows are down across the past week, month, three months, and year for all equity funds, domestic only equity funds, and global equity funds. On the other hand, bond funds have seen the same torrid inflows that have been picked up in mutual fund flows for a long time now: since 2013, total bond inflows to ETFs are near the 97th percentile for all periods. For ETFs plus mutual funds, recent inflows are less dramatic but still very, very large; that’s especially true for the municipal bond space. We also note commodity funds have seen a pickup in net flows of late. Start a two-week free trial to Bespoke Institutional to access The Closer and the rest of Bespoke’s suite of Institutional products.
To provide further context, below we show rolling 13 week fund flows for the total equity space as well as domestic funds only. While ETFs have seen material inflows, combined mutual and ETF flows are still materially negative, with total equity mutual fund plus ETF flows at a record size.