May 3, 2017 / 5:49 PM / 3 months ago

TABLE-Investors pour most cash into U.S.-based funds in 2 months -ICI

    By Trevor Hunnicutt
    NEW YORK, May 3 (Reuters) - Investors jumped into U.S.-based
funds at the quickest pace in two months, Investment Company
Institute data for the latest week showed on Wednesday, as the
market shook off concern that stocks have advanced beyond
reason.
    Mutual funds and exchange-traded funds in the United States
attracted $20.8 billion during the week ended April 26, the
trade group said. That includes $11.6 billion for stocks and
$8.6 billion for bonds. The figures exclude money-market funds
where investors park cash.
    "The fear wore off," said Kristina Hooper, global market
strategist at Invesco Ltd. "We are very much in an
environment of disruptions. We have to recognize there will
continue to be geopolitical risks around every corner, although
they tend to have short-term impact."
    Voters head to the polls on Sunday in the French
presidential election runoff, but the chances for a
euroskeptic winner seemed to ebb when centrist candidate
Emmanuel Macron led in the first round on April 23.
    That paved the way for $4.8 billion to move into world stock
funds, the 21st straight week of inflows.
    Taxable bond funds have attracted money throughout that
period as well, and brought in nearly $8 billion in the latest
week.
    Ostensibly high prices did not scare investors away from
U.S. stock funds, which attracted the most money in a month,
$6.8 billion.
    "If we were to look over all the stock markets certainly
valuations seem extended now," said Hooper. "Earnings have
improved, but that doesn't account for all the run-up."
    S&P 500 earnings grew 14 percent in the first quarter
over the year prior, according to Thomson Reuters I/B/E/S
estimates. Seven in 10 of those companies have reported results
so far.    
    The following table shows estimated ICI flows, including
mutual funds and exchange-traded funds (all figures in millions
of dollars):
                4/26   4/19    4/12      4/5     3/29
 Equity       11,601  4,725   3,101   -6,111    1,576
 -Domestic     6,757  1,253  -2,666  -12,761      276
 -World        4,844  3,472   5,767    6,650    1,300
 Hybrid          566   -596    -665   -1,467   -1,077
 Bond          8,615  3,229   4,275   11,142    7,594
 -Taxable      7,962  2,743   2,963   10,589    6,950
 -Municipal      653    487   1,312      553      644
 Commodity        -7    740     111     -125      100
 Total        20,775  8,099   6,822    3,440    8,194
 
 (Editing by Matthew Lewis)
  

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