March 18, 2020 / 4:12 PM / 10 days ago

U.S. bond funds lose $32.3 bln assets on virus fears

    By David Randall
    NEW YORK, March 18 (Reuters) - U.S. bond funds lost $32.3
billion in assets last week as the economic shock of the
rapidly-spreading coronavirus pandemic heightened concerns about
corporate balance sheets, marking the steepest drop in assets
since at least 2013, according to data released Wednesday by the
Investment Company Institute. 
    Nearly $29.3 billion those outflows came from taxable bond
funds, a category that includes both corporate bond and
Treasuries. Approximately $3 billion came out of municipal bond
funds. 
    The outflows followed $17.7 billion in assets lost the week
before, notching the first streak of outflows for the category
since the start of 2019.
    U.S. equity funds, meanwhile, gained $17.6 billion in new
assets, effectively reversing the $17.2 billion in assets lost
the week before. 
    Investors have now pulled nearly $40 billion out of mutual
funds and exchange-traded funds that hold U.S. equities since
the start of the year. The benchmark S&P 500 is down more than
26% over the same time. 
    World stock funds dropped $1.6 billion in assets. For the
year to date, investors have pushed $21.8 billion in new assets
into the category.
    
    The following is a broad breakdown of the flows for the
week, including mutual funds and exchange-traded funds in
millions of dollars:
    
             3/11/20  3/4/202  2/26/20  2/19/20  2/12/202
                  20        0       20       20         0
 Equity       16,014  -20,214  -13,916      276     7,597
    Domesti   17,618  -17,254  -13,536   -3,256     4,357
    c                                            
    World     -1,604   -2,960     -380    3,532     3,240
 Hybrid       -5,777   -6,464   -1,421      201       409
 Bond        -32,300  -17,762    3,198   14,888    19,113
    Taxable  -29,228  -17,244      204   12,245    15,859
    Municip   -3,072     -518    2,993    2,643     3,253
    al                                           
 Commodity     2,344      318      229      841       541
 Total       -19,720  -44,122  -11,912   16,207    27,659
 

    
    

 (Reporting by David Randall)
  
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