Analyzing the ETF flows for last week, a recent Credit Suisse report points out that large caps saw significant outflows, while small cap outflows were modest at $660 million.
In terms of sector focus, Victor Lin of Credit Suisse points out health care ETFs witnessed the largest sector outflows with over $700 million in net redemptions.
Flows by asset type
Tracking the ETF flows by asset type, Lin points out that developed global / international ETFs witnessed an outflow of $0.61 billion, while alternatives witnessed an outflow of $0.35 billion.
The following graph illustrates the flows by asset type:
Turning the focus towards loan markets, Lin points out loan markets showed borrow easing substantially for PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQ), SPDR S&P 500 ETF Trust (NYSEARCA:SPY) and SPDR S&P Oil & Gas Explore & Prod. (ETF) (NYSEARCA:XOP), while iShares MSCI Emerging Markets Indx (ETF), Vanguard FTSE Emerging Markets ETF (NYSEARCA:VWO) and SPDR S&P Homebuilders (ETF) (NYSEARCA:XHB) became more difficult to borrow. The following graph captures the trend in the loan markets:
Trends in regional flows
The Credit Suisse analyst notes U.S. equity ETFs witnessed outflows of $7.5 billion. However, broad-based emerging market equity ETFs had net inflows of $1.7 billion, a large part of the $2.4 billion of total net inflows for Emerging Market ETFs.
The following graph illustrates the flows by region:
Analyzing sector flows, Lin points out that Health Care ETFs had the largest outflows last week witnessing net redemptions totaling over $700 million. Moreover, there were also significant outflows from Utilities and Financials ETFs. However, net inflows were seen in Real Estate and Energy ETFs at $397 million and $390 million respectively.
The following graph captures the flows by sector:
Fixed income flows
The Credit Suisse analyst points out that corporate bond ETFs attracted $490 million of net inflows, while municipal bond ETFs attracted $188 million. The CS report notes fixed income ETF flows were relatively light last week. The following graph highlights the bond ETF flows:
In summary, the analyst highlights WTD, MTD and YTD flows as under:
The week-to-date largest inflows stood at $9,800 million, while the week-to-date largest outflows stood at $15,003 million. The following graph illustrates the week-to-date flows:
The month-to-date largest inflows stood at $34,008 million, while the month-to-date largest outflows stood at $26,078 million. This is highlighted in the following graph:
The year-to-date largest inflows stood at $77,163 million, while the year-to-date largest outflows stood at $64,038 million. The following graph sets forth the year-to-date flows:
