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Start of third quarter 2019 mirrors the previous one

In late June mutual fund investors responded to the S&P 500’s latest record high by redeeming another $300 million from US Equity Funds. During the week ending July 3 the Dow Jones Industrial Average hit a new high and investors pulled over $11 billion from those funds, sustaining a major rotation from Equity to Bond and Money Market Funds that began in early January.

Among the few EPFR-tracked Equity Fund groups to get a pass during the second quarter were those with socially responsible (SRI) and environmental, social and governance (ESG) mandates. They absorbed another $11.6 billion, taking year-to-date inflows past the $22 billion mark.

Going into the 4th of July holiday in the US, investors were chewing over the implications of the current trade ‘truce’ between the US and China, heaving a sigh of relief that Christine Lagarde – and not a hawkish German banker -- will likely succeed Mario Draghi as head of the European Central Bank and looking ahead to the US Federal Reserve’s next policy meeting at the end of July. The Fed is expected to cut interest rates by at least 0.25% at that meeting.

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