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Uncertainty about US 10-year yields, oil prices, the pace of Europe’s vaccination program and the progress of another US stimulus package kept global markets on edge during the week ending March 3. Investors responded by placing emphasis on the ‘global’ and ESG parts of the global reflation story, steering clear of Europe, adding to their inflation hedges and seeking more exposure to multi-asset strategies.
The inflows recorded by Global and Global Emerging Markets (GEM) Equity Funds accounted for three-quarters of the headline number for all EPFR-tracked Equity Funds, year-to-date flows into Equity Funds with socially responsible (SRI) or environmental, social and governance (ESG) mandates hit the $55 billion mark, Inflation Protected Bond Funds recorded their 15th consecutive inflow and 37th in the past 40 weeks, Balanced Funds chalked up their fourth inflow since the beginning of February and Europe Equity, Bond and Money Market Funds all posted outflows.
Overall, Equity Funds collectively absorbed a net $22.2 billion during the week ending March 3 while Balanced Funds took in $1.7 billion, Bond Funds $1.59 billion and Money Market Funds $15.7 billion. Among the major regional Money Market Fund groups, US MM Funds recorded inflows for the ninth time in the past 11 weeks while Europe Money Market Funds extended their longest outflow streak since EPFR started tracking them in 1Q07.