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Money chases US market highs and China market rout in late July

Going into the final days of July, major US equity indexes were bouncing from record high to record high, buoyed by a strong second quarter earnings season. Meanwhile, China’s benchmark Shanghai Composite Index was recovering from a 6% drop triggered by aggressive Chinese regulatory action against several domestic sectors. Investors saw positives in both trends, committing over $10 billion to US Equity Funds and lifting flows into China Equity Funds to a 15-week high.

Elsewhere, Inflation Protected Bond Funds set a new weekly inflow mark, and for the 20th time in the past 22 weeks both of the two major multi-asset fund groups, Balanced and Total Return Funds, posted inflows. With evidence of climate stress abounding, Equity and Bond Funds with socially responsible (SRI) or environmental, social and governance (ESG) mandates chalked up the 51st and 70th consecutive inflows respectively.

Among the Alternative Fund groups, Bear Funds posted their first weekly inflow quarter-to-date. These funds, which seek to profit from declining markets, saw flows pick up in late 2Q21 as investors started questioning some of the projections for US and global economic growth.

 

 

 

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