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No let-up in fund flows despite latest headwinds

On September 6, enhanced unemployment benefits ended for millions in the US and the seven-day moving average for new Covid-19 cases worldwide stood at 616,000. On Sept. 7, Australia’s central bank confirmed the tapering of its bond buying program and troubled Chinese property developer Evergrande was hit with its second ratings downgrade in as many days. On Sept. 8, former US Fed Chair Janet Yellen warned that the latest debt ceiling impasse could trigger a default in as soon as October. On Sept. 9, as the European Central Bank met to discuss its response to inflationary pressures, EPFR’s latest data showed that $25 billion flowed into the Equity and Bond Funds it tracks during the first week of September.

As they have for much of this year, investors allocated to the global rebound, Covid-clipped wings notwithstanding, the consensus on combating climate change, consumers in the world’s two largest economy and the profitability of major corporations. They have largely discounted tighter monetary policy, a return to widespread lockdowns and geopolitical shocks.

Going into the second week of September, year-to-date flows to EPFR-tracked Alternative, Balanced, Bond and Equity Funds stood at 35%, 53%, 91% and 197% of their full year records. Among the country, thematic, sector and asset class fund groups on track to set new inflow records are Inflation Protected, SRI/ESG Equity and Bond, Infrastructure and Consumer Goods Sector, China Bond and US Equity Funds.

 

 

 

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