U.S.Asset Managers:Weekly Fund Flows,Apr 28-May 4:Fixed Income and MM Inflows,Equity Outflows

　　AMG/Lipper released mutual fund flows data for the week ending May 4,2016. It was a week of outflows for Equity funds, inflows for FixedIncome funds, and inflows for Money Market funds. When excludingETFs, Equity funds had outflows of $1.0bn, Taxable Bond funds hadinflows of $1.7bn, and Money Market funds had inflows of $6.5bn.

　　Equity fund flows (ex-ETFs) increased from prior week. Equity funds (ex-ETFs) had outflows of $1.0bn this week, improving from outflows of $4.5bnthe week prior. Domestic Equity funds (ex-ETFs) saw net redemptions of$1.9bn, improving from net redemptions of $3.4bn the week prior. Int'l/GlobalEquity funds saw inflows of $0.9bn, improving from outflows of $1.0bn theweek prior. All Equity Funds (incl. ETFs) saw outflows of $11.2bn,deteriorating from inflows of $0.1bn the week prior.

　　Taxable Bond funds (ex-ETFs) had inflows of $1.7bn this week,deteriorating from inflows of $3.6bn last week (Lipper revised last week’staxable bond flows up from -$10.3bn). Municipal bond funds saw inflows of$0.6bn this week, deteriorating from $1.1bn of inflows the week prior.

　　Sectors were mostly outflowing. Real Estate was the only sector with inflows($0.3bn). The bottom flowing sectors were Tech with $0.7bn of outflows andFinancials with $0.2bn of outflows.

　　Asset manager fund returns were down this week, coming in at -1.52% butwere higher than the equity market's -2.10% return, as measured by the S&P500. 2Q16TD returns were 0.33% for the fund companies we follow, with QTDmarket returns at -0.42%. Cohen & Steers is the leading performer QTD at1.09% returns, while Lazard is the worst performer QTD at -0.71% returns.