Global equity funds saw massive outflows this week, a sharp reversal from last w...
LONDON - Global equity funds saw massive outflows this week, a sharp reversal from last week’s inflows as pessimism over economic growth gripped investors once again, driving them instead to search for yield in credit and buy safer assets like bonds.
Despite big gains for stocks globally this year, positioning is decidedly negative with $66.8 billion outflows from equity funds year-to-date. The market is struggling to digest a rapid about-turn from the U.S. Federal Reserve on interest rates as economic growth disappoints globally and fears of a deflationary environment return.
“Short European equities” was named by investors as the “most crowded” trade in a BAML survey on Tuesday, prompting some contrarian buying of European stocks, but not enough to move the needle in terms of flows.
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