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Sixth Weekly High Yield Outflow Leads To New All Time Consecutive Redemption Record Of $4.6 Billion

Courtesy of Tyler Durden

Lipper/AMG has announced the most recent fund flow number: in the past week high yield funds saw a $310 million outflow, bringing total year to date flows to ($365) million. This is the sixth consecutive weekly outflow and brings total cumulative withdrawals for the period to $4.6 billion – a new all time record, even worse than the 2003 inactivity stretch. In percentage-of-assets terms this translates into 4.9%, the largest such figure in five years. And after running a $5 billion YTD surplus earlier in the year, this has all now been reversed. Elsewhere, inflows were seen in loans (+$95mn) and HG bonds (+1.2bn), whereas EM debt and developed equities saw outflows of $70mn and $2.8bn respectively. Money Markets continue to bleed, with $1.3 billion in outflow in the past week. So far in 2010 MMs have lost 13% of their entire asset base. The delta between MM outflows and all other risk asset inflow is now $113 billion.


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