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US ETFs and mutual funds register inflows in June

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After registering outflows in May, flows into US mutual funds reached USD13.5bn in June, according to figures from Morningstar.

Mutual funds saw inflows in five of the last six months, gathering USD166.7bn in the first half of 2010, which is about 24 per cent higher than total inflows for the same period in 2009.

June marked the fifth consecutive month of inflows for US exchange-traded funds. Investors poured more than USD9.9bn into ETFs during the month, bringing the year-to-date total to USD34.0bn.

Investors added USD17.6bn to taxable-bond funds in June, bringing the total inflows to USD119.6bn during the first two quarters of 2010. Municipal-bond funds took in nearly USD2.0bn in June and USD19.5bn for the year-to-date period.

Despite the year-to-date losses sustained by the MSCI EAFE Index and continuing worry about the downturn in foreign stocks, year-to-date inflows for international-equity funds reached USD19.6bn, while domestic-stock funds experienced outflows of nearly USD17.0bn.

Alternative mutual funds, many of which were launched since the credit crisis, have recorded record inflows. Pimco Fundamental Advantage Total Return has the led the way, taking in nearly USD3.3bn over the past 12 months through June.

Money market funds have lost USD790.5bn in assets over the past 12 months, with almost 80 per cent of those outflows coming from institutional share classes.

In June, as well as for the year-to-date period and the trailing one-year period, taxable-bond ETFs led all ETF asset classes with more than USD4.7bn in net inflows.

Inflows of roughly USD2.6bn in June into SPDR S&P 500 SPY bolstered overall flows for domestic-stock ETFs, which reached USD2.7bn in the month. While large- and mid-cap US stock ETFs had net inflows in June, small-cap ETFs saw large outflows.

While flows into iShares MSCI Germany Index EWG and iShares FTSE/Xinhua China 25 likely represent investors repositioning their international-stock exposure to include Germany and China amid the sovereign debt crisis in Europe, most single-country ETFs experienced outflows in June.

SPDR Gold Shares GLD was the second-most popular ETF in June, with inflows of USD2.1bn. Gold ETFs experienced strong inflows during the month, while funds that provide exposure to energy markets by rolling one-month futures contracts led outflows for commodities ETFs.

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