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Fixed income funds weather US chill in early August

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Doubts about the strength of both the US and Chinese economies kept the pressure on global equity markets during the week ending 11 August and flows into EPFR Global-tracked funds during that period had a defensive flavour.

Doubts about the strength of both the US and Chinese economies kept the pressure on global equity markets during the week ending 11 August and flows into EPFR Global-tracked funds during that period had a defensive flavour.

Investors favoured fixed income funds over their equity counterparts, money market funds posted their first three week inflow streak since early 1Q09 and both technology and energy sector funds were pulled back into negative territory year-to-date.

Confirmation by the US Federal Reserve that it is moving back to an easing bias did help sustain investor appetite for exposure to high yield debt, US municipal bonds, real estate, emerging markets debt and, to a lesser extent, emerging markets equity.

Real estate sector funds took in fresh money for the fourth week running, global emerging markets equity funds took in another USD1.64bn and emerging markets bond funds absorbed over USD600m for the tenth straight week.

Overall, investors channelled USD4.46bn into EPFR Global-tracked bond funds, taking the year-to-date inflows over the USD135bn mark, and steered another USD5.1bn into money market funds.

Equity funds posted collective outflows of USD1.7bn during the same period as redemptions from developed markets funds more than offset flows into emerging markets funds.

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