BofA, citing EPFR Global, says U.S. equity funds saw $8.5bln of net outflows in
the week to June 24, the first weekly withdrawal in three months. Technology
funds led the move with a record $9.3bln outflow; the prior week tech funds had
posted a record $19.2bln inflow, BofA’s Michael Hartnett team noted. Large-cap
tech selling, including a sharp drop in Apple, knocked markets and pulled the
S&P 500 off its record high, though Micron’s strong sales outlook eased some
sector concerns. Overall equity funds recorded $5.0bln of redemptions,
money-market funds had $25.5bln of outflows, European funds posted an 11th
consecutive week of withdrawals, and investors rotated into fixed-income funds,
which attracted $16.6bln.
