December 20, 2017 / 10:11 PM / in 5 months

U.S. domestic stock funds enjoy second straight week of inflows -ICI

    NEW YORK, Dec 20 (Reuters) - U.S. fund investors put more
money to work in domestic stocks for the second consecutive
week, as the Republican tax overhaul added fuel to a month-long
equities rally, according to Investment Company Institute (ICI)
data on Wednesday.
    Domestic equity funds had estimated inflows of $5.34 billion
in the seven days through Dec. 13, according to the trade group,
as the market is poised to close a ninth straight year with
strong gains.
    The S&P 500 has climbed about 4.5 percent since
mid-November, led by a rally in sectors such as transport, banks
and others that are expected to benefit most from lower taxes.
    Both Republican-controlled Congressional chambers have
approved the tax legislation, and President Donald Trump is
expected to sign it in the days ahead.
    "The effects of the tax cuts will be immediately accretive
to corporate earnings which will support equity markets. Also,
the tax package will be positive for growth in the real
economy," said Alicia Levine, director of portfolio strategy at
BNY Mellon Investment Management in New York.  
    Overall, equity funds had an estimated inflow of $6.82
billion for the week, compared to estimated inflows of $8.61
billion a week ago. It was their fourth straight week of
inflows, ICI said. World equity funds had estimated inflows of
$1.48 billion.
    Hybrid funds, which invest in stocks and fixed-income
securities, had estimated outflows of $1.41 billion, after
estimated outflows of $2.14 billion the previous week.
    Bond funds had estimated inflows of $5.02 billion, after
estimated inflows of $6.16 billion the previous week. Taxable
ones had estimated inflows of $4.95 billion, and municipal funds
had estimated inflows of $71 million.
    Commodity funds, or exchange-traded funds that invest
primarily in commodities, currencies, and futures, had estimated
inflows of $5 million for the week, after estimated inflows of
$421 million in the previous week.
    The following table shows estimated ICI flows for mutual
funds and ETFs (all figures in million of dollars):
    
               12/13/17   12/6/17  11/29/17   11/21/17   11/15/17
 Equity           6,815     8,612     3,129      5,026        -54
    Domestic      5,336     5,961      -645      1,166     -4,214
    World         1,480     2,652     3,775      3,860      4,160
 Hybrid          -1,415    -2,139      -652       -500       -359
 Bond             5,018     6,156     6,537      6,900      1,468
    Taxable       4,947     6,468     6,366      6,162        839
    Municipal        71      -312       171        737        630
 Commodity            5       421      -295        -39        136
 Total           10,423    13,051     8,719     11,386      1,191
 
 (Reporting by Jennifer Ablan; Editing by Richard Chang)
  
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