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High-Yield Bond Mutual Fund Flows: An Update

By Sean Collins

December 23, 2015

In an ICI Viewpoints on December 16, we debuted new weekly data on flows to high-yield bond mutual funds, presenting data through December 9. In light of continuing developments in the high-yield market, we have had requests to provide an update this week, taking into account the flows through December 16. Here is our overview.

Recent Aggregate Flows in High-Yield Bond Funds

For the week ended Wednesday, December 16, we estimate these funds saw outflows of $5.8 billion, following outflows of $4.6 billion for the week ended December 9. We have posted historical data on weekly flows to high-yield bond funds since January 6, 2010, on our website.

Based on weekly data, we estimate that outflows from high-yield bond funds have totaled $15.2 billion over November and December (through December 16). That amounts to 4.3 percent of assets of high-yield funds at the end of October 2015.

The chart below plots monthly flows in high-yield bond funds (excluding floating-rate funds) as a percentage of assets since 2000. The size of the November–December outflows from high-yield bond funds is not unprecedented. For example, outflows were of a similar magnitude during the two month period July–August 2014 (4.6 percent of their June 2014 assets) and three months June–August 2011(4.4 percent of their May 2011 assets).

High-Yield Bond Fund Flows as a Percentage of Previous Month Assets
Net new cash flow as a percentage of previous month-end assets; monthly, January 2006–November/December 2015*

*Data exclude high-yield funds designated as floating-rate funds, except for the estimate for November–December 2015. The November–December 2015 estimate is based on weekly estimated flows to all high-yield funds, divided by October 2015 assets in all high-yield funds. This treatment is necessary because ICI’s data on weekly flows do not compile flows for floating-rate high-yield funds separately from other high-yield funds.

Source: Investment Company Institute

Sean Collins is senior director, industry and financial analysis, at ICI.

TOPICS: Bond FundBondsFinancial MarketsFinancial StabilityInterest RateMutual FundTrading

High-Yield Bond ETFs: A Source of Liquidity

By Shelly Antoniewicz

December 22, 2015

The high-yield bond market has been buffeted recently, as market participants reassessed the risks of this sector and sent prices for many such bonds tumbling.

Read more…

TOPICS: Bond FundExchange-Traded FundsFinancial MarketsFinancial StabilityInterest RateMutual FundTrading

High-Yield Bond Mutual Fund Flows: Some Perspective

By Sean Collins

December 16, 2015

Recent conditions in the high-yield credit markets have raised questions about the impact of market turmoil on mutual funds investing in that segment of the bond market.

Read more…

TOPICS: Bond FundBondsFinancial MarketsFinancial StabilityInterest RateMutual FundTrading

The First Move: MSRB Issues a Proposal for Shortened Settlement Cycle

By Marty Burns

December 8, 2015

Recently, the Municipal Securities Rulemaking Board (MSRB) opened the door on the regulatory filings needed to move the U.S. securities markets to a shortened settlement cycle.

Read more…

TOPICS: BondsFinancial MarketsFinancial StabilityFund RegulationOperations and Technology

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