"Retail investors put money into almost all asset classes last week despite the backdrop of sharply rising yields. Bond funds, credit funds, loans, equities and money market funds all saw varying degrees of inflows. The last time inflows were so widespread in Europe was early Jan-13. European credit funds continued to see inflows (7th straight week for [high yield]) even though retail investors pulled money out of U.S. credit funds over the last week with treasury yields rising. High-grade, govvie and money market funds in Europe also saw inflows, albeit smallish. Equities were the bigger winner over the last week however. European equity funds saw their 7th straight week on inflows (matching Sep 2010’s streak) and the highest dollar inflow since May 2012. Note that the last time European equities notched up an 8wk string of inflows was January 2007!"—Barnaby Martin, credit strategist at BofA Merrill Lynch
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