Have equity and technology funds turned the corner? Both sectors experienced net inflows of $5 billion and $485 million, respectively, during the week ending Wednesday, Oct. 17, according to AMG Data Services.
That is the first time since June that the tech sector has been on the positive side of flows and, moreover, the largest amount of money it's attracted since the week ending Jan. 24.
As for equity funds, $5 billion is the largest net inflow into that sector since the week ending June 6.
AMGs numbers are a welcome sign; Lipper reported yesterday that equity funds had the largest total outflow ever in September with $32 billion exiting the funds. Of the $5 billion that went into equity funds, over half went towards growth funds, according to AMG.
Money market fund flows among retail and institutional funds nearly canceled each other out during the week ending Wednesday. Retail money market funds decreased by $2.3 billion, mostly in taxable funds, while institutional funds saw inflows of $2.2 billion, the Investment Company Institute reported yesterday.
Taxable bond funds garnered $1.3 billion in new assets the week ending Wednesday, according to AMG. Those flows were primarily seen in corporate bond funds.