Domestic junk bond mutual funds bled $167 million in cash outflows during the one-week period ending Wednesday, Reuters reports.
Analysts noted this latest short-term drop marked the third successive week of outflows for junk bond funds. Junk bond funds bled $23 million during the previous one-week period, according to AMG Data.
Junk bond fund investors have been disappointed in recent months by a market rally that has touched off a trend toward rising prices and falling yields. Many junk bond fund investors withdrew assets because falling yields offered increasingly less incentive to assume risks associated with the asset class.