Weekly Fund Flows - November 17, 2010

Fund flows:

Debt:
High Yield registered its first outflow in 11 weeks of -$723 million, -0.7% of assets. 
Bank Loans continued to see positive inflows of $453 million, +2.0% of assets. 
High Grade inflows of $65 million, compared to an inflow of $650 million the prior week. 
Municipals chalked up outflows of $3.1 billion, the largest on record for -0.9% of assets.

EM Debt at $27 million, +0.2% of assets and
Global Debt at $655 million, +0.5% of assets.
Equity:
Equity Funds, which had 10 weeks of inflows, registered outflows of $4.3 billion, -0.2% of assets.
Cash:
Money Markets continued to see sizable outflows, $8.7 billion or -0.3% of assets.   

Where is the MMKT cash going?  Is it being deployed in risk (doesn't look that way) or paying bills and being deployed at the mall.  Watch for retail sales/comp stores to give us the answer. 

High yield outflow is notable, and we will have to watch if it continues.  Munis are the big story here, they are getting whacked.  See my earlier post for my thoughts on munis, but to summarize - look for opportunities.