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HY and EM Funds continue to struggle as investors start the New Year cautiously

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Flows into all EPFR Global-tracked Investment Grade Bond Funds hit an 11 week high during the seven days ending 7 January as investors started the New Year with a squeak rather than a roar. 

Funds dedicated to riskier asset classes continued to struggle, with nearly USD2 billion flowing out of High Yield Bond Funds and over USD1 billion from Emerging Markets Equity Funds while Emerging Markets Bond Funds extended their longest outflow streak since Q1 2014.

There were a few pockets of conviction in the weekly data. Europe Bond Funds absorbed over USD1.5 billion – the most in nearly three months – as data showing the Eurozone even closer to outright deflation reinforced expectations the European Central Bank will adopt more aggressive policies during the first quarter.

Overall, Bond Funds posted collective inflows of USD5.26 billion during the first week of 2015 versus a USD12.1 billion outflow for all Equity Funds. Net flows into Money Market Funds totalled USD9 billion as the biggest inflows into Europe Money Market Funds since early October more than offset redemptions from US MM Funds.

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