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Investors weigh the pluses and minuses of slower US growth during third week of June

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Flows into EPFR Global-tracked US equity funds jumped to a three month high during the week ending 18 June.

One of the more defensive sector fund groups posted a record inflow as America’s central bank confirmed what many investors already suspected about the pace of the economic recovery in the world’s largest economy.
 
With a harsh winter behind it and the likelihood of higher global energy prices ahead, the US Federal Reserve now expects the US economy to post growth of around 2.2 per cent versus its beginning of the year estimate of 2.9 per cent. For investors this spells less pressure on the Fed to raise interest rates but more questions about the outlook for growth-related sectors and some riskier asset classes.
 
The latest crisis in Iraq weighed heavily on some fund groups, with Middle East and Africa regional equity funds seeing a fifth of their assets redeemed during the week while flows into fund groups dedicated to oil producers outside the region were generally positive.
 
Commitments to Canada bond and equity funds jumped to six and seven week highs respectively.
 
Overall, EPFR Global-tracked equity funds took in a net USD12.62 billion – a 17 week high – as dividend equity funds posted inflows for the 12th straight week.
 
Bond funds collectively recorded an outflow of USD2.3 billion, their first since early March, and investors pulled USD23.3 billion from money market funds.

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