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Redemptions slow in early June as sell-off creates openings

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Some better macroeconomic numbers from the US and Europe have prompted investors to move back into asset classes that could prove to have been oversold during the latest crisis of confidence triggered by Greece’s fiscal problems, the oil spill in the Gulf of Mexico, weaker Chinese data and rising tensions on the Korean peninsula.

EPFR Global-tracked equity funds, which saw collective redemptions exceed USD20bn the previous week, absorbed USD1.48bn during the week ending 2 June.

Their bond fund counterparts recorded inflows of USD2.69bn.

Europe equity funds, global bond funds, US bond funds and global emerging markets equity funds all took in north of USD1bn during the week.

US and Pacific equity and emerging markets bond funds also saw flows swing back in their favour.

Among the major fund groups seeing outflows were money market funds, which saw all of the previous week’s USD7.8bn inflow depart, and high yield bond funds.

Among the major sector funds groups, commodity sector funds posted their first weekly outflow since mid-March while technology sector funds extended their latest losing run to four straight weeks.

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