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US equity funds soak up fresh money as investors emerge from cover in late October

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Equity fund flows staged an impressive rebound during the final week of October, with retail investors making their first appearance since early April as volatility decreased in global markets and key indexes regained some of the ground lost earlier in the month.

Nearly three-quarters of the USD20.44 billion committed to EPFR Global-tracked equity funds – a 53 week high – found its way into those with US mandates.
  
A week that saw the formal end of the Federal Reserve’s third quantitative easing programme, better known as QE3, also saw flows into high yield bond, frontier and Europe equity funds hit 10, 15 and 20 week highs respectively and alternative funds snapped a six week outflow streak. At the other end of the scale commodities sector funds were hit hard by dollar strength and investors took a step back from bond fund groups with significant exposure to Europe.
 
Overall, EPFR Global-tracked bond funds took in another USD6.46 billion during the week ending 29 October while flows into money market funds netted out at a modest USD888 million as commitments to US funds offset redemptions from funds with European mandates.
 
When it came to country exposure, equity investors gravitated towards funds dedicated to some of the larger emerging markets and European countries outside the Eurozone. Flows into Switzerland equity funds hit a 34 week high while UK equity funds recorded inflows in excess of USD400 million for the second week running.

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