BAML Flow Show

Flocking to Stocks: big USD 11.6bln inflows to equities (largest since Jun'17), USD 5.5bln into bonds, USD 0.4bln into gold

Pro-Active: 1st inflows to "active" equity funds in 11 weeks (USD 2.0bln - Chart 2); reflects better performance, e.g. US equity mutual funds +16.7% YTD vs. SPX 15.7%...big improvement on 5-year record SPX +14.7% annualized vs mutual funds +11.1%

But still Pro-Passive: no rotation from passive to active…passive equity funds see USD 9.6bln inflows (USD 332bln YTD)

World of inflows: regional equity inflows across the board; EM inflows strongest in 21 weeks

13 Oct 2017 - 09:17- Economic Commentary- Source: BAML

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