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The market may have peaked in July due to the lagged effects of the fastest rate hike cycle in history. A credit event is likely to occur, starting with treasuries and then moving to corporate credit, junk debt, and highly levered companies.
Fixed income ETF demand has been strong in 2023 led by Treasury ETFs. However, advisors have been rewarded by turning to alternatives in the fixed income space, such as those focused on the collateralized loan obligations (CLOs) market.
Equity markets traded slightly up, while short-term Treasury yields increased by more than 2.0%. After logging a record-breaking weekly inflow last week, high-yield ETFs posted their second-largest weekly inflow. Short/intermediate investment grade funds have seen 10 straight weekly outflows while recording three consecutive weekly gains.
The U.S. ETF industry continues to evolve. In the first 10 months of 2023, fixed income ETFs gathered more than 40% share of the net inflows, despite representing just 20% share of the market.
Investors were net purchasers of fund assets (including those of conventional funds and ETFs) for the third week in a row, injecting a net $14.2 billion for the LSEG Lipper fund-flows week ended Wednesday, November 8. A weaker-than-expected October jobs report, a drop in oil prices and inflation expectations, and rising hopes that the Fed is done hiking interest rates pushed equities to their longest daily winning streak in two years and the 10-year Treasury yield dropped to its lowest level since September. The Dow locked in its longest winning streak since late July, rising for the sixth consecutive trading session, on Monday, November 6.
Overall, ETFs pulled in $16.8 billion in capital last week, taking year-to-date inflows to $361.1 billion.
U.S. Weekly Fund Flows Insight Report: Equity ETFs Attract $7.8 Billion In Inflows, While Mutual Funds Suffer $6.8 Billion In Outflows
We are focusing a lot of attention on fixed income at VettaFi in October. This week, we are hosting webcasts with AllianceBernstein and State Street Global Advisors.
Hello, VettaFi Voices! The Wall Street Journal mentioned today that the 10-year Treasury yield is the highest it's been since 2007 as we head into another earnings season.
U.S. companies binged on debt when rates were super low, so they wouldn't have to swallow the bitter pill of higher borrowing costs down the road.