We have written on how important inflow/outflow data becomes during periods of interest rate rises (which have rallied quite nicely as of late). Well as tough as June was with on the HY market, and every other market (save for cash) in the world, we seem to have bounced back on a performance basis and I am sure that was driven by the inflow basis.
Here are U$ HY Mutual Fund and ETF (resp) daily flows for the past week:
Mon 07/15 +$750mm and $250mm
Tues 07/16 +$650mm and $180mm
Wed 07/17 +$660mm and $150mm
Thurs 07/18 +$950mm adn $390mm
Fri 07/19 +$1290mm and $280mm
Fri 07/19 at $1290mm for HY Mutual Funds was the largest single day inflow on record. And in terms of AUM it was the 4th largest single day inflow at .75% vs Oct 2011 at 1%.
Flows matter, as do fundamentals, which haven't changed. Fundamentals are very supportive of HY.