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Equity Funds’ Weekly Inflows Six Times Bonds, Citigroup Says

Feb. 1 (Bloomberg) -- Equity funds lured six times the money that went into bonds in the week ended Jan. 30, according to a Citigroup Inc. report that cited EPFR Global data.

Stock funds drew $18.8 billion, exceeding the $3 billion that went into bonds, Markus Rosgen and Yue Hin Pong wrote in a report today. Fifty-eight percent of the equity inflows went into North American funds, the largest weekly inflows since September 2011, with exchange-traded funds being the largest beneficiaries, the analysts wrote.

Equities attracted more cash in a week where the MSCI All-Country World Index rose 0.9 percent. The gauge closed at a nine-month high on Jan. 29, the same day the Dow Jones Industrial Average climbed to a five-year high, as U.S. companies including Pfizer Inc. and Valero Energy Corp. reported earnings that beat estimates.

“This week’s outperformance of equities over bonds was mainly driven by U.S. ETFs,” Pong wrote in an e-mail today. “The current earnings season is quite positive.”

Of the 239 Standard & Poor’s 500 Index companies that have reported quarterly earnings so far this reporting season, 74 percent have beaten analysts’ profit estimates, according to data compiled by Bloomberg. Net income has grown by an average of 10 percent, compared with a 1.1 percent increase in the previous three months.

Emerging funds lured $3.6 billion in the week to Jan. 30, down from the previous period’s $4 billion, the Citigroup analysts wrote. Asian funds drew $1.6 billion, a 21st week of inflows, according to the report.

To contact the reporter on this story: Weiyi Lim in Singapore at wlim26@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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