US equity funds register biggest weekly outflow in over five weeks

Dec 2 (Reuters) – US equity funds logged big outflows in the week to November 30 as investors booked profit after concerns over economic growth resurfaced due to protests in major Chinese cities against strict COVID-19 policies.

Investors were also cautious about the tech sector amid a hit to iPhone production in China.

According to data from Refinitiv Lipper, US equity funds saw outflows of USD 17.37 billion, the biggest amount for a week since June 15.

Data showed the S&P 500, Nasdaq Composite and Dow Jones Industrial Average .DJI all recorded two straight months of gains through November.

US equity growth and value funds both witnessed outflows for a second straight week, with disposals amounting to USD 6.8 billion and USD 1.76 billion, respectively.

By sector, investors exited tech, financials, and real estate funds worth USD 647 million, USD 231 million and USD 219 million, respectively.

Data for US bond funds showed investors withdrew USD 10.41 billion in a fourth straight week of net selling.

US investors sold taxable bond funds of USD 8.91 billion, marking a third straight week of outflow, while exiting USD 288 million out of municipal bond funds.

US general domestic taxable fixed income funds recorded outflows of USD 6.38 billion, the biggest for a week since at least Jan. 2021, while short/intermediate investment-grade, and high yield funds had net selling of USD 1.23 billion and USD 1.11 billion respectively.

Meanwhile, safer US money market funds received USD 26.95 billion, the biggest amount in four weeks, and government bond fund attracted USD 738 million.

(Reporting by Gaurav Dogra and Patturaja Murugaboopathy in Bengaluru)