See the attachment to better view the chart.
Since December, the flow out of equity mutual funds continues on. While in the last 3 weeks the outflow slowed down, nonetheless, investors clearly are moving out of the market.
Taxable bond funds are much the same. The outflow trend remains, but the outflow is slowing.
Even money markets are now showing net outflows.
The only inflow is in muni bond funds.
Cash as a percent of mutual fund portfolios is diving. Is the the result of net outflows?
With such a large proportion of funds being now being managed institutionally, I wonder how long the upward momentum in the markets can continue. While we have no information on ETF flows, I would guess there is similar outflows as mutual funds.
Are investors "turning tail"? The perception is the damn (security markets) is cracked. Will it break?
