Equity funds saw outflows the week stocks hit new record highs
NYSE at the opening bell, April 24, 2019. Photo: Drew Angerer/Getty Images
Money flowed strongly into mutual funds and ETFs of all kinds except for equity funds last week. According to the most recent data from Lipper, equities saw $7.3 billion of outflows, the only asset group it tracks to see money pulled out of funds.
Why it matters: Despite the run in U.S. stocks, data shows that real money investors have been selling for most of this year. That trend continues even during what should be bouts of exuberance.
The backdrop: The drawdown in stocks came as the S&P 500 and Nasdaq reached new all-time highs and the U.S. saw a raft of strong economic data, including retail sales and jobless claims, as well as above-average corporate earnings results.