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NATIONAL AUSTRALIA BANK LIMITED

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National Australia Bank : U.S. equity funds receive biggest inflow in 14-weeks- Lipper

06/25/2021 | 10:18am EDT
FILE PHOTO: U.S. $100 notes are shown at the Korea Exchange Bank headquarters

(Reuters) - U.S. equity funds attracted massive inflows in the week to June 23, as investors bet on a faster economic recovery from the pandemic and shrugged off concerns the Federal Reserve might raise interest rates sooner than expected.

Data from Refinitiv Lipper showed investors put a net $16.1 billion into U.S. equity funds in the week to Wednesday, the most since the week ended March 17.

Graphic: Fund flows into U.S. equities bonds and money market - https://fingfx.thomsonreuters.com/gfx/mkt/jbyprzjyxpe/Fund%20flows%20into%20U.S.%20equities%20bonds%20and%20money%20market.jpg

The Nasdaq and S&P 500 U.S. stock indexes scaled new peaks this week, with investors cheering data that showed record U.S. factory activity in June..

U.S. large-cap funds attracted a net $13.4 billion, their biggest inflow since January 2018, while mid-cap funds and small-cap funds lagged behind.

The data showed U.S. growth funds received a net $1.5 billion, while value funds faced outflows worth $2.4 billion.

The higher inflows into growth stocks came as investors shifted their focus back to tech and other high-flying growth stocks as the allure of value stocks diminished after the Fed's hawkish tilt last week.

However, Mark Haefele, chief investment officer at UBS Global Wealth Management, said value stocks could regain the lead over growth stocks.

"The forward price-to-earnings ratio of growth relative to value is at a post-dotcom bubble high, at close to a 1.8x premium," he said in a note.

"Simply stated, relative valuations for growth companies look vulnerable, especially if interest rates rise."

Graphic: Flows into U.S. equity sector funds -

Graphic: Fund flows into U.S. growth and value funds - https://fingfx.thomsonreuters.com/gfx/mkt/xegvbzkdevq/Fund%20flows%20into%20U.S.%20growth%20and%20value%20funds.jpg

Meanwhile, U.S. money market funds faced $29.5 billion worth of outflows, the biggest in six months.

U.S. bond funds had inflows worth $2.8 billion in the week, the lowest in four weeks.

U.S. municipal bond funds attracted $1.73 billion in inflows, while U.S. taxable bond funds saw a net $2.06 billion of inflows, the smallest in 15 weeks.

Graphic: Flows into U.S. bond funds -

(Reporting by Gaurav Dogra and Patturaja Murugaboopathy in Bengaluru; Editing by Mark Potter)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
NATIONAL AUSTRALIA BANK LIMITED -1.10% 27.89 End-of-day quote.23.41%
UBS GROUP AG -0.97% 15.31 Delayed Quote.22.77%
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Sales 2021 16 938 M 12 297 M 12 297 M
Net income 2021 6 169 M 4 478 M 4 478 M
Net Debt 2021 - - -
P/E ratio 2021 15,4x
Yield 2021 4,43%
Capitalization 91 361 M 66 444 M 66 328 M
Capi. / Sales 2021 5,39x
Capi. / Sales 2022 5,19x
Nbr of Employees 31 696
Free-Float 99,1%
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Ross Maxwell McEwan Group CEO, Managing Director & Director
Gary A. Lennon Group Chief Financial Officer
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