Table 10.
Daily Fund Flows to Corporate Bond Mutual Funds.
| Pre | Post | Δflow | Pre | Post | Δflow | ||
|---|---|---|---|---|---|---|---|
| (mil) | (mil) | (mil) | (mil) | (mil) | (mil) | ||
| Panel A. March 23 | Panel B. April 9 | ||||||
| All | −21,371 | −7,680 | 13,692 | 727 | 2,662 | 1,934 | |
| By style | Active-ETF | −1,656 | −404 | 1,252 | 321 | 282 | −39 |
| Active-Non ETF | −18,181 | −8,180 | 10,000 | −198 | 1,039 | 1,237 | |
| Passive-ETF | −1,416 | 1,069 | 2,485 | 717 | 1,420 | 703 | |
| Passive-Non ETF | −118 | −164 | −45 | −113 | −79 | 34 | |
| By rating | IG | −16,227 | −4,016 | 12,211 | 347 | −1,061 | −1,408 |
| HY | −1,828 | −1,988 | −160 | 525 | 2,842 | 2,317 | |
| Mixed | −3,317 | −1,676 | 1,641 | −145 | 880 | 1,025 | |
| By maturity | ST (0-4y) | −10,655 | −873 | 9,782 | 492 | 2,992 | 2,500 |
| MT (4-6y) | −4,120 | −3,650 | 470 | −577 | −4,097 | −3,521 | |
| LT (>6y) | −676 | 223 | 898 | 714 | 712 | −2 | |
| ST Corp | −443 | −333 | 110 | −1 | 318 | 319 | |
| MT Corp | −396 | −164 | 232 | 328 | 357 | 29 | |
| LT Corp | 522 | 1,684 | 1,163 | 885 | 680 | −206 | |
| By investor type | Retail | −4,702 | −4,925 | −223 | −165 | 321 | 486 |
| Institutional | −16,669 | −2,755 | 13,915 | 893 | 2,341 | 1,449 | |
This table reports the aggregate-level changes in bond fund flows from March 20 to March 24 (Panel A), and from April 8 to April 13 (Panel B), using EPFR fund flow data from Informa Financial Intelligence. The categorization of bond funds follows EPFR. Active includes only funds that are actively traded and not tied to a passive index/benchmark. Passive includes only funds that are tied to an index/benchmark and seek to mirror the index/benchmark’s performance. IG (HY) bond funds are those that invest primarily (at least two-thirds of total assets) in investment-grade (high-yield) debt instruments. Mixed are bond funds that invest in both IG and HY without significant portfolio tilt. ST/MT/LT are funds with a mixture of government and corporate bonds focusing on bonds with duration of 0 to 4 years / 4 to 6 years / above 6 years. Corporate Bond Funds (ST Corp, MT Corp, LT Corp) are funds with at least 65% allocation to corporate bonds. Retail includes only funds marketed to, or with a primary focus on, retail investors. Institutional includes only funds that are focused on institutional, or that have a minimum investment of $100,000.