US equity funds draw weekly inflows as AI boost sparks renewed demand
FILE PHOTO: AI Artificial Intelligence words are seen in this illustration taken, May 4, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
U.S. equity funds attracted fresh cash in the week to September 24, snapping two-weeks of outflows, as risk sentiment improved following Nvidia’s announcement of a potential $100 billion investment in OpenAI.
Investors bought a net $12.06 billion worth of U.S. equity funds during the week, after a $39.91 billion outflow in the prior seven days, data from LSEG Lipper showed.
U.S. large-cap equity funds attracted a net $16.94 billion, the largest weekly addition since April 9.
However, mid- and small-cap funds posted a net $1.64 billion and $71 million of outflows, respectively.
Sectoral funds added a net $407 million, with a net $1.11 billion flowing into the industrial sector.
U.S. bond funds drew a net $11.9 billion weekly investment, the highest since February, 2021, with the short-to-intermediate government and treasury funds segment receiving an $8.02 billion net weekly inflow.
General domestic taxable fixed income funds and short-to-intermediate investment-grade funds received a net $1.78 billion and $1.69 billion, respectively.
Money markets attracted $26.71 billion, the fourth weekly net investment in five weeks.
