Mutual Funds
Watch Carefully...A New Chart
A new weekly chart tracking mutual fund cash flow, along with S&P 500 Index. Flow has been fading, new figures awaited eagerly.
View From The North Country
What might change public stock market psychology? A false signal: gold stocks did not serve as a valid lead indicator for the metal in the first five months of1996. Observations from the UK: Investors still very underweighted in U.S. stocks but attitude toward U.S. market fairly positive.
Points Worth Making If I Can Stop Quaking
Baby boomers are investing in stock funds at the rate of $100 per month for every living American!
Leuthold Investment Strategy
With MTI turning positive, total equity exposure was increased to over 50% (now 58%) using index options to minimize and reduce risk...“new valuation era” continues...demand for U.S. equity funds continues to be key driver.
View from the North Country
Public, NOT professional sentiment may be all that really matters in today's stock market environment. The dark side of 401(k)s...Can unsophisticated investors really be expected to prudently allocate assets, maintain funding disciplines, and resist the temptation to borrow against their plans?
View from the North Country
The stock market: What IS different this time? The public's appetite for equity investing continues to top Wall Street’s ability to manufacture supply.
Worth Noting
Steve's thoughts on borrowing to buy mutual funds, indexing and an eerie post-Halloween graphic.
The Public’s Record: Buy High, Sell Low
Fear has been long term investors’ greatest enemy, primarily because it keeps them from being long term investors.
Monitoring Mutual Fund Cash Flows
Because of the huge current stock market significance of sustained public inflows into equity funds, we are now monitoring these flows on a weekly basis.
Monitoring Mutual Fund Cash Flows
Supply/Demand: $11.2 billion net cash into U.S. focus equity funds versus $9 billion of equity offerings in July.
Monitoring Mutual Fund Cash Flows
Mutual fund investors less enthusiastic…Redemptions about matched inflows at the end of May. Supply of equities is starting to build, while cash holdings in funds is diminishing.
Today’s Stock Market Lifeblood: Mutual Fund Flows
The Leuthold Group has been intensifying its fund flow analytical work because we believe it is now the most important U.S. stock market internal factor.
Mutual Fund Cash Flow Focus
While the aggregate flow to mutual funds continues to be a net inflow, it is down substantially from year ago levels and some types of funds have been seeing net outflows.
Supply/Demand Considerations
New equity offerings now about matching net inflows into U.S. focus equity mutual funds. Still no evidence of net redemptions for U.S. focus equity funds.
Major Trend Index Remains Negative
Bond market decline may be in final stages, but stock market can still fall 25%, even if bonds stabilize in coming months.
Supply/Demand Considerations
During August, net inflows into U.S. focus equity mutual funds totaled $10 billion, triple August’s equity offering’s. This has changed in September, with expanded underwritings, but a reduced flow into equity mutual funds. An imbalance could be developing.
Supply/Demand Considerations
Cash still flowing into equity mutual funds, but net cash flows contracted some in June. New equity supply also shrinks some.
Growing Investor Frustration
An extract from Leuthold & Anderson’s second quarter client letter.
Supply/Demand Considerations
Cash still flowing into Equity Mutual Funds...Net cash flows steady in April and May.
Supply/Demand Considerations
Money still flowing into equity mutual funds. AMG's response to the huge differences between mutual fund cash flow data provided by AMG in April and the numbers reported by ICI.
Perception for the Professional
March 2026 Issue
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March 2026 Issue
