Supply Demand
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
$8 billion net inflow to Domestic Equity Funds in June. New and secondary equity offerings picking up, big block insider sale at record high (in dollars).
Focus on Fund Flows
The tidal wave of equity mutual fund cash flows continues to roll in. “Cash” percentage in growth oriented equity funds hit a 12-year low. New equity supply may now about match mutual fund cash inflows. Cart or horse? Do the mutual fund cash flows drive the market or does the market drive them?
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
Equity offerings have picked up somewhat, but so has the flow into mutual funds. Supply/Demand still seems in reasonable balance.
Supply/Demand Considerations
The new supply of equities continues to subside. New offerings and secondaries are now far below fall 1993 peak levels.
Supply/Demand Considerations
The new supply of equities is still somewhat high, but coming down.
Supply/Demand Considerations
Positive net cash flows into U.S. focus mutual funds are no longer overwhelming new equity offerings. But no investor panic yet.
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.
Lowry Buying Power/Selling Pressure
A new “sell” signal from the Lowry work on September 21, was a significant factor in the September deterioration in the Major Trend Index.
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
New equity supply contracts sharply in August as Wall Street goes to the beach. Equity fund buyers continue to pour the money in, so demand greater than new supply in August.
Major Trend Index Improved, But Still Negative
It still looks like a bear market to us or, at minimum, an old bull market that is topping out.
Supply/Demand Considerations
Cash still flowing into equity mutual funds, but net cash flows contracted some in June. New equity supply also shrinks some.
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.
Supply/Demand Considerations
New equity supply running $1.5 billion per week, with U.S. focus equity fund inflows now about $0.7 billion per week (no longer in balance).
Supply/Demand Considerations
Bond funds experienced new redemptions in March, but U.S. focus equity funds still experiencing significant inflows.
The Supply/Demand Outlook for Equities
New equity supply reached record levels in 1993, but in January the flow of new equity offerings dried up. Mutual fund flows not as strong as in January, but pretty close. International flow still strong.
1994 New Supply: Less Than Expected (So Far)
Don't expect to see net mutual fund redemptions yet. Public still expected to buy on weakness.
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March 2026 Issue
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