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The illusion of weekly flow data
The Emerging View
25 July 2014
We believe, the market obsession with analysing weekly flows of US mutual fund investors is
understandable but flawed. These flows are not representative of the market as a whole, and they
ignore the reality of where the real investor base lies. They do illustrate a number of points well –
such as how pro-cyclical the flows are and how violent the response to the ‘taper tantrum’ of last
year was – but need to be viewed in context.