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A Look at IYF’s Outflows So Far in 2016

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Fund flows

The iShares US Financials ETF (IYF) recorded net outflows of $847 million in 2015. As of March 24, 2016, investors have withdrawn $360.6 million from IYF. During the month of March, the fund recorded net outflows of $32.7 million.

The net flows calculation doesn’t include the performance of the ETF, only share redemptions (outflows) and share purchases (inflows). Net inflows create excess cash for managers to invest, which theoretically creates demand for the ETF’s holdings. Year-to-date, IYF has fallen 5.8%, but it rose 5.2% last month.

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Institutional investors added exposure to IYF in 4Q15

In 4Q15, trade activity by 13F filers displayed a 12.1% rise in aggregate shares held by institutional investors and hedge funds. Among the 146 13F filers holding the stock, 41 funds reduced their exposures to IYF, while 15 funds sold all of their holdings in IYF. However, 23 funds created new positions, and 46 funds increased their exposures to the ETF.

Major institutional holders such as LPL Financial, Bank of America (BAC), Pictet Asset Management, and United Capital Financial Advisors added IYF to their holdings in 4Q15.

Meanwhile, institutions such as Assetmark, BNP Paribas, Morgan Stanley (MS), Ameriprise Financial (AMP), and Goldman Sachs (GS) were the top sellers of the ETF in 4Q15.

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