Taxable bond ETFs saw the biggest new inflows, taking in $4.3 billion in new money, with around half that money going into the SPDR Barclays Capital 1-3 Month T-Bill (NYSEArca: BIL).
August outflows from U.S. equity mutual funds, though, were $15.5 billion, compared to $22.9 billion in July. “I thought the outflows this month were going to be higher than July, given the volatility in the markets,” McDevitt added.
Outflows from taxable-bond funds were $12 billion for the month, with bank loans and high-yield funds experiencing the largest blow.
Money market funds, on the other hand, saw inflows of $74.8 billion in August, which McDevitt partially attributes to the debt ceiling deal in Congress that restored some confidence in the area.
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Max Chen contributed to this article.