U.S. stocks, and the funds that invest in them, have been boosted by the pace of corporate buybacks as companies recycle their profits and money is being repatriated under the reformed tax code.
The more than $90 billion that flowed into U.S. high-yield bond funds in the wake of the financial crisis has flowed back out—and more besides—even though the performance of the asset class is holding up.
Investors with a sector focus were slow to funnel new money to energy sector funds at a time when oil prices hit new highs.