Deutsche Bank  　28 June 2013 　
资金流向：美联储确认QE缩减导致风险资产赎回创纪录　
Record redemptions across all risky assets as Fed confirms tapering


Record redemptions from all types of bond investments (incl. US bond funds):Confirmation on QE tapering and subsequent widening of yields led to historicredemptions from all types of bond funds. Total bond funds witnessed the fourthweek of straight outflows (-0.8%), a trend last seen during the GFC in 2008.Quantum of outflows was more than USD 60bn in our sample (>2% of total assets)during the last 4 weeks. Most categories of bond funds like US bond funds (-0.5%),Corp HY funds (-1.8%), EM debt funds (-2.2%) saw 52-week high outflows over thepast week. Along with the redemption from HY debt categories (Corp HY and EMdebt funds) due the sell-off of yields, safe heavens like US bond funds also sawheavy outflows over the past week.
求好评，40页，有较多图表，请参考