This week's fund flow numbers from the Investment Company Institute showed that the long, steady rotation from equity mutual funds and exchange traded funds to fixed income funds has continued.
As shown below, the spread between equity fund flows and fixed income fund flows has reached a net reading of -$165.9bn over the last three months; that's among the largest net flow out of equities and into bonds since the data starts.
Fixed income isn't the only place that retail has been moving allocations to. As shown in the chart below, 13-week commodity fund flows have been among the largest of the periods since the data for ETF and mutual funds combined begins.
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