This is where bond-ETF investors put their money to work last month amid rising Treasury yields.
Investors in exchange-traded funds who last month put money to work in the fixed-income market showed a preference for government bonds, particularly those with short-term maturities, according to State Street Global Advisors.
Long-term Treasury bonds have been pummeled this year amid a surge in yields that continued Tuesday as investors faced the prospect of the Federal Reserve keeping interest rates higher for longer. Short-term Treasurys have fared better this year. Meanwhile, the SPDR Bloomberg 1-3 Month T-Bill ETF BIL was trading about flat on Tuesday afternoon, with the fund returning a total 3.6% year to date, FactSet data show. And although shares of the iShares 1-3 Year Treasury Bond ETF SHY were down about 0.1% Tuesday afternoon, the fund was posting a year-to-date gain of around 1.5% on a total return basis.
Investors pulled almost $3.8 billion from investment-grade corporate bonds last month, the note shows, in what Bartolini said was “a stark reversal of the year-to-date trend.” And high-yield corporate bonds suffered $1.5 billion of outflows in September, even as they are “one of the few bond markets to witness positive returns , mainly due to carry effects from the higher coupon,” he wrote.
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