US Flow of Funds: Equities

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1 US Flow of Funds: Equities November 17, 215 Dr. Edward Yardeni Debbie Johnson Mali Quintana Please visit our sites at www. blog. thinking outside the box

2 Table Of Contents Table Of Contents Market Cap & Major Holders 1 Net Purchases by Sector 2 Gross Issues & Buybacks 3-4 Stocks & Buybacks 5 Net Issues by Sector 6 Net Issues by Financials 7 Net Issues: Equities vs. Bonds 8 Household Net Purchases 9 ETFs 1 Institutional Buyers US Capital Inflows: Equities 13 US Captial Inflows: Bonds 14 US Captial Inflows: Treasuries 15 Net Purchases November 17, 215 / US Flow of Funds: Equities www.

3 Figure 1. US EQUITIES MARKET VALUE (trillion dollars, nsa) Market Cap & Major Holders Total Market Value (36.8) Wilshire 5 Index (21.3) S&P 5 Market Cap (18.1) Source: Flow of Funds Accounts, Board of Governors of the Federal Reserve System and Investment Company Institute. 11/16 11/ Figure 2. US EQUITIES MARKET VALUE HELD BY SELECTED INVESTORS (trillion dollars, nsa) Institutional Investors* (7.4) Equity Mutual Funds Plus Equity ETFs (9.4) Households (13.5) Equity Mutual Funds (7.7) Foreign Investors (5.9) * Includes property-casualty insurance companies, life insurance companies, private pension funds, state & local retirement funds, and federal government retirement funds. Source: Federal Reserve Board Flow of Funds Accounts. Page 1 / November 17, 215 / US Flow of Funds: Equities www.

4 Net Purchases by Sector 1 5 Figure 3. CORPORATE EQUITIES NET PURCHASES (billion dollars, saar) Households Equity Mutual Funds Equity ETFs Institutional Investors* Foreign Investors * Includes property-casualty insurance companies, life insurance companies, private pension funds, state & local retirement funds, and federal government retirement funds. Source: Federal Reserve Board Flow of Funds Accounts. Page 2 / November 17, 215 / US Flow of Funds: Equities www.

5 55 5 Figure 4. Gross Issues & Buybacks NEW US CORPORATE SECURITIES ISSUES: TOTAL GROSS ISSUANCE OF STOCKS (billion dollars, 3-month average, annualized) month sum Source: Federal Reserve Board. 6 Figure 5. S&P 5 BUYBACKS Source: Standard & Poor s Corporation. 1 Page 3 / November 17, 215 / US Flow of Funds: Equities www.

6 5 4 Figure 6. Gross Issues & Buybacks NEW US CORPORATE SECURITIES ISSUES (billion dollars, quarterly using 3-month average, annualized) Total Gross Issuance of Stocks Q S&P 5 SHARE BUYBACKS (billion dollars, annualized) TOTAL GROSS ISSUANCE OF STOCKS MINUS S&P 5 BUYBACKS (billion dollars, annualized) Total Gross Issuance of Stocks Minus S&P 5 Buybacks Source: Federal Reserve Board and Standard & Poor s Corporation. -7 Page 4 / November 17, 215 / US Flow of Funds: Equities www.

7 6 4 2 Figure 7. TOTAL GROSS ISSUANCE OF STOCKS MINUS S&P 5 BUYBACKS (billion dollars) Total Gross Issuance of Stocks Minus S&P 5 Buybacks (annualized) Stocks & Buybacks Corporate Equities: Net Issuance Nonfinancial Corporate Business (4-quarter sum) Source: Federal Reserve Board and Standard & Poor s Corporation. -1 Page 5 / November 17, 215 / US Flow of Funds: Equities www.

8 6 Figure 8. CORPORATE EQUITIES: NET ISSUANCE Net Issues by Sector Total Source: Federal Reserve Board Flow of Funds Accounts Figure 9. CORPORATE EQUITIES: NET ISSUANCE 1 5 Nonfinancial Corporate Business (-489.6) Financial Sectors (25.) Rest of the World (548.5) Source: Federal Reserve Board Flow of Funds Accounts. -1 Page 6 / November 17, 215 / US Flow of Funds: Equities www.

9 7 6 Figure 1. CORPORATE EQUITIES: NET ISSUANCE Net Issues by Financials Financial Sectors Source: Federal Reserve Board Flow of Funds Accounts Figure 11. CORPORATE EQUITIES: NET ISSUANCE Financial Sectors Minus Exchange Traded Funds (-13.7) Exchange Traded Funds (263.6) Source: Federal Reserve Board Flow of Funds Accounts. -1 Page 7 / November 17, 215 / US Flow of Funds: Equities www.

10 Net Issues: Equities vs. Bonds 5 4 Figure 12. CORPORATE NET NEW ISSUES Nonfinancial Corporations Bonds (42.3) Equities (-489.6) Figure 13. CORPORATE NET NEW ISSUES: FINANCIAL CORPORATIONS Financial Corporations Total Bonds (38.6) Equities (25.) * ABS = Asset-backed securities. Page 8 / November 17, 215 / US Flow of Funds: Equities www.

11 5 Figure 14. Household Net Purchases CORPORATE EQUITIES: NET PURCHASES BY HOUSEHOLDS Households Equity Purchases: Directly Held by Households Figure 15. CORPORATE EQUITIES: NET PURCHASES BY MUTUAL FUNDS Source: Federal Reserve Board Flow of Funds Accounts. -1 Page 9 / November 17, 215 / US Flow of Funds: Equities www.

12 ETFs Figure 16. CORPORATE EQUITIES: NET ISSUANCE vs. PURCHASES OF ETFs Net Issuance (263.6) Purchases (214.4) Source: Federal Reserve Board Flow of Funds Accounts Figure 17. CORPORATE EQUITIES: NET PURCHASES BY MUTUAL FUNDS & ETFs Source: Federal Reserve Board Flow of Funds Accounts. Page 1 / November 17, 215 / US Flow of Funds: Equities www.

13 Figure 18. NET PURCHASES OF US CORPORATE EQUITIES: PENSION FUNDS Institutional Buyers Pension Funds Private (-63.8) State & Local (27.6) Figure 19. NET PURCHASES OF US CORPORATE EQUITIES: LIFE INSURANCE COMPANIES Life Insurance Page 11 / November 17, 215 / US Flow of Funds: Equities www.

14 4 Figure 2. NET PURCHASES OF CORPORATE EQUITIES Institutional Buyers 4 2 Institutional Investors* * Includes property-casualty insurance companies, life insurance companies, private pension funds, state & local retirement funds, and federal government retirement funds. 3 Figure 21. NET PURCHASES OF CORPORATE EQUITIES 3 2 Rest of the World Page 12 / November 17, 215 / US Flow of Funds: Equities www.

15 Figure 22. US Capital Inflows: Equities NET SECURITIES PURCHASED BY FOREIGNERS FROM US RESIDENTS (billion dollars) US Corporate Stocks: Total 12-month sum 3-month sum annual rate Asia Europe Rest of World Source: US Treasury International Capital System Page 13 / November 17, 215 / US Flow of Funds: Equities www.

16 US Captial Inflows: Bonds Figure 23. NET SECURITIES PURCHASED BY FOREIGNERS FROM US RESIDENTS (billion dollars) US Corporate Bonds: Total 12-month sum 3-month sum annual rate Asia Europe Rest of World Source: US Department of the Treasury, Office of International Affairs. -5 Page 14 / November 17, 215 / US Flow of Funds: Equities www.

17 US Captial Inflows: Treasuries Figure 24. NET SECURITIES PURCHASED BY FOREIGNERS FROM US RESIDENTS (billion dollars) Marketable US Treasury Bonds & Notes 12-month sum 3-month sum annual rate Asia Europe Rest of World Source: US Department of the Treasury, Office of International Affairs Page 15 / November 17, 215 / US Flow of Funds: Equities www.

18 1 5 Figure 25. CORPORATE EQUITIES NET PURCHASES (billion dollars, saar) Equities Net Purchases ***** Chart Not Available ***** Task: MFOFNETPURCORPTR Invalid calculation element [FA89TXS5] :51:47 ***** Chart Not Available ***** Task: MFOFNETPURTREAS 15 1 COMPOSE command attempted on missing data :51: Corporate & Foreign Bonds Source: Federal Reserve Board Flow of Funds Accounts. -1 Page 16 / November 17, 215 / US Flow of Funds: Equities www.

19 5 Figure 26. Net Purchases CORPORATE EQUITIES: NET PURCHASES BY HOUSEHOLDS Households Equity Purchases: Directly Held by Households Figure 27. NET PURCHASES OF US CORPORATE EQUITIES: PENSION FUNDS Pension Funds Private (-63.8) State & Local (27.6) Page 17 / November 17, 215 / US Flow of Funds: Equities www.

20 15 Figure 28. Net Purchases NET PURCHASES OF US CORPORATE EQUITIES: LIFE INSURANCE COMPANIES Life Insurance Figure 29. NET PURCHASES OF CORPORATE AND FOREIGN BONDS 8 6 Rest of the World (427.3) 6 4 Institutional Investors* (16.) * Life insurance companies, private pension funds, plus state & local government retirement funds. Page 18 / November 17, 215 / US Flow of Funds: Equities www.

21 2 Figure 3. Net Purchases NET PURCHASES OF CORPORATE AND FOREIGN BONDS Funding Corporations (-4.3) Brokers and Dealers (-24.) Page 19 / November 17, 215 / US Flow of Funds: Equities www.

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