Surprise No. 12: There is no reallocation out of bonds and into stocks in 2013.
Despite a growing consensus that the reallocation trade is imminent and will reverse the trends of money moving out of stocks and into bonds (in place since 2007), outflows from domestic equity funds and inflows into bond funds continue throughout the year. In support, I would note that, according to AMG, bond/equity fund flows started 2013 just the way they ended last year, with large outflows totaling -$3.5 billion coming out of domestic equity funds and with inflows into fixed income.
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