Investors inclined to sell in May and go away for the summer have plenty of reasons to get an early start this year, with lackluster macroeconomic data joining a list that includes turmoil in the Middle East, inflationary pressures

in emerging markets, the long-running Eurozone debt crisis and the challenges facing Japan. During the week ending May 4 -- two days prior to the better-than-expected jobs data in the US appeared to improve investor sentiment -- Commodity and Energy Sector Funds posted big outflows as data showed US economic growth slowing sharply during 1Q11.

Even as investor sentiment was deteriorating over the past week, overall flows into all Equity Funds and all Bond Funds remained positive. Equity funds absorbed $4.7 billion - of which $1.2 billion went into Emerging Markets Equity Funds - while the bond funds took in $4 billion.

"Behind those numbers was a shift that favored defensive sectors, some diversified fund groups and ETFs over actively managed funds," noted Cameron Brandt, EPFR Global's Director of Research. "Money Market Funds also took in fresh money for the fifth time in the past six weeks despite the minimal returns on offer and the dollar's slide."

Flows into Alternative Funds - which include Convertible Bond, Currency and Derivative Funds - climbed to a 32 week high.