(Reuters) – Global investors continued to buy equity funds in the week ended May 12, driven by hopes of an economic rebound and expectations of faster vaccine rollouts to curb the pandemic.

According to Refinitiv data, global equity funds received $15.1 billion worth of inflows, the biggest in four weeks.

However, the inflows mainly involved cyclical stocks, while growth funds, which invest in fast-expanding sectors such as tech, faced outflows on concerns over rising inflation levels.

Financials and mining sector funds received $1.3 billion each, while tech sector funds faced outflows worth $1.2 billion in the week, the data showed.

Growth stocks are hit the most when there are increased expectations of higher inflation and interest rates, as they lower the present value of future cash flows, making the stocks less attractive.

Data showing the U.S. consumer price index jumping to 0.8%, outpacing a forecast of 0.2%, stirred worries about higher inflation levels. It prompted fears that the Federal Reserve could tighten its policy rates sooner than it currently expects.

Global inflation-protection bond funds obtained $1.9 billion, the highest in four months.

Overall, global bond funds received an inflow of $11.2 billion. Japan and Indian bonds witnessed outflows in the week, due to jitters about a surge in coronavirus cases.

Among commodities, gold and precious metal funds received $305 million, the biggest inflows in 14 weeks, as gold prices surged to a near three-month high this week.

An analysis of 23,761 emerging-market funds showed bond funds received $1.06 billion in inflows, the biggest in five weeks, while equity funds had inflows worth a net $429 million.

(Reporting by Gaurav Dogra and Patturaja Murugaboopathy in Bengaluru; Editing by Mark Heinrich)