Investors are pulling money out of high-yield bond funds at the fastest rate since June as rebounding growth boosts the allure of European equities.

Investors withdrew $1.6 billion from vehicles specializing in European speculative-grade bonds in March, the first net outflow since November, according to data compiled by JPMorgan. That represents the first negative month since November. The picture for global funds is much the same: they lost $10.5 billion in March, the biggest outflow since December 2015, according to consultancy EPFR Global.

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