Mutual funds attract cash, but pace slows

Wed Jun 24, 2009 11:17pm BST
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 * Estimated mutual fund inflows down to $11.14 billion
 * Bond and hybrid funds grow while equity funds decrease
 By Erin Kutz
 BOSTON, June 24 (Reuters) - Long-term mutual funds saw
overall buying, or inflows, for a 14th week, though inflows to
stock funds slowed and the total amount hit a three-week low,
according to the Investment Company Institute.
 Total estimated inflows were $11.1 billion in the week to
June 17, down $1.5 billion or 12 percent from $12.61 billion
the prior week, the data released on Wednesday showed.
 While the numbers represent a drop, inflows were still
higher than a month ago. Mutual funds saw $9.72 billion in
estimated inflows for the week ending May 20.
 A decrease in inflows to both foreign and domestic equity
mutual funds drove the decline last week. Estimated foreign
equity fund inflows fell by more than 50 percent last week,
from $3.02 billion on June 10 to $1.4 billion last Wednesday.
 Domestic equity mutual funds experienced a less-sharp
decline, falling $70 million from the week before to hit $1.96
billion. Overall, inflows to equity funds were still more than
four times their May 20 levels.
 Estimated inflows to both bond funds and hybrid funds,
which invest in stocks and fixed income securities, increased
slightly last week. Hybrid fund inflows as of June 17 grew to
$690 million, from $518 million the week before.
 As a whole, bond fund inflows increased by about $40
million to reach $7.09 billion last week. Inflows to taxable
bond funds grew, while municipal bond funds experienced
declines.
 The Investment Company Institute's estimates account for
data from more than 95 percent of industry assets.
 (Reporting by Erin Kutz. Editing by Jason Szep)

 
 
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