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Investors pull less cash from U.S.-based stock funds: Lipper
August 29, 2013 / 9:23 PM / 4 years ago

Investors pull less cash from U.S.-based stock funds: Lipper

NEW YORK (Reuters) - Investors in U.S.-based funds pulled $863.1 million out of stock funds in the latest week, down from massive outflows in the prior week even as geopolitical risk shook markets, data from Lipper showed on Thursday.

The outflows from stock funds in the week ended August 28 were down from outflows of about $9.4 billion from the funds the prior week, which were the most since July 2012, data from Lipper, a Thomson Reuters service, showed.

While outflows from stock funds overall eased, the SPDR S&P 500 ETF Trust (SPY.P) still had $1.3 billion in outflows. The exchange-traded fund tracks the benchmark S&P 500 .SPX stock index, which fell 0.5 percent over the weekly period.

    The possibility of a U.S.-led military strike on Syria hit world stock markets over the weekly period, leading investors to seek safety in gold, which reached a 3-1/2 month peak on August28.

    Commodities and precious metals funds, which mainly invest in gold futures, attracted $328.1 million in new cash, marking their third consecutive week of inflows.

    Japanese stock funds posted outflows of $240.6 million in the latest week, marking the fifth straight week in which investors have pulled cash from the funds.

    Investors pulled $712.1 million out of taxable bond funds, meanwhile, down from big outflows of $3.9 billion the previous week. Yields on benchmark 10-year Treasury notes fell from two-year highs over the latest weekly period. As yields fall, prices rise.

    Reporting by Sam Forgione; Editing by Bernard Orr

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