For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.
Investing July 25, 2001
Equity Funds Relish Rebound in June
July 25, 2001 (PLANSPONSOR.com) - Stock mutual funds
enjoyed their best month of the year in June, attracting
$18.4 billion, but that was still well below the monthly
average for 2000, according to Lipper.
Reported by Nevin E. Adams
Last year equity mutual funds averaged about $26 billion a month, including a record $56 billion in February 2000. That average is about equal to the total for the first six months of this year.
Adding Value
Lipper estimates that US diversified equity funds attracted $11.9 billion last month, with most ($7.9 billion) of that flowing to value-oriented funds. Growth funds drew just $1.6 billion, as the sector suffered a 14% loss in value over the first six months, according to CBS MarketWatch.
Small- and mid-cap funds added combined inflows of $7.3 billion, but large-cap funds were the only diversified group to suffer outflows in the month, losing $500 million in assets.
Health and biotech funds added nearly $400 million in net new assets, while real estate funds pulled in over $200 million. Assets continued to exit science and technology funds- over $300 million in June, while global equity funds drew $2.5 billion in new capital.