Investing September 30, 2003

ICI: Mutual Funds Tack On 1.5% August Asset Gain

September 30, 2003 (PLANSPONSOR.com) - The combined assets of the nation's mutual funds increased for the fifth month in a row - up $102.2 billion (1.5%) in August.
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Mutual funds saw their combined assets increase in August to $6.969 trillion from a revised $6.867 trillion in the previous month (See  Mutual Funds Wring Out 0.8% July Asset Gain ) on improvement from stock and hybrid funds.   Stock funds gathered $111 billion in net new assets for the month, an increase of 3.6%, followed by the $5.8-billion pickup for hybrid funds, gaining 1.5% for the month, according to data from the Investment Company Institute (ICI).

The remaining index performance was on the negative side.   Leading the descent were taxable money market funds, with a $10.9 billion (-0.6%) outflow.   Additionally, decreases in net new assets were recorded among:

  • taxable bond funds – off by $2 billion (-0.2%)
  • municipal bond funds – down $1.1 billion (-0.3%)
  • tax-free money market funds – lower by $600 million (-0.2%).

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