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Investing August 29, 2003
ICI: Mutual Funds Wring Out 0.8% July Asset Gain
August 29, 2003 (PLANSPONSOR.com) - For the fourth
month in a row, the combined assets of the nation's mutual
funds increased - up $52.4 billion (0.8%) in July.
Reported by Eric Hazard
Mutual funds saw their combined assets puff up in July to $6.870 trillion from $6.818 trillion in the previous month (See Mutual Fund Coffers Swell 1.7% In June ) on improvements from stock and tax-free money market funds. Stock funds gathered $94.8 billion in net new assets for the month, an increase of 3.1%, followed by the $2.8-billion pickup for tax-free money markets, gaining 0.9% for the month, according to data from the Investment Company Institute (ICI).
However, the remaining index performance was mixed, with hybrid funds the only other index ending the month on a positive note. These funds added $2.6 billion in net new assets, a gain of 0.7%.
The other three indices dipped their pen in the red in July. Leading the descent were municipal bond funds, with a $10.7-billion (-3.1%) outflow. Additionally, decreases in net new assets were recorded among taxable bond funds, down $25.7 billion (-2.8%) and taxable money market funds, $11.4 billion lower (-0.6%).