Mutual Fund Assets Shrink in May

June 28, 2002 ( - In May the combined assets of the nation's mutual funds fell by $10.8 billion, settling at $6.9 trillion, according to figures from the Investment Company Institute (ICI).

Stock mutual funds attracted just $4.8 billion in new money in May, significantly less than the $12.9 billion in net inflows reported the previous month, ICI’s mutual fund survey data show.

Bond funds pulled in $10.6 billion over the month, compared to an April inflow of  $7.8 billion, while hybrid funds reported a $1.5 billion inflow and money market funds leaked $4.1 billion.

Of the equity fund inflows, domestic stock funds attracted $2.85 billion, down substantially from $12.3 billion the previous month, while international stock funds drew $2 billion in new money over the period. The overseas funds figure was up from a $667 million April inflow.