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Investing August 9, 2002
Report: $2B Flowing From Stock Funds
August 9, 2002 (PLANSPONSOR.com) - Stock mutual fund
investors took $1.9 billion out the funds for the week ending
August 7, according to AMG Data Services.
Reported by Fred Schneyer
The Arcata, Calif-based mutual fund tracking company said the latest figures nearly reversed trends from the previous week, when investors poured $2.2 billion into equity funds.
Domestic large-cap funds accounted for more than half of the net redemptions in the latest week, with large-cap equity index funds reporting record outflows of $1 billion.
Sector funds investing in real estate, healthcare/biotechnology and technology had inflows for two consecutive weeks, according to AMG.
The modest outflows from stock funds for the first reporting period of August came after they saw unusually heavy redemptions of $40.9 billion for July.
Meanwhile, investors continued to pour money into fixed income funds. Taxable bond inflows totaled $2.2 billion with half going to investment grade corporate bond funds, and the rest to government funds investing in mortgage-backed securities, AMG said.
Municipal bond funds reported the largest inflows since October, pulling in $962 million.
Money market funds, meanwhile, had $18.1 billion in net sales.
AMG of Arcata, Calif., tracks weekly data of mutual funds from companies representing 58% of the industry’s assets.