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Investing October 29, 2002
Second Quarter Shows Lower Mutual Fund Assets
October 29, 2002 (PLANSPONSOR.com) - Mutual fund
assets are down 1.7% worldwide from the first quarter,
according to the Investment Company Institute
(ICI).
Reported by Eric Hazard
$11.56 trillion in total mutual fund assets were recorded at the end of the second quarter, down from $11.76 trillion recorded in the first quarter. Assets in 25 of the 36 countries monitored were reported lower for this period.
Equity funds lost 8.1%. However bond, money market and balanced funds all gained, returning 6.1%, 1.8% and 0.7% respectively.
$16 billion of total outflows were seen in the second quarter, driven by the $57 billion in money market redemptions, primarily in the United States.
However equity, bond and balanced funds all showed inflows, gaining $21 billion, $9 billion and $6 billion respectively.
Worldwide there are 52,428 mutual funds. 42% of these are equity funds, followed by money markets (26%), bond funds (20%), balanced funds (8%), and other/unclassified (4%).