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Investing June 26, 2003
Stock Funds Continue to Draw $$ in May
June 26, 2003 (PLANSPONSOR.com) - Domestic equity
mutual funds matched a strong performance with a $12.6
billion inflow of funds in May, according to the Investment
Company Institute (ICI).
Reported by Nevin E. Adams
That was almost identical to the $12.55 billion inflow to the category in April. Cutting against that trend were stock funds that invest overseas, which suffered an outflow of $490 million in May, compared with an inflow of $3.56 billion the month before, according to the ICI. However, while it was the second month in a row of stock fund inflows, those funds overall gained just $12.11 billion compared with $16.10 billion in April (see ICI: Fund Assets Up in April ). Prior to April, stock funds had suffered four consecutive months of net outflows.
Overall, the combined assets of the nation’s mutual funds increased by $219 billion to $6.704 trillion in May, a gain of 3.4%.
Bond funds had an inflow of $8.97 billion in May, compared with an inflow of $10.54 billion in April, while hybrid funds had an inflow of $3.07 billion in May, somewhat higher than April’s $2.71 billion inflow.
Money market funds had an outflow of $17.81 billion in May, compared with an outflow of $53.79 billion in April. Funds offered primarily to institutions had an outflow of $7.97 billion in May.