Stock Funds Report Net Inflows Of $10 Billion in June
August 6, 2001
Other than money-market funds, all categories of mutual funds experienced net inflows in June, according to the Investment Company Institute. Still, total mutual fund assets decreased $85 billion to $6.94 trillion.
Specifically, stock funds had net inflows of $10.63 billion in June, the third straight month stock funds reported inflows since setting a one-month record for outflows. All domestic equity fund categories had positive flows last month, and world equity funds attracted $1.08 billion in flows after an outflow of $2.46 billion in May, according to the ICI.
Bond Fund Assets Go Up
Hybrid, taxable bond and municipal bond funds all experienced slight inflows last month. Taxable bond inflows were only $1.1 billion, however, after drawing $5 billion in May. The diminished flows were partly due to a $1.6 billion outflow from junk bond funds, according to the ICI.
Money market funds had a net cash outflow of more than $24 million. Retail money market funds, which accounted for $13.89 billion of the total outflow, typically experience outflows in June because of seasonal patterns in household spending and tax payments, according to the ICI.
Total assets of money-market funds fell $16.30 billion to $2.06 trillion in June.