Equity Mutual Funds Down $43.3B Already by Oct. 8
October 20, 2008
Equity mutual funds have lost $43.3 billion in outflows already through Oct. 8, while money market mutual funds have reaped $60 billion, according to TrimTabs Investment Research. Figures from the Investment Company Institute seemed to confirm that; in the week ended Oct. 8, ICI said, money market mutual fund assets increased by $58.54 billion to $3.458 trillion.
Investing by both institutional and retail investors was equally strong. Retail money market fund assets rose by $18.96 billion to $1.258 trillion, and institutional money fund assets rose by $39.58 billion to $2.2 trillion. "Investors are putting their money in savings accounts, insured checking deposits and any fund that has a 'Treasury sticker' on it," said TrimTabs President and Chief Operating Officer Conrad Gann.
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