Stock Mutual Funds Saw $696 Million Outflow Fri-Mon - TrimTabs
NEW YORK -(Dow Jones)- Investors took $696 million out of stock-based mutual funds Friday through Monday, according to TrimTabs.com Investment Research. By contrast, investors added $380 million to bond-based mutual funds during the same period.
Domestic stock funds accounted for the bulk of outflows from equity funds as investors withdrew $901 million. International funds saw inflows of $205 million.
Among domestic stock funds, investors took $754 million out of growth funds, $ 140 million from growth and income funds and $7 million from aggressive growth funds.
The Dow Jones Industrial average fell 0.3% in the same period, while the tech- heavy Nasdaq Composite Index declined 0.7%. The Standard & Poor's 500 Index pulled back 0.2%.
Among bond funds, investors contributed $470 million to government and Ginnie Mae funds, $28 million to municipal bond funds and $10 million to corporate bond funds. Hybrid funds, which invest in both stocks and bonds, were depleted of $ 128 million. High-yield bond funds were unchanged.
TrimTabs.com, Santa Rosa, Calif., computes its estimates by directly tracking the cash flow of 543 stock funds and 321 bond funds through a computer model.
The results are meant to approximate the inflow and outflow for the much larger set of funds - 3,140 stock funds and 2,610 bond funds - tracked by the Investment Company Institute, an industry trade group in Washington.
-By Nick Baker, Dow Jones Newswires; 201-938-4047; [email protected] (This story was originally published by Dow Jones Newswires) Copyright (c) 2002 Dow Jones & Company, Inc. All Rights Reserved
