Equity funds lost most money in six weeks-ICI
By Sam Forgione NEW YORK, July 11 (Reuters) - Investors in U.S.-based mutual funds took the most money out of equity funds in six weeks as euro-zone leaders discussed plans to alleviate the continent's debt crisis, data from the Investment Company Institute showed on Wednesday. Equity funds overall saw net outflows of $2.84 billion in the week ended July 3, according to estimated data from ICI, a U.S. mutual fund trade organization. That is the most in net outflows from equity funds funds since the week ended May 23. The S&P 500 rose 3.2 percent over the reporting period after euro-zone leaders agreed to more funding for the region's struggling banks at a two-day European Union summit in Brussels. But investors continued to prefer bond funds during the week, and committed $3.38 billion in net new money to the funds, down from the previous week's inflows of $4.32 billion. Hybrid funds, which can invest in stocks and fixed income securities, saw inflows of $1.13 billion compared to meager inflows of $18 million the previous week. The following table shows a breakdown of ICI flows for the past five weeks (all figures in the millions of dollars): 6/6/12 6/13/12 6/20/2012 6/27/2012 7/3/2012 Total Equity -1,935 881 -1,520 -1,106 -2,835 Domestic -3,288 -630 -1,847 -1,467 -3,135 World 1,352 1,511 327 361 300 Hybrid* -1,239 968 1,194 18 1,131 Total Bond 1,583 3,501 4,906 4,324 3,382 Taxable 408 2,897 4,046 3,247 2,513 Municipal 1,176 604 860 1,077 870 Total -1,591 5,351 4,579 3,235 1,679 *Hybrid funds can invest in stocks and/or fixed income securities
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.