Stock fund inflows plummet after rare gain- ICI
By Sam Forgione NEW YORK, Aug 1 (Reuters) - Investors in U.S.-based mutual funds exited stocks after a rare week of inflows as concerns about Spain and Greece's economies continued to weigh on markets, data from the Investment Company Institute showed on Wednesday. All equity funds had estimated net outflows of $2.7 billion in the week ended July 25, reversing the previous week's inflows of $637 million, said ICI, a U.S. mutual fund trade organization. Equity funds that target U.S. stocks had $2.13 billion in outflows, while funds that target foreign stocks broke a nine-week inflow streak with outflows of $568 million. The benchmark S&P 500 fell 2.54 percent over the period as Spanish borrowing costs soared and concerns that Greece might not be able repay its debts troubled markets. Bond funds had net inflows of $5.77 billion, down from the previous week's inflows of $6.46 billion but still far outpacing equity funds for the eighth consecutive week. Hybrid funds, which can invest in stocks and fixed income securities, had inflows of $737 million, down from the previous week's inflows of $905 million. The following table shows a breakdown of ICI flows for the past five weeks (all figures in millions of dollars) 6/27/2012 7/3/12 7/11/12 7/18/2012 7/25/2012 Total Equity -1,139 -2,865 -542 637 -2,697 Domestic -1,476 -3,166 -1,469 95 -2,129 World 337 301 927 542 -568 Hybrid* 18 593 1,752 905 737 Total Bond 4,321 1,354 6,373 6,460 5,765 Taxable 3,244 484 5,202 5,114 4,293 Municipal 1,077 870 1,171 1,346 1,472 Total 3,199 -919 7,583 8,002 3,805 *Hybrid funds can invest in stocks and/or fixed income securities.
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