|
Fund assets rise in June
|
 |
July 31, 2000: 12:28 p.m. ET
Market performance, not cash flow, boosts overall picture, ICI reports
|
NEW YORK (CNNfn) - Assets in mutual funds climbed 3.1 percent in June, due mostly to market performance rather than net new cash flow.
Combined net assets in all U.S. mutual funds rose to $7.120 trillion from $6.909 trillion in May, according to a monthly survey of the industry by the Investment Company Institute, a Washington-based trade group.
 "The cash flow picture, particularly to stock funds, seemed pretty much 'steady as she goes,'" said ICI spokesman John Collins.
Stock funds received $22.37 billion in net new cash, up from $17.04 billion in May. But that's only a small part of the $214 billion increase in assets for the group, for a total of $4.321 trillion in June.
Assets of taxable and bond funds, meanwhile, increased by $14.59 billion for a total of $790.9 billion. Combined net new cash flow totaled $489.8 billion.
That represents a turn in the tide for taxable bond funds, which for the past year had regular outflows due to interest rate concerns, Collins said. Taxable bond funds received $1.64 billion in net new cash flow for the month, well above the $3.53 billion in outflows in May. Assets in June totaled $527 billion. 
|
|
|
|
|
 |
|
