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September fund assets drop
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October 30, 2000: 5:33 p.m. ET
Drop in September fund assets due to market volatility, decreased cash flow
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NEW YORK (CNNfn) - Assets in mutual funds fell 2.6 percent in September, affected by market performance and volatility as well as a drop in net cash flow.
Combined net assets in all U.S. mutual funds fell from $7,475.1 trillion in August to $7,280.1 trillion in September, according to a monthly survey of the industry by the Investment Company Institute, a Washington-based trade group.
Assets in stock funds decreased by $182 billion to a total of $4,397.8 billion, with net new cash flow of $17.26 billion during the month, down from $24.01 billion in August.
"Stock Funds declined, but investors put more money into the funds," observed Chris Wloszczyna, Director of Public Information at ICI. "The only explanation for the overall decline is the volatility in the market."
Meanwhile, assets of taxable and municipal bond funds decreased by $3.91 billion for a total of 3.07 billion in September. Taxable bond funds had an outflow of $1.70 billion in September compared with an outflow of $1.33 billion in August. Assets in September totaled $531.2 billion.
Cash flow to growth funds decreased from $12.24 billion in August to $9.16 billion in September. Assets of hybrid funds decreased by $8.28 billion in September to $354.7 billion. 
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