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Fund investment soars
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May 29, 1997: 4:54 p.m. ET
Money flowing into stock mutual funds rises 47 percent to $15 billion
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NEW YORK (CNNfn) - The flow of investment dollars into stock mutual funds in April jumped 47 percent from the previous month, the Investment Company Institute announced Thursday.
In its monthly report ICI, a mutual fund industry trade group, said $15.7 billion was put into stock funds in April. That represents a sharp rise from March when $10.75 billion found its way into stock funds.
For the first four months of 1997, $73.73 billion flowed into stock mutual funds, a decline from $98.60 billion during the same period last year. Net assets for stock funds were $1,879 billion.
Overall, $5.78 billion flowed out of the entire mutual fund industry in April. The mutual funds were hurt mainly by the $22.31 billion which left money market funds in April, a sharp turnaround from the $1.37 billion which entered money market funds in March.
In March, the combined mutual funds had an inflow of $10.11 billion.
Bond and income funds staged a mild comeback in April. They had an inflow of $786.1 million for the month. Despite the lowly figure, it was good news for that sector. In March, bond funds watched $2.01 billion leave for other investments.
So far this year, $4.63 billion has flowed into bond funds, compared with $8.49 billion over the same time in 1996. Combined net assets for bond funds came to $903.09 billion.
--Randy Schultz
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