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Fund assets drop to $6.03T
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August 30, 1999: 3:25 p.m. ET
Declining prices push stock fund assets down by $56.79B, trade group says
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NEW YORK (CNNfn) - Assets in mutual funds dropped by 0.7 percent to $6.03 trillion in July, an industry trade group reported Monday.
Net assets in all major categories except money market funds declined during the month, the Investment Company Institute said.
Assets in all mutual funds totaled $6.71 trillion in June, the Washington-based ICI said.
Stock mutual funds lost $56.79 billion to $3.36 trillion. The ICI attributed the downturn to declining stock prices. Stock funds had net new cash flows of $12.29 billion in July, compared with $19.10 billion in June.
Among the biggest percentage declines was in hybrid mutual funds, which invest in stocks and bonds. The category fell 1.8 percent in July to $377 million. Hybrid funds had net outflows of $203.3 million.
Taxable bond funds fell 0.4 percent to $542.7 billion. Net new cash flows were $1.1 trillion, compared with $1.6 trillion in June.
International stock funds had outflows of $3.96 billion, compared with inflows in July of $4.76 billion.
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