Fund assets stay at $6.03T
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September 29, 1999: 5:11 p.m. ET
Investors' concerns about market volatility keep August fund flows flat
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NEW YORK (CNNfn) - Mutual-fund assets remained mostly unchanged in August at about $6.03 trillion, while the largest asset growth was in safer money market funds, according to new statistics.
Stock fund assets fell to $3.34 trillion in August, from $3.36 trillion in July, a loss of about 0.7 percent, said the Investment Companies Institute (ICI), a Washington trade group.
The ICI attributed the stock fund losses to market volatility.
Besides stock funds, hybrid fund assets dropped to $373.2 billion in August from $377.7 billion in July, a loss of 1.2 percent; while taxable bond funds fell to $541.5 billion from $543.8 billion, a drop of 0.4 percent, in the same time.
Municipal bond funds saw the largest percentage losses, dropping to $292 billion in August from $296.2 billion in July, a decline of 1.4 percent.
But taxable money market funds saw the largest increase, rising to $1.28 trillion in August from $1.25 trillion in July, or about 2.7 percent.
Meanwhile, stock funds had net new cash inflows of $9.21 trillion in August, compared to $12.4 trillion in July. Hybrid funds had outflows of $937.4 billion in August, compared to outflows of $207.7 billion in July.
Taxable bond funds had net new cash flows of $473.2 million in August, compared with $1.4 billion in July.
Money market funds had net new cash flows of $27.9 billion in August, compared to $19.76 billion in July.
The annualized rate of redemptions for stock funds in August was 23.7 percent. Including exchanges into other types of funds, that figure is 39.2 percent.
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