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Stock Funds Shed A Record $52.6 Bil Bad Market Slams July Stock fund assets shrank 10%, but bond funds' rose on record inflow.(MUTUAL FUNDS)(INVESTMENT TRENDS)
Byline: DAN MOREAU
Investors pulled a record amount of money from stock funds in July while stuffing record levels into bond funds, the Investment Company Institute said Friday.
ICI said the total outflow from stock funds in July was $52.63 billion. That surpassed Lipper Inc.'s estimate earlier this week of a record $49 billion outflow for July.
The July exodus occurred as the stock market tumbled. The S&P 500 fell 7.9%, and the Nasdaq composite shed 9.2%.
The yield on the 10-year Treasury note, meanwhile, fell 27 basis points to 4.55%, providing a lift to fixed-income funds. A record $28.14 billion rushed into bond funds in July on top of the $12.21 billion that poured in during June.
Evidence of improvement in fund flow and the market emerged in August. The major indexes rallied from dips to end the month nearly unchanged. And several big mutual funds reported investors are shifting money back into stock funds, or at least slowing their redemptions.
At Strong Funds in Milwaukee, stock funds reversed much of the sharp outflow seen in July. The fund family reported outflow of $33 million for August through Wednesday. July outflow was $284 million.
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