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Byline: Dan Moreau
Several major fund families reported positive net cash flow in June, though investor confidence in stock mutual funds weakened in May.
The Investment Company Institute says investors cooled slightly on stock mutual funds in May, but cash flow was still strong compared to earlier in the year.
Outflow in February and March totaled $23.9 billion. Net new cash flow in May was $17.29 billion vs. cash flow of $19.21 billion in April.
Domestic stock funds pulled in $19.76 billion vs. $17.37 billion in April. World equity funds had an outflow of $2.47 billion in May vs. an inflow of $1.85 billion in April.
Overall, assets of stock funds rose $28.39 billion in May on market gains and inflows.
Assets of money market mutual funds rose by $39.88 billion to $2.071 trillion in May.