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Investors Plant $17.3 Bil In Stock Funds; Off August's $23.4 bil; Bond fund outflow slows to $5.8 bil vs. $12.6 bil as interest rates back off.(FUNDS & PERSONAL FINANCE)(INVESTMENT TRENDS)
Byline: MURRAY COLEMAN
Despite a whiff of scandal, investors aren't pulling their money out of mutual funds.
And leading industry stalwarts such as Fidelity Investments say they don't expect that to happen in November, either.
The latest survey from the Investment Company Institute, the industry's largest trade group, shows stock funds generated $17.32 billion of inflow in September. That's slightly down from the previous month's $23.39 billion in gains. Domestic stock funds took in $16.95 billion in September vs. $18.59 billion.
Cash in stock funds stayed steady at 4.5% of assets in September.
Bond funds, on the other hand, continued to see dollars leave. Some $5.84 billion in outflow was reported in September to the ICI. But that was down from $12.58 billion in outflow in August.
Several top mutual fund companies say they've seen similar patterns in October.
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