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Tuesday, July 30, 2002

Summertime Blues

by: Tony Pennino

Perhaps with the bullish nature of the market the past couple of days, we can look at these mutual fund industry figures now with a smile and a silent prayer. The total assets of mutual funds decreased by $291.6 billion in June, at least according to the Investment Company Institute (ICI). Total combined assets in mutual funds for the month, then, were $6.632 trillion.

The ICI reports that stock fund outflows in June equal $18.05 billion. This contrasts with a $4.88 billion inflow in May. Domestic funds had an outflow of $18.7 billion in June; this compares unfavorably with $2.77 billion in May. Stock funds with an overseas strategy actually had inflows in June of $658 million; these same funds had inflows in May of $2.1 billion.

Bond funds, though, had a good month. They saw an inflow of $12.23 billion in June, compared to $10.6 billion in May. The ICI notes that this was the third largest inflow for bond funds ever.

Money market funds, meanwhile, saw an outflow of $43.44 billion in June. In May, they had an outflow of $4.3 billion. 

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