Long-term mutual funds enjoyed a week of inflows to the tune of some $1.18 billion while investors continued to flee municipal-bond funds, the Wall Street Journal reports
According to data
from the Investment Company Institute
, for the week ended Dec. 21, bond funds had net outflows of $4.37 billion, on top of the estimated $8.6 billion that was pulled during the prior week, continuing a streak of seven consecutive weeks that investors redeemed from municipal funds.
In contrast, stock funds saw $3.94 billion of inflows, compared with prior week outflows of $181 million, and hybrid funds enjoyed net inflows of $1.61 billion, compared with prior-week inflows of $381 million.
Also, money-market funds had net inflows
of $24.63 billion in the latest week ended Tuesday, nearly recouping the $28.53 billion that was pulled the prior week, as investors added money to prime and government funds, according to iMoneyNet.
For the week ended Tuesday, total assets in money-market funds grew to $2.787 trillion, according to iMoneyNet.
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