Investors pull least from U.S. stock funds in 19 weeks-ICI
By Sam Forgione NEW YORK, Dec 5 (Reuters) - Investors in U.S.-based mutual funds showed less aversion to stock funds in the latest week while investing roughly the same amount in bond funds as the prior week, data from the Investment Company Institute showed on Wednesday. Stock funds had estimated net outflows of $496 million in the week ended Nov. 28, the least in 19 weeks a nd far less than outflows of $8.81 billion the previous week, sa id ICI, a U.S. mutual fund trade organization. Bond funds, meanwhile, had net inflows of about $4.44 billion, which were roughly unchanged from the previous week. The benchmark S&P 500 index rose 1.36 percent over the reporting period despite uncertainty over whether U.S. President Barack Obama and Congress would reach a deal on the looming "fiscal cliff" of tax hikes and spending cuts. Obama reassured markets toward the end of the period when he said he hoped to close a deal in four weeks. Hybrid funds, which can invest in stocks and fixed income securities, had inflows of $143 million after suffering outflows of $1.2 billion the previous week. The following is a breakdown of ICI flows for the past five weeks (all figures in millions of dollars): 10/31/12 11/7/12 11/14/12 11/20/12 11/28/2012 Total Equity -2,486 -1,837 -8,385 -8,813 -496 Domestic -1,937 -2,137 -6,631 -7,501 -481 World -549 301 -1,754 -1,313 -15 Hybrid* -673 553 -1,218 -1,197 143 Total Bond 2,588 7,470 6,615 4,443 4,438 Taxable 2,206 6,387 5,352 3,077 3,133 Municipal 381 1,084 1,263 1,366 1,305 Total -571 6,187 -2,988 -5,567 4,085 *Hybrid funds can invest in stocks and/or fixed income securities.
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