Investors pull $608 mln from U.S.-based domestic stock funds -ICI
By Sam Forgione NEW YORK, May 1 (Reuters) - Investors in mutual funds based in the United States pulled $608 million out of funds that hold only U.S. stocks in the latest week, the Investment Company Institute said on Wednesday. The outflows from funds that hold only U.S. stocks in the week ended April 24 came after the funds attracted $1.97 billion in new cash the prior week, which was the greatest gain since the end of January, said ICI, a U.S. mutual fund trade organization. Funds that hold international stocks, however, raked in $1.91 billion in new cash over the reporting period, the most in three weeks and up from inflows of $646 million the prior week. Overall, the outflows from funds that hold only U.S. stocks combined with the inflows into funds that hold international stocks led to total inflows of $1.3 billion into stock funds, the least in three weeks. The pullback in demand for U.S. stocks came amid a rebound in U.S. stock markets after a sharp selloff the prior week. The benchmark S&P 500 rose 1.73 percent and the Dow Jones Industrial Average rose 0.4 percent as companies such as Google and Boeing posted solid earnings. Markets did, however, suffer a hit to confidence after hackers sent a message from the Twitter feed of the Associated Press saying the White House had been hit by two explosions and that Barack Obama was injured. Bond funds gained demand with inflows of $5.76 billion, up sharply from cash gains of $1.51 billion the prior week. Municipal bond funds recovered from two weeks of outflows with modest inflows of $133 million. Hybrid funds, which can invest in stocks and fixed income securities, attracted $1.36 billion in new cash, up slightly from inflows of $1.31 billion the previous week. The following table is a breakdown of estimated ICI flows for the past five weeks (all figures in millions of dollars): 3/27/13 4/3/13 4/10/2013 4/17/2013 4/24/2013 Total Equity 3,822 1,257 1,544 2,620 1,299 Domestic 969 -1,824 378 1,973 -608 World 2,853 3,081 1,166 646 1,908 Hybrid* 1,819 1,147 1,365 1,305 1,358 Total Bond 3,446 6,436 1,731 1,513 5,763 Taxable 3,392 6,363 2,590 2,209 5,630 Municipal 54 73 -859 -696 133 Total 9,087 8,839 4,640 5,437 8,420 *Hybrid funds can invest in stocks and/or fixed income securities.
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