U.S. mutual fund investors flee bonds, return to stocks -ICI
By Katya Wachtel NEW YORK, Oct 23 (Reuters) - Investors in U.S-based mutual funds sent $2.9 billion into stock funds in the latest week as the federal government ended a shut-down and averted a debt default, data from the Investment Company Institute showed on Wednesday. Inflows into stock funds in the week ended Oct. 16 marked a dramatic reversal from the previous three weeks, when investors removed billions of dollars from those funds as concern rose that Congress would not raise the $16.7 trillion U.S. debt ceiling by the Oct. 17 deadline. Investors meanwhile yanked $5.7 billion from bond funds over the weekly period, marking the biggest outflow from the funds in four weeks and more than doubling the prior week's outflows of $2.55 billion, data from the U.S. mutual fund trade organization showed. Funds that hold U.S. stocks had inflows of $839 million. Similarly, funds that hold stocks of companies outside the United States saw inflows of roughly $2 billion. Hybrid funds, which can invest in stocks and fixed income securities, experienced inflows of $618 million in new cash. The following table shows estimated ICI flows for the past five weeks (all figures in millions of dollars): 9/18/13 9/25/13 10/2/13 10/9/13 10/16/13 Total Equity 3,381 -3,673 -3,353 -3,115 2,935 Domestic 43 -3,855 -4,096 -5,184 839 World 3,338 182 744 2,069 2,095 Hybrid* 1,523 1,318 -52 191 618 Total Bond -2,643 1,766 -396 -2,550 -5,709 Taxable -895 2,054 473 -1,521 -3,860 Municipal -1,748 -289 -869 -1,029 -1,849 Total 2,262 -589 -3,800 -5,473 -2,156 *Hybrid funds can invest in stocks and/or fixed income securities.
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