U.S.-based stock funds attract $7.9 bln in latest week - ICI
NEW YORK, Nov 6 (Reuters) - Investors in mutual funds based in the United States committed $7.91 billion to stock funds in the latest week on expectations the Federal Reserve would stick with its current bond-buying program, data from the Investment Company Institute showed on Wednesday. The inflows into stock funds in the week ended Oct. 30 marked the third straight week of new cash into the funds, according to data from ICI, a U.S. mutual fund trade organization. Still, the inflows were down from the prior week's $13.6 billion, which were the largest since early January. In the latest week, funds that hold U.S. stocks attracted $4.3 billion, down from $9.2 billion the previous week, which were the largest since ICI began tracking weekly mutual fund flows in January 2007. The Standard & Poor's 500 index rallied 1 percent over the weekly period. Funds that hold non-U.S. stocks attracted $3.6 billion, down from the prior week's inflows of about $4.4 billion, which were the biggest weekly inflows into the funds since mid-February. MSCI's world equity index rose 0.7 percent over the weekly period. The S&P 500 hit record highs over the latest reporting period on bets that the Fed would maintain its $85 billion in monthly bond-buying at its October meeting. In line with expectations, the central bank extended its bond-buying support on Oct. 30. Outflows from bond funds accelerated in the latest week to $4.1 billion, from $2.3 billion in the prior week, marking a fifth straight week of withdrawals from the funds. Funds that hold municipal bonds had outflows of $789 million, the lowest in five weeks but still marking the 23rd straight week of withdrawals from the funds. Hybrid funds, which can invest in stocks and fixed income securities, attracted about $2.1 billion in new cash over the latest reporting period, down modestly from the prior week's inflows of $2.4 billion but still marking the fourth straight week of inflows into the funds. The following table shows estimated ICI flows for the past five weeks (all figures in millions of dollars): 10/2/13 10/9 10/16 10/23 10/30 Total Equity -3,354 -3,068 2,940 13,562 7,908 Domestic -4,094 -5,181 836 9,192 4,284 World 740 2,113 2,104 4,370 3,623 Hybrid* -52 194 618 2,371 2,077 Total Bond -396 -2,535 -5,446 -2,322 -4,143 Taxable 472 -1,506 -3,597 -1,300 -3,355 Municipal -869 -1,029 -1,849 -1,023 -789 Total -3,802 -5,409 -1,887 13,610 5,841 *Hybrid funds can invest in stocks and/or fixed income securities.
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