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UPDATE 1-U.S.-based stock mutual funds attract $9.32 bln -ICI
January 23, 2013 / 10:22 PM / 5 years ago

UPDATE 1-U.S.-based stock mutual funds attract $9.32 bln -ICI

By Sam Forgione
    NEW YORK, Jan 23 (Reuters) - Investors in U.S.-based mutual
funds pumped $9.32 billion into stock funds in the week ended
Jan. 16, the second consecutive week of inflows for such funds,
data from the Investment Company Institute showed on Wednesday.
    The inflows were down from an estimated $14.33 billion the
previous week, said ICI, a U.S. mutual fund trade organization. 
    Funds that specialize in U.S. stocks attracted $5.05 billion
in new cash in the latest week, down modestly from $7.73 billion
the prior week.
    The interest in stocks marks a sharp turnaround from last
year, when investors pulled about $151 billion from stock mutual
funds while committing roughly $307 billion to bond mutual
funds, according to ICI estimates.
    The S&P 500 rose a slight 0.8 percent over the
reporting period. Several Federal Reserve officials voiced
optimism about U.S. economic growth in 2013, while upbeat U.S.
retail sales for December and strong corporate earnings for
banks JPMorgan Chase and Goldman Sachs boosted
sentiment.
    Investors remained cautious, however, in light of Republican
opposition in Congress to increase the $16.4 trillion U.S. debt
ceiling. Failure to raise the debt limit could cause the U.S. to
default in coming months.
    Bond funds still posted a strong turnout with inflows of
$10.6 billion in the latest week, the most since March of last
year. Inflows last week were at $9.42 billion.
    Hybrid funds, which can invest in stocks and fixed income
securities, attracted inflows of $2.12 billion. The gains were
down modestly from inflows of $2.8 billion the prior week.
    The following table shows estimated ICI flows for the past
five weeks (all figures in the millions of dollars) :
    
               12/19/12  12/26/12   1/2/13   1/9/2013  1/16/2013
 Total Equity    -5,315    -4,307  -10,797     14,328      9,317
    Domestic     -5,289    -3,942   -9,314      7,731      5,046
    World           -25      -366   -1,483      6,596      4,271
 Hybrid*            -71       533     -154      2,802      2,122
 Total Bond         100     2,532    2,321      9,422     10,599
    Taxable       3,368     3,233    2,049      7,041      8,358
    Municipal    -3,268      -701      272      2,381      2,242
 Total           -5,285    -1,242   -8,630     26,551     22,039
 *Hybrid funds can invest in stocks and/or fixed income
securities.

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