NEW YORK, June 29 (Reuters) - U.S. domiciled mutual funds had net outflows of an estimated $1.4 billion in the week ended June 22, a third straight week of net redemptions, data from the Investment Company Institute showed on Wednesday.
This three week streak is the longest since the late February to early March 2009 period when global markets swooned in the wake of the financial crisis, ICI's data shows.
Investor wariness over the path of global economic growth and during the reporting period a heightened concern over the U.S. credit rating as it relates to the debt ceiling along with Europe's sovereign debt crisis has prompted a risk-averse environment to form.
ICI, a U.S. mutual fund trade organization, reported $1.9 billion moved into fixed income funds, albeit their smallest amount since mid-February.
Municipal bond funds made it seven weeks in a row of inflows, pulling in a net $403 million, which marks the biggest inflow since late October.
The following table shows a breakdown of the ICI flows for the past three weeks (all figures in millions of dollars):
Estimated flows to long-term mutual funds
6/8/2011 6/15/2011 6/22/2011 ==================================================== Total Equity -5,755 -7,332 -4,004 Domestic -5,464 -6,869 -4,259 Foreign -291 -464 255 Hybrid 173 342 748 Total Bond 5,533 2,486 1,883 Taxable 5,234 2,410 1,480 Municipal 298 75 403 ==================================================== Total -49 -4,505 -1,372 * Hybrid funds can invest in equity and/or fixed-income securities. (Reporting by Daniel Bases; Editing by Andrew Hay)