June 29, 2011 / 3:55 PM / 8 years ago

Three week outflow streak for equity funds - ICI

 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)


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