Investors continue to abandon their once-beloved bond funds.
According to the latest statistics from the Investment Company Institute, investors yanked an estimated $7.97 billion from bond funds during the week ended June 19, marking the funds third straight week of outflows.
Taxable bonds bore the brunt of the beating, losing an estimated $4.60 billion. Municipal bonds lost a considerable $3.37 billion.
Non-U.S. equity funds, meanwhile, attracted a respectable $2.33 billion, nearly twice the $1.25 billion they hauled in a week earlier. U.S. equity funds, however, remained in negative territory, losing an estimated $463 million.
Hybrid funds, which invest in both stocks and fixed income securities, drew $678 million in estimated inflows, down considerably from the $1.15 billion they took in the week before.
All told, mutual funds endured another lousy week, losing an estimated $5.43 billion, their third consecutive weekly outflow and their third largest this year.
The weekly fund flow estimates are derived from data covering more than 95% of industry assets, according to ICI. The statistics cover long-term mutual funds, those the ICI defines as investing in long-term instruments.