Inflows to mutual funds continue to dwindle, according to the latest statistics from the Investment Company Institute. For the week ended Feb. 20, investors steered an estimated $11.29 billion into mutual funds, down 11% from the previous week.
Equity funds were the hardest hit, drawing an estimated $4.57 billion or 20% less than a week earlier. Of the $4.57 billion, $3.47 billion went to global stock funds with the remaining $1.09 billion going to U.S. funds.
Bond funds also saw smaller inflows, posting $4.71 billion in estimated inflows or 6% less than a week earlier. The lions share of the $4.71 billion went to taxable bond funds, which drew $4.12 billion. Municipal bonds gobbled the remaining $590 million.
Hybrid funds, which invest in both stocks and fixed income securities, took in an estimated $2.02 billion, down slightly from the $2.03 billion they drew a week earlier.
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.
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