Mutual funds closed 2012 on a decidedly sour note, according to the latest statistics from the Investment Company Institute. For the week ended Jan. 2, 2013, investors pulled an estimated $6.44 billion from funds that invest in long-term instruments, the second largest outflow in 2012. The largest outflow occurred three weeks earlier when investors yanked $6.57 billion from mutual funds.
Outflows from U.S. stock funds caused the greatest damage in the closing days of 2012. For the week ended Jan. 2, investors withdrew an estimated $8.29 billion from funds that invest long-term in U.S. equities, more than double the $3.87 billion they pulled a week earlier.
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