Stock Fund Inflow Dwindles in May
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Investor enthusiasm for stock mutual funds dwindled last month, according to new data released Friday, as confidence in the sagging U.S. stock market has declined.
U.S. stock funds pulled in a net $4.83 billion from investors in May, down from an inflow of $12.93 billion in April, said the Investment Company Institute, a Washington-based mutual fund industry trade group.
A crumbling stock market in June is likely to curtail an eight-month string of positive monthly sales into stock funds.
One data company, Santa Rosa, Calif.-based TrimTabs.com, projects that investors will remove about $19.7 billion from stock funds for the month of June, based on preliminary data through June 25.
Bond funds took in a net $10.6 billion in May, up from $7.76 billion in new cash a month earlier, the ICI said.
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