Investors continue to take money out of stock mutual funds, with outflows nearly doubling in each of the past two weeks.
Stock funds saw $9.541 billion in outflows in the week ended Wednesday, Sept. 1, a 76% increase from the $4.603 billion in outflows in the week ended Aug. 25, which itself was a 59% increase from the $1.431 billion in outflows the week ended Aug. 11, the Investment Company Institute reported.
Investors' love affair with foreign stock funds has soured in the past three weeks, as well, redeeming $1.944 billion from foreign stock funds in the latest week and $292 million and $110 million from the category the previous two weeks.
U.S. stock funds are the biggest category to take the outflows hit, with $7.596 billion walking out the door the week ended Sept. 1, and $4.311 billion in redemptions in the week ended Aug. 25 and $2.712 billion in redemptions the week ended Aug. 11.
Inflows to bond funds, on the other hand, remain very strong, with $6.658 billion moving into this fixed income category in the latest week. In the two previous weeks, bond funds received inflows of $5.904 billion and $7.923 billion.
In total, estimated outflows from long-term mutual funds were $4.31 billion for the week ended Sept. 1.
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