Equity fund inflows in February exceeded $60 billion, far ahead of the previous $40 billion record set in January, according to estimates by Strategic Insight, a mutual fund research and consulting firm in New York. The $60 billion plus figure includes inflows to variable annuity sub-accounts.
U.S. growth, technology and Internet stocks, as well as some international stocks, drove this growth, according to Strategic Insight. While inflows into funds specializing in these sectors were strong, net redemptions continued among balanced and bond funds, according to Strategic Insight. The firm has not yet released data on balanced or bond funds, however.
Growth funds attracted the most investor attention, according to the firm. However, inflows are starting to rise for mid- and small-cap mutual funds, the firm said.