Mutual funds logged another brutal week, posting its third outflow this year, according to the latest statistics from the Investment Company Institute. For the week ended June 6, investors withdrew an estimated $1.37 billion from long-term mutual funds, the third largest outflow this year. The year’s biggest outflows took place the weeks ended January 4 and May 23 when $5.38 billion and $4.9 billion, respectively, were pulled from mutual funds.
Once again, U.S. equity funds took the brunt of the most recent drubbing, losing an estimated $3.08 billion in outflows, a sharp reversal from the previous week’s $906 million inflow. The outflow was less than half the huge $7.2 billion outflow the week ended May 23.
Non-U.S. stock funds, meanwhile, attracted $1.35 billion in inflows in the week ended June 6, almost double the $678 million inflow a week earlier.
Hybrid funds — those that invest in both stocks and fixed income securities — also took a beating, losing an estimated $1.23 billion in outflows for the week. They took in $460 million the previous week.
Bond funds helped save the day, claiming an estimated $1.59 billion in inflows, the biggest infusion of any fund category that week. Of the $1.59 billion, $1.18 billion went to municipal bond funds with the remaining $411 million going to taxable bond funds.
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.