Bond funds attracted seven times the amount of money than stock funds in the three weeks between July 1 and July 22, despite the impressive 9.9% rise in the Dow Jones Industrial Average—signaling very different investor behavior than previous rallies, USA Today reports. As the paper puts it, “The stock market may be roaring, but mutual fund investors are snoring.”

Investors purchased $28.8 billion worth of bond funds in the three weeks, compared to $4.1 billion worth of stock funds, according to data from the Investment Company Institute. In the past five days, bond funds have netted $12.3 billion in sales, compared to $5.2 billion for stock funds, according to

Putting this in perspective, over the past 10 years, stock funds have averaged $7.8 billion in sales a month.

Certainly, July sales at Vanguard have reflected the overall industry trend, with its bond funds taking in a record $7.6 billion and stock funds $3.9 billion.

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