Investors continued to pull money out of municipal bond funds in the week ended Jan. 12 for the fifth straight week, according to data released Wednesday by the Investment Company Institute.
Muni bond funds saw $2.37 billion walk out the door, bringing total net withdrawals since Dec. 2. to $15.76 billion.
But investors added $1.39 billion to taxable bond funds for the week. That was on top of the $2.68 billion these funds pulled in the previous week.
Domestic stock funds took in $3.77 billion for the week, partially reversing the $4.23 billion of withdrawals the previous week, while foreign stock funds took in $2.78 billion, adding to the $2.42 billion they took in the previous week.
Hybrid funds, which can invest in both stocks and bonds, saw $980 million walk out the door, after taking in $532 million the previous week.
Total estimated inflows to long-term mutual funds were $7.70 billion for the week. The ICI estimates fund flows by collecting data covering more than 95% of industry assets and adjusting to represent industry totals.