Investors once again turned to foreign stock and bond mutual funds last month, while interest in domestic equity funds continues to lessen, the Los Angeles Times reports.
Overall, investors withdrew a net $2 billion from U.S. stock funds in July, after pulling $238 million out from these funds in June, data from Financial Research Corp. shows.
Meanwhile, foreign equity funds netted $7.3 billion in new cash last month due to many overseas markets recouping from their mid-May to mid-June losses. In June, foreign funds suffered outflows of $1.6 billion.
For the past two years, Americans have increased buying foreign stocks, as many have outperformed Wall Street. From January through July, foreign stock and bond mutual funds available to U.S. investors took in a net $113.4 billion in new cash, while domestic stock funds experienced net inflows of $21.4 billion in the same period and U.S. bond funds took in $22 billion.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.