Way up from the $6.16 billion inflow from a month earlier, July's inflow was just less than $11.9 billion, 2005's monthly average. Experts said that investors warmed to rising markets in July and pumped $10.08 billion of new money into stock mutual funds.
"Equity inflow in July was healthy," Vincent Loporchio, a Fidelity Investments spokesman, told Investor's Business Daily. "It was the strongest equity inflow month for us since February."
All long-term diversified stock, bond and hybrid funds had combined net inflows of $18.91 billion in July. A month earlier, those attracted $12.27 billion inflow, according to the Investment Company Institute. Combined, net assets of all U.S.-based mutual funds rose 2.9% to $8.457 trillion during the month.
Part of that was due to new investments. But a rising stock market also increased total assets held in mutual funds. The S&P 500 gained 8% in July. The Nasdaq composite jumped 7% in July. The small-cap dominated S&P 600 index did even better, rising 19%.
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.