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The Markets December 31, 2008
U.S. Mutual Fund Asset Fall Slows in November
The combined assets of the nation's mutual funds decreased by $261.65 billion, or 2.7%, to $9.355 trillion in November, according to the Investment Company Institute (ICI).
Reported by Rebecca Moore
Long-term funds—stock, bond, and hybrid funds—had a net outflow of $41.31 billion in November, compared to an outflow of $127.55 billion in October (see “Mutual Fund Assets Plunge in October“).
Stock funds posted an outflow of $21.74 billion in November, compared with an outflow of $72.44 billion in October, ICI data showed. World equity funds (U.S. funds that invest primarily overseas) posted an outflow of $8.70 billion for the month, while funds that invest primarily in the U.S. had an outflow of $13.04 billion.
Bond funds had an asset loss of $14.51 billion in November, compared with a $40.72 billion asset loss in October. Taxable bond funds posted an outflow of $13.36 billion, and municipal bond funds posted a $1.15 billion outflow.
Hybrid funds saw an asset loss of $5.06 billion for the month, a smaller outflow than the $14.39 posted in October.
Money market funds were the only asset winners with an inflow of $122.43 billion in November, compared with an inflow of $143.52 billion in October. Funds offered primarily to institutions posted an inflow of $108.79 billion, while funds offered primarily to individuals had an inflow of $13.64 billion.
The ICI data are here.