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Mutual Funds Had Net October Outflow

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NU Online News Service, Nov. 27, 2:17 p.m. – Stock and bond funds are reporting $1.2 billion in net cash outflows for October, compared with $15 billion in net inflows for October 2001, according to Financial Research Corp., Boston.

Domestic bond funds brought in $4.7 billion more than they lost, but stock funds were hit by more than $5.8 billion in outflows, FRC says.

Of 20 fund categories monitored by FRC, intermediate-term bond funds led, with almost $1.6 billion in positive net flow in October. High-yield and short-term bonds were second and third, respectively, each with just over $1.5 billion in estimated inflows.

An unusual aspect of the October rankings was that out of the top 20 fund categories, only 16 actually had positive net flows. The remainder either broke even or had net redemptions.

“That is remarkable in that, normally, all 20 of the top fund categories show positive flows,” observes Lars Schuster, an FRC analyst.

So far this year, long-term funds have net flows of more than $109 million, up slightly from $108.6 million last year, FRC reports.

The leading fund complexes were American Funds, with $312.4 billion in assets, which reported $1.8 billion in inflow in October; PIMCO Funds, with $106.7 billion in assets and around $1.7 billion in net inflow for the month; and Evergreen Funds, with about $38.7 billion in assets and $1.4 billion in net inflow.

The leaders among individual funds were PIMCO Total Return Fund, with $1 billion in net flow for the month, down slightly from the same period a year earlier; Evergreen Adjustable Rate, with $621 million in net flows, compared to $288 million in the same month last year; and PIMCO Low-Duration, with $563 million in net flows, up from $243 million in the same month last year.


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