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September 29, 2003 at 08:00 PM
Sept. 25, 2003 — Money flowed out of bond mutual funds for the second straight month in August, according to Financial Research Corp.
Funds that invest in corporate, government and municipal bonds suffered combined outflows of about $1.1 billion last month after hemorrhaging $860 million in July, the Boston-based consulting company said. Government bond funds contracted for the third consecutive month in August.
But investors put $254 million into funds that buy high-yield, or “junk” bonds, last month, FRC said.
Domestic stock funds netted about $18.1 billion in new money last month, while those that invest in foreign companies attracted $4.4 billion.
