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June 01, 2004 at 08:00 PM
May 27, 2004 — Net new cash into stock funds gained handsomely in April, rising $23.3 billion, well above the $16.0 billion they received in the prior month, according to the Investment Company Institute.
Among stock funds, the ICI said, sector funds had an outflow of $1.46 billion, compared with an inflow of $475 million in March. All other stock fund categories had inflows.
Year-to-date through April, stock funds received $108.4 billion in net new cash, versus a net inflow of $5.0 billion for the comparable period in 2003.
Long-term funds — that is, stock, bond, and hybrid funds — collectively had a net inflow of $20.14 billion in April, compared with an inflow of $28.57 billion in March.
Bond funds switched — they suffered a net outflow of $7.78 billion in April, compared with an inflow of $7.81 billion in March. Taxable bond funds had an outflow of $4.38 billion in April. Municipal bond funds had an outflow of $3.39 billion.
Money market funds had an outflow of $46.22 billion in April, compared with an outflow of $10.31 billion in March. Funds offered primarily to institutions had an outflow of $27.47 billion in April. Funds offered primarily to individuals had an outflow of $18.75 billion in April.
