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Rating:Muni Meltdown Hits OpFunds and Fido Hardest Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, July 10, 2013

Muni Meltdown Hits OpFunds and Fido Hardest

News summary by MFWire's editors

The horror. The horror.

The WSJ's Kelly Nolan assessed the damage done to the municipal bond fund market in June, and it is bleak. Investors pulled out $13.5 billion from mutual funds investing in municipal bonds. To look at the bigger picture, June's outflow is 2.2 percent of the $680.7 billion managed by municipal bond funds and the second largest monthly outflow of cash from that market on record, according to Lipper data, Nolan wrote.

Barclays municipal bond index had a negative return of 2.83 percent in June, the biggest loss since the fall of 2008, when the index had a negative total return as high as 4.69 percent. Vanguard[profile] has $100.6 billion in municipal bond assets and lost $2.3 billion, Nolan reported. OppenheimerFunds[profile], Fidelity[profile] Management & Research Co. and Nuveen[profile] Fund Advisors lost more than $1 billion in their municipal bond funds.

To read more, click here.  

Edited by: Casey Quinlan

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