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Wednesday, December 31, 2003

Scandal Cannnot Keep Funds Down

by: Nicole Halsey

Despite the scandal roiling the mutual fund industry, the combined assets of the nation’s mutual funds increased by $82.40 billion, or 1.2 percent, to $7.235 trillion in November, according an Investment Company Institutes survey of the mutual fund industry.

Overall, long-term funds — stock, bond, and hybrid funds —collectively had net inflows of $15.42 billion in November, down from $28.12 billion in October. For the first 11 months of the year, the net inflow to long-term funds stood at $202.36 billion, up 66 percent from the same period in 2002.

Stock funds took in a net $14.9 billion as bond funds suffered outflows of $2.5 billion. It was the eighth straight month of inflows for stock funds, building on the $25.3 billion added in October. By the end of November, the funds pulled in $138.1 billion, compared to an outflow of $19.3 billion last year.

Hybrid funds took in about $3 billion after only netting $4.1 billion in October, when bond funds lost about $1.3 billion. Meanwhile, money market funds continued to lose assets as investors snatched back $7.7 billion, compared to $22.1 billion in October.

 

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