Posted: Dec 13, 2012 1:55 PM
Updated: Dec 13, 2012 1:56 PM
BOSTON (AP) Mutual fund shareholders continued to take a conservative approach to investing last month.
A fund industry consultant reported on Thursday that investors pulled cash out of stock funds in November for the ninth consecutive month. Bond funds attracted new cash for the 15th month in a row, according to Strategic Insight.
The firm says a net $16 billion was withdrawn from U.S. stock mutual funds in November. The last month that deposits exceeded withdrawals was February. Another $1 billion was withdrawn in November from funds primarily investing in foreign stocks.
Bond funds attracted $23 billion in net deposits. They have attracted new cash each month since September 2011. About $18 billion of last month's total was from taxable bond funds. An additional $5 billion was deposited into municipal bond funds.