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Flows of funds into US stock funds outpace 1998

NEW YORK: Flows of funds into US stock mutual funds this year continue to outpace 1998 activity despite a modest decline in November, the Investment Company Institute (ICI) said Thursday.

The ICI, trade group for the US fund industry, said stock funds took in a net $19.11 billion in November, down from a revised $21.04 billion in October. The group previously reported that the funds took in a net $20.42 billion in October.

For the first 11 months of 1999, flows into stock funds outpaced 1998 activity, with $163.53 billion going into the funds compared to $153.84 billion a year ago.

Mutual Fund Trim Tabs, a Santa Rosa, Calif.-based tracking service, is estimating that stock funds will take in a net $20.8 billion in December, based on data through Dec. 29.

Hybrid mutual funds, which invest in both stocks and bonds, had an outflow of $2.56 billion in November compared to a $828.3 million outflow in October.

Taxable bond funds had an outflow of $1.44 billion in November, smaller than the $1.97 billion outflow recorded in October. Municipal bond funds had an outflow of $3.25 billion in November compared to a $1.55 billion outflow in October. Money market funds took in a net $53.84 billion in November, more than the $36.61 billion inflow in October.-Reuters