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$4 billion yanked from stock funds in February (Reuters)
BOSTON (Reuters) –
Investors in February pulled an estimated $3.7 billion from U.S. stock-focused mutual funds, dashing hopes of a rebound in demand for equities, while showering $19.7 billion on
, according to a report from Morningstar.
U.S. stock funds
last year, analysts thought the trend might have turned around in January, when investors added a net $2.7 billion. But the one-month inflow ended in February, fund analysts at Morningstar wrote in their latest monthly report.
Bond giant PIMCO was the top recipient of new money in February, receiving $7.2 billion in net inflow. Privately held
was second, receiving $6.9 billion in net inflow, followed by the fund unit of bank
.N), which got $2.7 billion.
, withdrawing $2.4 billion in February after yanking almost $
the prior month and $23 billion in 2009.
.N) also remained out of favor, seeing $478 million slip out the door after $461 million departed in January and $5.1 billion in 2009.
In addition to the continued popularity of taxable bond funds,
gained. Investors added almost $5 billion to muni funds in February, about the same as in January. The total $10.1 billion of inflow was the strongest two-month start ever experienced, Morningstar said.
received net inflow of $4.6 billion in February, reversing $16.7 billion of net outflow in January.