NEW YORK – Investors added money to stock mutual funds in the week ended Aug. 20 and pulled money out of bond mutual funds, according to AMG Data Services (search).
For stock funds, the $2.6 billion in net new money represented the third consecutive week of inflows and the seventh week out of the last eight that have seen inflows.
The inflows came as stock market indicators rose to levels not seen in more than a year.
Taxable bond funds (search) had outflows of $1.4 billion compared with $2.5 billion in outflows a week ago, and municipal bond funds had outflows for all emerging and developed regions except Europe and Latin America. Utility funds had a week of inflows after six consecutive weeks of outflows, AMG said.
AMG Data Services is a research firm based in Arcata, Calif.