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IN BRIEF / INVESTING

Stock Fund Outflows Continue at Brisk Pace

September 28, 2002|Times Wire Reports

Investors pulled a net $2.9 billion from U.S. stock mutual funds in August, an industry trade group said.

Although far less than the record $52.6 billion that was withdrawn in July, it marked the third-straight month that stock funds have suffered net outflows of cash. The outflows appear to be continuing for a fourth consecutive month as the stock market posted multiyear lows in September, analysts said.

The August withdrawals from stock funds pushed year-to-date activity from positive to negative, putting the fund industry on track for its first year of net cash outflows since 1988.

Bond funds took in a net $17.4 billion in August, a smaller inflow than July's record $28.1 billion, the Investment Company Institute said.

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