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BUSINESS
June 16, 2011 | By Tom Petruno, Los Angeles Times
Stocks tumbled on a fresh batch of troubling economic data and mounting fears over Europe's debt crisis. The Dow Jones industrial average fell 178 points Wednesday to a 12-week low. The slide erased Tuesday's 123-point gain. Traders also bailed out of many commodities. Crude oil futures sank below $95 a barrel for the first time since February. Some investors rushed back to U.S. Treasury bonds, pushing their yields down. The 10-year T-note's yield fell to 2.97% from 3.1% on Tuesday.
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BUSINESS
September 1, 2011 | By Walter Hamilton, Los Angeles Times
Investors are selling stock mutual funds — again. After a one-week respite, individual investors pulled a net $3.2 billion from U.S. stock funds and $610 million from foreign funds in the week ended Aug. 24, according to the Investment Company Institute. The outflow was nowhere near the frenetic selling seen in early August, when the stock market plunged amid worries about the economy. Fund owners dumped a net $34 billion in U.S. equity funds in the first two weeks of August.
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BUSINESS
July 31, 2002 | JOSH FRIEDMAN, TIMES STAFF WRITER
Stock mutual fund redemptions appear to be slowing after two months of heavy selling, as the market shows signs of stabilizing, fund companies say. Equity fund investors still may end up redeeming more in July than the net $18.1 billion they withdrew in June. Estimates from some data trackers indicate July redemptions may top the record $30 billion that was pulled out in September. But fund companies say the trend has changed since stocks began to resurge July 24.
BUSINESS
August 4, 2011 | By Tom Petruno, Los Angeles Times
Big investors' fears over the federal debt-ceiling drama triggered a near-record outflow of cash from money market mutual funds over the last week. Apparently worried that some money funds could suffer losses if the Treasury defaulted on some of its debts, investors yanked a net $103.2 billion from the funds in the seven days that ended Tuesday, data tracker iMoneyNet Inc. said. That was close to the record $120.4 billion that exited the funds in the week that ended Sept. 23, 2008, amid the financial-system collapse.
BUSINESS
December 8, 1986
B of A lost $1.6 billion in passbook and other basic deposits in its most recent quarter, according to bank filings with regulatory agencies. The 3.7% decline in basic deposits to $42.2 billion suggests that the prolonged financial troubles at California's largest bank might be affecting customer confidence, one banking analyst said. Bank of America's share of the basic, or "core," deposits among the five major California banks fell from 44.4% to 42.
BUSINESS
October 17, 2000
The sharp market downdraft last week was fueled in part by selling among mutual fund investors. U.S.-based stock funds suffered a net cash outflow estimated at $12.15 billion in the week ended Thursday, according to Santa Rosa-based Trimtabs.com Investment Research. That was the biggest one-week net outflow since the firm began keeping track in late 1996. Much of the fund selling apparently occurred Thursday, when the Dow industrials fell nearly 400 points.
BUSINESS
October 31, 2002 | Josh Friedman, Times Staff Writer
The stock market has rebounded in the last three weeks, but it's unclear whether mutual fund investors are buying it. Stock funds had a $16.1-billion net cash outflow in September, the fourth month in a row that redemptions outpaced new purchases, according to data reported Wednesday by the Investment Company Institute, the industry's main trade group. The outflow streak is the longest since 1988. This month, stock funds are on pace for another net outflow, according to unofficial estimates.
BUSINESS
June 30, 2004 | From a Times Staff Reporter
U.S. mutual fund investors pulled a net $16.2 billion from bond funds in May, compared with a $7.8-billion outflow in April, data show. Stock funds, by contrast, had a slim net cash inflow of $564 million last month, down from an inflow of $23 billion in April. The data, reported Tuesday by the Investment Company Institute, the funds' chief trade group, showed that investors turned cautious on bond and stock funds as long-term interest rates continued to rise in May and as oil prices surged.
BUSINESS
August 9, 2003 | From Bloomberg News
Investors withdrew $3.6 billion more from taxable bond funds than they put in during the week ended Wednesday, the biggest outflow in more than nine years, according to an estimate by AMG Data Services. The outflows included a record $2.6-billion withdrawal from high-yield corporate bond funds, AMG reported Friday. Investors also withdrew $862 million in tax-exempt municipal bond funds, the most since October 2002, according to AMG, an Arcata, Calif.-based firm that tracks fund flows. The U.S.
BUSINESS
May 1, 2001 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
Amid the worst market losses since at least 1987, investors pulled a record net $20.6 billion out of stock mutual funds in March, an industry trade group reported Monday. But that cash outflow figure, which had been widely anticipated, didn't dent fund assets for long: Some analysts estimate that investors poured as much as three-quarters of March's outflow back into funds as the market resurged in April.
BUSINESS
June 16, 2011 | By Tom Petruno, Los Angeles Times
Stocks tumbled on a fresh batch of troubling economic data and mounting fears over Europe's debt crisis. The Dow Jones industrial average fell 178 points Wednesday to a 12-week low. The slide erased Tuesday's 123-point gain. Traders also bailed out of many commodities. Crude oil futures sank below $95 a barrel for the first time since February. Some investors rushed back to U.S. Treasury bonds, pushing their yields down. The 10-year T-note's yield fell to 2.97% from 3.1% on Tuesday.
BUSINESS
May 20, 2011 | By Tom Petruno, Los Angeles Times
The bleeding finally has stopped: Municipal bond mutual funds took in a net $38 million in new cash from investors last week, the first inflow since November, new data show. The turnaround for the muni fund industry follows six straight weeks of rising bond values and falling interest rates, as the $2.9-trillion tax-free muni market has rebounded after a wave of selling late last year and early this year. The return to cash inflows suggests that many investors are buying only because the market is rallying; they passed up the chance to buy at higher yields earlier this year because the risks seemed too great at the time.
BUSINESS
December 1, 2010 | By Tom Petruno, Los Angeles Times
Los Angeles-based mutual fund giant American Funds took 80 years to create just 30 fund portfolios. Now it's launching three funds in the span of three months. The sudden burst of activity has raised eyebrows in the investment business because it comes as American Funds continues to suffer cash outflows from its bread-and-butter stock funds, which for decades had been among the industry's most popular with small investors. With the public largely turning its back on U.S. stocks since 2008, American's new funds will offer investors more of what they've wanted for the last two years: bonds.
BUSINESS
November 25, 2010 | By Tom Petruno, Los Angeles Times
Investors pulled a net $4.78 billion from tax-free municipal bond mutual funds in the seven days ended Nov. 17, about 1% of total fund assets, as falling bond prices and rising yields depressed muni fund share values. The outflow, reported Wednesday by the Investment Company Institute, was the biggest in at least three years and followed the turmoil that rocked the muni market beginning in late October. A rise in market interest rates in general and a surge in the supply of new muni bonds from California and other issuers drove prices of some muni bonds down sharply from Oct. 25 through early last week.
BUSINESS
March 18, 2010 | By Tom Petruno
Money market mutual fund assets have fallen below $3 trillion for the first time since November 2007, as investors continue to hunt for better returns on their cash. Total money fund assets slumped $75.6 billion to $2.99 trillion in the seven days ended Tuesday, fund tracker iMoneyNet said Wednesday. That brings the year-to-date outflow to $270 billion, a sharp acceleration from last year's pace. Money funds saw $498 billion pour out in all of 2009. This week's outflow stemmed in part from corporate withdrawals to make federal tax payments due March 15, iMoneyNet said.
BUSINESS
February 25, 2010 | By Tom Petruno
TCW Group Inc.'s ouster of its star bond fund manager in December cost the Los Angeles investment firm more than one-fifth of the assets it managed before the firing, the company disclosed Wednesday. Institutional and individual investors pulled a total of about $25 billion from TCW after the company terminated Jeffrey Gundlach as chief investment officer Dec. 4, according to TCW data. The company managed $115 billion as of Jan. 31, up from $110 billion Dec. 4. But about $31 billion of the $115 billion was brought in by Metropolitan West Asset Management, which TCW agreed to buy to replace Gundlach and the TCW staffers whom the firm correctly expected to leave with him. Excluding the Metropolitan West money, TCW's assets declined to about $84 billion on Jan. 31. Any drop in assets means a money manager has less income than it would otherwise, because management fees are charged as a percentage of assets.
BUSINESS
May 24, 2001 | A Times Staff Writer
California's costly electricity crisis and deteriorating credit-worthiness pushed investors to pull $3.5 billion from California mutual funds in April, CBS MarketWatch reported, citing data from fund tracker Lipper Inc.. "Investors are very sensitive to events," Don Cassidy, senior research analyst with Lipper, told MarketWatch. "Performance in those funds for the month was more negative than the performance in bond funds elsewhere." California money market funds lost $3 billion in April, or 8.
BUSINESS
January 3, 2002 | A Times Staff Writer
Record-low yields on money market mutual funds may be driving more savers in the funds to shift that cash elsewhere. Total assets of taxable and tax-free money funds slid $52 billion in the seven days ended Wednesday, to $2.24 trillion, Imoneynet.com said. Money fund assets fell $10.4 billion in the previous week. Much of the shifting of dollars away from money funds so far is by institutional investors rather than individuals, Imoneynet.com said.
BUSINESS
October 8, 2009 | Richard Verrier
Can free parking in Los Angeles help to stem the migration of TV and film production to other cities and states? Probably not. But that most coveted of Los Angeles benefits was one of a series of recommendations adopted Wednesday by the L.A. City Council aimed at making it easier for producers to film locally and discouraging them from taking their business elsewhere. Among the recommendations are to consider a tax credit for building owners who make their properties available for filming and a refund of sales tax paid by production companies when at least 75% of the filming is done within the city.
BUSINESS
August 29, 2006 | From Times Staff and Bloomberg News
Americans' appetite for foreign stock and bond mutual funds quickly revived in July, while their interest in domestic funds continued to wane. Foreign funds took in a net $7.3 billion of new cash last month, as many overseas markets rebounded from their mid-May to mid-June sell-off, fund tracker Financial Research Corp. in Boston said Monday. Foreign funds had an outflow of $1.6 billion in June. U.S. blue-chip stocks also rose in July, but smaller stocks were lower.
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