03 Aug 2012, by
Despite a week of performance that included seeing the Dow touch 13,000 for the first time since early May, equity mutual fund investors were sellers, yanking about $3.0 billion from their accounts. Much of the outflows were from their core holdings, large-cap funds, which saw $1.9 billion pulled away. Taxable bond fund investors were net investors but could only muster $1.4 billion this week, down from +$2.6 billion the week before. The top draw was again U.S. Mortgage Funds (+$572 million) of which DoubleLine Total Return Fund accounted for about $519 million in net new money. Like taxable bond fund investors, muni debt fund investors also eased off the accelerator this week and bought up about $480 million in muni funds, down from $750 million a week ago. In the short-term space, money market funds had net withdrawals of $4.4 billion, most of which was due to institutional investor activity.