BOSTON (AP) — Another month of a rising stock market, another month of retreat for mutual fund investors.
Industry consultant Strategic Insight reported on Thursday that a net $11 billion was withdrawn from U.S. stock funds in August, the sixth month in a row that withdrawals have exceeded deposits. That's despite last month's 2.3 percent rise in the Standard & Poor's 500 index.
Investors also withdrew from stock funds in June and July, although stocks rose modestly both those months.
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A net $34 billion flowed into bond funds in August. Bond fund deposits have exceeded withdrawals for 12 months in a row.
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