BOSTON (AP) — Mutual fund shareholders aren't budging from their recently conservative approach to investing, despite this year's stock market gains. Cash was pulled from stock funds for the eighth month in a row in October, while bond funds attracted cash for the 14th consecutive month.
Industry consultant Strategic Insight reported on Wednesday that a net $15 billion was withdrawn from U.S. stock funds last month.
The Standard & Poor's 500 index was up 12 percent for the year through October. Yet the last time that deposits into stock funds exceeded withdrawals was in February.
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Funds investing primarily in foreign stocks attracted $700 million in net deposits last month.
Bond funds have attracted new cash each month since September 2011. Strategic Insight says bond funds took in nearly $30 billion last month.
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