U.S. mutual fund investors show no signs of panic.
via Yahoo!
By Cal Mankowski
NEW YORK, Aug 4 (Reuters) - The sharp pullback in Wall
Street stocks since new highs were reached in mid-July
apparently has not unnerved mutual fund investors, a spot
check with some leading fund companies showed Tuesday.
A spokeswoman for Fidelity Investments, the largest U.S.
fund group, said after the stock market close that there
were positive inflows across the whole fund complex with
''essentially negligible'' movement from stock funds into
bond funds. Fidelity has about $626 billion in fund assets
under management.
The Dow Jones Industrial Average fell 299 points to 8487
Tuesday, a drop of 3.41 percent. Analysts said continued
worries about Asian economic woes and concerns about a
slowdown in the United States and the impact on corporate
profits contributed to the decline.
A spokesman for the Janus Funds group said a spot check
around the middle of the day Tuesday showed a ''bias toward
buys'' with people moving from money markets to stock funds.
She said the $93 billion fund group was getting lots of
telephone calls but, ''we're not seeing panic.''
A spokeswoman for Dreyfus Corp., a unit of Mellon Bank Corp.
(MEL - news), said there has not been any pickup in
redemption activity recently and the company is seeing,
''business as usual.'' She said Dreyfus has a policy of not
making specific redemption figures public.
Scudder Kemper Investments, which manages three fund groups
with over $100 billion in assets, characterized Tuesday's
activity as a non-event. The group includes the Scudder,
Kemper and AARP funds.
A spokesman for The Vanguard Group, the second-largest U.S.
fund complex with $400 billion in assets, said in late
afternoon that inflows into stock funds remained positive. |
