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Strategies & Market Trends : Sharck Soup

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To: Sharck who started this subject	4/23/2001 1:48:58 PM
From: just hit it	Read Replies (1) of 37746

Monday April 23 1:07 PM ET Funds See Record $15.4 Billion Pulled NEW YORK (Reuters) - Investors pulled a record $15.4 billion out of stock mutual funds in March as declining share prices and negative fund returns caused redemptions to exceed sales for the second consecutive month, data trackers Lipper Inc. said Monday. The last time withdrawals exceeded purchases for back-to-back months was in August and September of 1990 when Iraq's invasion of Kuwait spooked financial markets. The previous record withdrawal occurred in August 1998, Lipper said. About $9 billion was withdrawn from stock funds in that month when Russia defaulted on its debt and financial markets skidded lower. Although the March withdrawals set a record in dollar terms, as a percentage of fund assets the pace was far less than occurred in the 1987 stock market crash. In February of this year, fund investors withdrew a net $2.4 billion from stock funds, according to Lipper. Lipper and others collect data on fund activity but because they use different methodologies, the figures are not exactly the same.

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