Bond Funds See Cash Outflow Double in May
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U.S. mutual fund investors pulled a net $16.2 billion from bond funds in May, compared with a $7.8-billion outflow in April, data show.
Stock funds, by contrast, had a slim net cash inflow of $564 million last month, down from an inflow of $23 billion in April.
The data, reported Tuesday by the Investment Company Institute, the funds’ chief trade group, showed that investors turned cautious on bond and stock funds as long-term interest rates continued to rise in May and as oil prices surged.
Money market funds took in a net $6.5 billion in new cash.
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