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JANUARY MUTUAL FUND SALES TOTAL $36.9 BILLION

 WASHINGTON, Feb. 25 /PRNewswire/ -- The Investment Company Institute issued the following:
 TOTAL SALES OF LONG-TERM FUNDS
 Sales of stock and bond and income mutual funds totaled $36.9 billion in January, according to the Investment Company Institute, the national association of the mutual fund industry. This compares with total sales of $38.8 billion in December and $32.6 billion in January 1992.
 Sales of stock mutual funds totaled $15.4 billion in January, compared with $18.2 billion in December and $13.5 billion in January 1992. Growth and income funds, with sales of $5.1 billion, led all fund categories.
 January sales of bond and income mutual funds totaled $21.5 billion, compared with $20.6 billion in December and $19.1 billion in January 1992. Government funds led bond and income fund categories, with sales of $4.0 billion.
 Total sales represent the total value of purchases of new shares, including reinvested dividends. The total sales number does not include exchanges from one fund to another in the same fund group.
 NEW SALES
 New sales (which exclude reinvested dividends) totaled $34.8 billion in January, compared with $30.9 billion in December and $30.9 billion January 1992.
 New sales of stock funds were $15.1 billion, compared with $13.6 billion in December and $13.2 billion in January 1992. New sales of bond and income funds reached $19.7 billion, compared with $17.3 billion in December and $17.6 billion in January 1992.
 REDEMPTIONS
 Total redemptions (liquidation of shares by fund shareholders) were $16.3 billion in January, compared with $18.2 billion in December and $14.6 billion in January 1992. Stock fund redemptions were $6.4 billion in January, compared with $6.0 billion in December and $6.2 billion in January 1992. Bond and income fund redemptions were $9.9 billion in January, compared with $12.2 billion in December and $8.4 billion in January 1992.
 NET SALES
 Total net sales (sales including reinvested dividends less redemptions) of long-term funds, including both stock and bond and income categories, were $20.6 billion in January, compared with $20.6 billion in December and $18.0 billion in January 1992. Net sales of stock funds were $9.0 billion in January, compared with $12.2 billion in December and $7.2 billion in January 1992. Net sales of bond and income funds totaled $11.6 billion in January, $8.4 billion in December, and $10.7 billion in January 1992.
 NET NEW SALES
 Net new sales (sales excluding reinvested dividends less redemptions) were $18.4 billion in January, compared with $12.7 billion in December and $16.2 billion in January 1992.
 Net new sales of stock funds in January were $8.7 billion, compared with $7.6 billion in December and $7.0 billion in January 1992. January net new sales of bond and income funds were $9.7 billion, compared with $5.1 billion in December and $9.2 billion January 1992.
 NET EXCHANGES
 Net exchanges of stock funds totaled $1.5 billion, compared with $1.7 billion in December and -$306.7 million in January 1992. Bond fund net exchanges totaled $765.4 million, compared with -$224.4 million in December and -$686.2 million in January 1992. Exchanges are investments redeemed from one fund and moved to another fund in the same fund group or complex.
 NET CASH FLOW
 Net cash flow (net sales combined with net exchanges) into long- term funds was $22.8 billion in January, compared with $22.1 billion in December and $17.0 billion in January 1992. Net cash flow into stock funds was $10.5 billion in January, compared with $13.9 billion in December and $6.9 billion in January 1992. Net cash flow into bond and income funds was $12.3 billion in January, compared with $8.2 billion in December and $10.0 billion in January 1992.
 NET NEW CASH FLOW
 Net new cash flow (net new sales combined with net exchanges) into long-term funds was $20.7 billion, compared with $14.2 billion in December and $15.2 billion in January 1992. Net new cash flow into stock funds was $10.2 billion in January, compared with $9.3 billion in December and $6.7 billion in January 1992. Net new cash flow into bond and income funds was $10.5 billion, compared with $4.9 billion in December and $8.5 billion in 1992.
 ASSETS
 Assets of all mutual funds totaled $1.670 trillion ($1,669.7 billion) in January, compared with $1.600 trillion ($1,599.9 billion) in December. Total assets in January 1992 were $1.412 trillion ($1,411.9 billion). Total assets of long-term funds for January reached $1.092 trillion ($1,092.2 billion), compared with $1.056 trillion ($1,056.3 billion) in December and $824.1 billion in January 1992.
 Assets of short-term funds (money market funds, including both taxable and tax-exempt) increased to $577.5 billion in January, from $543.6 billion in December. Assets of these short-term funds were $587.8 billion in January 1992.
 TOTAL ASSETS OF FUNDS (millions of dollars)
 January 1993 December 1992 January 1992
 Stock $493,156.1 $475,375.8R $375,022.3
 Bond & Income 599,087.7 580,934.1R 449,046.3R
 Taxable Money Market 478,868.8 448,719.4R 491,343.2
 Tax-Exempt
 Money Market 98,600.9 94,841.1R 96,496.2
 1,669,713.5 1,599,870.4R 1,411,908.0R
 LIQUID ASSET RATIO (Equity Funds)
 January 1993 December 1992 January 1992
 Liquid Asset Ratio 9.1 pct. 9.0 pct. 7.9 pct.
 FUNDS INCLUDED IN THIS REPORT
 January 1993 December 1992 January 1992
 Total Long Term
 (Stock and Bond) 3,014 2,984R 2,624R
 Taxable Money Market 584 585R 557
 Tax-Exempt Money Market 278 279R 269
 Total 3,876 3,848R 3,450R
 INDUSTRY COMMENT -- By Jacob Dreyer, vice president and chief economist:
 "The January build-up in assets was evenly split between money market and long-term funds. True to the established seasonal pattern, assets of money market funds rose substantially, more than fully reversing the typical end-of-the-year outflows.
 "Among long-term funds, the increase in assets was almost evenly split between stock and bond funds. Rising stock and bond prices contributed significantly to the rise in assets. Equity fund portfolios appreciated by well over $3 billion and bond fund portfolios by $8 billion, accounting for close to 20 percent and 45 percent, respectively, to the asset build-up. But net inflows into these fund categories -- over $10 billion for each -- were the main reason for asset growth."
 -0- 2/25/93
 /CONTACT: Betty Hart, 202-955-3532, or John Collins, 202-955-3535, both of the Investment Company Institute/


CO: Investment Company Institute ST: District of Columbia IN: FIN SU:

DC -- DC019 -- 0508 02/25/93 15:37 EST
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Date:Feb 25, 1993
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