Aug. 28, 2002 -- Faced with continuing market volatility, investors bailed out of stock funds and put money into bond and money funds last month.
Domestic stock funds saw outflows of $41.6 billion, while domestic bond funds netted $22.9 billion, and money market funds took in $49.6 billion in July, Financial Research Corp., a financial services consulting company, reported.
Stock and bond funds suffered an estimated $21.3 billion in net redemptions, according to FRC. The firm said the net outflows were the largest for any single month since it began tracking monthly fund sales in 1993.
Among fund families, Pimco funds was the top seller in July, attracting $2.8 billion. It was followed by Nations Funds at $1.2 billion.
The best selling fund last month was Vanguard GNMA (VFIIX), which took in $1.6 billion. PIMCO Funds:Total Return Fund/A (PTTAX) placed second with inflows of $1.3 billion.