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Mutual funds

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Investors add USD15.9bn to long-term mutual funds in July

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Investors added USD15.9bn to long-term mutual funds in July, driven by inflows of USD7.9bn into international-equity funds, according to Morningstar.

 
Outflows from taxable-bond funds ebbed to USD1.3bn after record outflows of USD43.7bn in June, with investors continuing to favour bank-loan and non-traditional bond funds at the expense of more traditional intermediate-term bond categories.
 
Morningstar estimates net flow by computing the change in assets not explained by the performance of the fund.
 
Detroit’s bankruptcy filing kept municipal-bond funds in heavy redemptions; the category group lost USD10.3bn in July to mark the fifth straight month of outflows.
 
Value offerings led the way among equity funds, which was likely a result of yield-starved fixed-income investors seeking dividend income. Large-value funds collected USD3.3bn, the category’s strongest inflow since February 2007.
 
JPMorgan led all providers with inflows of USD3.4bn. Dimensional Fund Advisors, Oakmark, Principal Funds, and MFS have also gained market share over the last year.
 
Investors pulled USD7.5bn from PIMCO Total Return in July, its third month of outflows. The fund has seen outflows of USD18.4bn over the previous three months compared with inflows of USD21.5bn over the 16-month period from January 2012 through April 2013.

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