BOSTON (AP) — The newfound confidence that investors showed at the start of the year held up through February.
Stock mutual funds continued to attract cash, although at a slower pace than in January. Bond funds also drew new money, putting the industry on track to potentially set a quarterly record for overall fund flows.
Industry consultant Strategic said that a net $6 billion was deposited into U.S. stock funds in February. That's down from $26 billion the previous month. Withdrawals had exceeded deposits for 10 months in a row before January.
Bond funds have consistently attracted cash in recent years, and that trend continues in 2013. Net deposits into bond funds totaled $22 billion last month, down from $42 billion in January.