Newspaper article St Louis Post-Dispatch (MO)

Mutual Fund Industry Enjoys Its Best Summer Ever

Newspaper article St Louis Post-Dispatch (MO)

Mutual Fund Industry Enjoys Its Best Summer Ever

Article excerpt

Sparked by sales of more conservative stock and international funds, the mutual-fund industry is enjoying its best summer, fund executives said last week. They added that seasonal patterns seemed to have disappeared.

"July will be our best month ever," said Neal Litvack, an executive vice president of Fidelity Investments, the largest mutual-fund group. "This is the first year in Fidelity's history where July sales were greater than June."

At T. Rowe Price, the story was similar. "The usual summer lull does not seem to be kicking in this year," a spokesman, Steve Norwitz, said.

Their statements came as figures released by the Investment Company Institute, a trade group, showed that strong cash flows continued in June, with stock funds bringing in a net $9.2 billion and bond funds, $10.5 billion - both figures slightly up from May.

To mutual fund veterans, the most notable thing was that while some kinds of funds were selling better than others, nothing was unpopular.

"There are widespread increases in almost every category," said Stephen Gibson, a spokesman for Putnam Investments. …

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