Investors Pull Most Money From U.S. Stock Pickers Since 2008
- Clients flee as top managers warn of underperformance
- Vanguard, BlackRock attract money as others see outflows
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Investors pulled an estimated $21.7 billion from actively managed funds that buy U.S. stocks in June, the biggest monthly withdrawal since October 2008, Morningstar Inc. reported Monday.
For the month, actively run funds of all types suffered redemptions of $30.2 billion while mutual funds and exchange-traded funds that mimic indexes attracted $29.2 billion. Actively run municipal bond funds attracted $6.3 billion, the only category among stock and bond pickers that managed inflows.