BOSTON (AP) - Mutual fund shareholders aren't budging from their recently conservative approach to investing, despite this year's stock market gains. Cash was pulled from stock funds for the eighth month in a row in October, while bond funds attracted cash for the 14th consecutive month.
Industry consultant Strategic Insight reported on Wednesday that a net $15 billion was withdrawn from U.S. stock funds last month.
The Standard & Poor's 500 index was up 12 percent for the year through October. Yet the last time that deposits into stock funds exceeded withdrawals was in February.
Funds investing primarily in foreign stocks attracted $700 million in net deposits last month.
Bond funds have attracted new cash each month since September 2011. Strategic Insight says bond funds took in nearly $30 billion last month.