Summer doldrums and an unsettled stock market did not halt investors from sending $1.5 billion into equity funds for the week ending Aug. 4 -- more than double the inflows of the prior week, according to fund-tracking firm TrimTabs.
"July flows were like those in June," says Carl Wittnebert, TrimTabs' director of research. "It's retirement money on autopilot."
TrimTabs said equity funds that invest primarily in U.S. stocks had inflows of $1.4 billion compared with $700 million last week. International funds took in $100 million after being flat last week.
Bond flows saw a second week of outflows at $648 million, but that was down from the prior week's outflow of $1.12 billion, said TrimTabs. Hybrid funds saw a noticeable turnaround, taking in $1.1 billion compared with last week's outflow of $63 million.
Outflows from U.S. junk bond mutual funds slowed to $29 million from a revised $359 million a week earlier, said rival fund tracking firm AMG Data Services.