Mutual fund investors change tack
Greek mutual fund investors moved their cash mainly into money market funds in March while partly pulling out of domestic bond and stock funds, data from the Association of Institutional Investors showed yesterday. Overall net inflows reached 304 million euros, up from 35.2 million in February. The industry’s total assets under management came to 30.9 billion euros, up 16.9 percent year-on-year. Domestic stock funds had net outflows of 51.2 million euros while the average return in the year to the end of March was 0.66 percent. Out of the category’s 67 stock funds, only three outperformed the Athens Stock Exchange’s general share index, with returns above 4.7 percent in the year to the end of March. In the same period, the return for funds investing abroad was 3.69 percent. and that of balanced funds was 1.93 percent. Money market funds were up 0.47 percent, and bond funds returned 1.43 percent.
