What was really staggering is that Fairholme Fund (FAIRX) had outflows of $1B. After being the manager of the decade, investors were very quick to flee Bruce Berkowitz in June. What a tough industry! Maybe I should reconsider.
- U.S. investors pulled $19 billion more out of actively managed U.S. stock funds in June than they put in, while U.S. index stock funds saw $1.1 billion in net inflows.
- March 2009 - investors pulled $18.3 billion out of actively managed U.S. stock funds than they put in, and passively managed equity funds saw $2.4 billion in inflows.
- Big losers among actively managed equity funds in June were the American Funds Growth Fund of America (AGTHX), which lost $2.9 billion; the Fairholme Fund (FAIRX), and Fidelity Investments' Magellan Fund (FMAGX), which both lost $1 billion, and the Davis New York Venture Fund (NYVTX), which saw $780 million in net outflows.
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