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$228m taken out of managed funds

Investors pulled $228 million out of retail managed funds in the first half of the year - even though those funds were making money.

Tuesday, July 20th 2004

Funds management industry watcher FundSource said the withdrawals from funds that focused on international and domestic shares came despite good returns and an improved outlook. Money was flowing into fixed-interest funds, even though they faced a rising interest rate market and were already experiencing losses.

FundSource business manager Tim Anderson said investors appeared to be making "emotive rather than objective" decisions.

"One of the messages we're getting through is that many of the people exiting managed funds are those that waited to get their funds back to a reasonable level after the bear market."

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