Tuesday, September 1, 2009

Mutual Funds Are Dumping Shares

The Finandial Post reports today that mutual funds and pensions are selling consumer shares at the fastest pace in at least 14 years, in other words, they are taking advantage of the recent rally to seell their shares.

"Institutions controlling $16.4 trillion sold $1.8 billion more than they bought of department stores, distillers and hoteliers this month, according to data compiled by State Street Corp." “There’s concern by consumers about everything, not only future employment but also the value of their house and their retirement plans,” said Randy Bateman, the Columbus, Ohio-based chief investment officer at the asset management unit of Huntington Bancshares, which oversees $12 billion. “Whenever you have a question mark with regard to their ability to spend, you’re going to have a drawback in those stocks.” "

Bloomberg article

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