FINANCE & SECURITIES

Pace of Fund Purchases Slows: Purchases of U.S. equity mutual funds slowed slightly in May after a robust April and a record first quarter, fund companies reported. A net $26.35 billion was invested in equity funds in April, the Investment Company Institute said, the second-highest monthly figure since the industry trade group started tracking fund sales in the early 1960s. Only in January were overall stock fund purchases higher, totaling $28.9 billion. Stock fund inflow traditionally tails off in May from April, as purchases related to retirement planning decline, the ICI said. Over the last six years, stock fund purchases were an average 19% lower in May than April. This year’s slowdown is comparable to past years. Inflow has been particularly pronounced in “aggressive growth stock funds.”