Mutual funds are being shaken by an investor revolt. In seven of the past 13 months, the sale of new fund shares to the public has slipped behind redemptions, and the trend is accelerating. In April the excess of redemptions over purchases rose to $250 million, up from the record $194 million in March. Investors are cashing in their shares partly because the funds performed poorly in 1969 and 1970, though they did better than the market averages last year. However, some funds have been able to prosper in the face of the industry depression.
Rowe Price
Isolated in downtown Baltimore,...
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