Net asset value of investment funds in South Korea fell slightly in June from a month earlier as investors withdrew money from short-term funds amid lackluster performance by the local stock market, data showed Thursday.

According to the Korea Financial Investment Association, the net asset value of stocks, bonds and real estate-related funds reached a combined 341.40 trillion won ($337.1 billion) at the end of June, down 401 billion won from a month earlier.

Net asset value is the amount of funds received from contractors and the revenue recorded during the cited period.

The fall was driven by outflows from short-term funds such as money market funds.

Money market funds were hit hardest by an outflow of 4.2 trillion won last month, dragging the net asset value of such funds down to 74.23 trillion won.

A money market fund is mostly invested in short-dated bonds, commercial papers and certificates of deposit.

The net asset value of local stock funds rose to 59.62 trillion won last month from 59.27 trillion won a month earlier as continued inflows offset stock fund redemptions, they showed. (Yonhap)