Trends In Mutual Fund Investing
November 2003Washington, DC, December 30, 2003 - The combined assets of the nation's mutual funds increased by $82.40 billion, or 1.2 percent, to $7.235 trillion in November, according to the Investment Company Institute's official survey of the mutual fund industry. In the survey, mutual fund companies report actual assets, sales and redemptions to the ICI. Net Assets of Mutual Funds
(billions of dollars)
| |
Nov 03 |
Oct 03 |
% chg |
Dec 02 |
Stock Funds |
3,513.1 |
3,440.4R |
+2.1 |
2,667.1 |
Hybrid Funds |
416.4 |
405.9R |
+2.6 |
327.4 |
Taxable Bond Funds |
899.0 |
894.7R |
+0.5 |
796.6 |
Municipal Bond Funds |
333.8 |
331.9R |
+0.6 |
328.5 |
Taxable Money Market Funds |
1,780.9 |
1,791.3R |
-0.6 |
1,997.2 |
Tax-Free Money Market Funds |
292.2 |
288.8R |
+1.2 |
274.8 |
Total |
7,235.4 |
7,153.0R |
+1.2 |
6,391.6 | R=revised data Highlights: Long-term funds-stock, bond, and hybrid fund-collectively had a net inflow of $15.42 billion in November, down from $28.12 billion in October. For the first 11 months of the year, the net inflow to long-term funds stood at $202.36 billion, up 66 percent from the same period in 2002. Stock funds posted a $14.92 billion inflow in November. The inflow to stock funds in October was $25.31 billion-the largest inflow for the year. Bond funds had an outflow of $2.53 billion in November, compared with an outflow of $1.29 billion in October. The outflows that have occurred since July reflect an environment of higher interest rates, which tend to depress returns. Hybrid funds had an inflow of $3.03 billion in November, compared with an inflow of $4.10 billion in October. Money market mutual funds had a net outflow of $7.69 billion in November, compared from the $22.07 billion outflow in October. The outflow in November represents a continuation of the outflows that have been evident in money market funds for the past two years, brought about by the low yields on short-term investments. Money funds offered primarily to institutions had an inflow of $1.82 billion in November. Funds offered primarily to individuals had an outflow of $9.51 billion for the month. Net New Cash Flow of Long-Term Funds
(millions of dollars)
Stock Mutual Funds
| |
Nov 2003 |
Oct 2003 |
YTD 03 |
YTD 02 |
New Sales |
73,018 |
81,290R |
763,824 |
837,232R |
Redemptions |
-60,667 |
-60,218R |
-638,811 |
-813,355R |
Exchanges In |
12,571 |
17,959R |
222,175 |
297,518R |
Exchanges Out |
-9,998 |
-13,724R |
-209,046 |
-340,756R |
Net New Cash Flow |
14,924 |
25,306R |
138,141 |
-19,360R |
Hybrid Mutual Funds
New Sales |
8,492 |
9,323R |
83,814 |
72,404 |
Redemptions |
-5,805 |
-5,815R |
-58,296 |
-63,343R |
Exchanges In |
1,267 |
1,673R |
16,505 |
15,537 |
Exchanges Out |
- 926 |
-1,085R |
-12,232 |
-16,131 |
Net New Cash Flow |
3,029 |
4,096R |
29,791 |
8,468R |
Taxable Bond Mutual Funds
New Sales |
22,167 |
27,097R |
333,799 |
300,920R |
Redemptions |
-22,037 |
-25,736R |
-280,918 |
-205,841R |
Exchanges In |
3,009 |
4,797R |
71,912 |
86,692R |
Exchanges Out |
-4,536 |
-6,413R |
-84,645 |
-64,434 |
Net New Cash Flow |
-1,398 |
-255R |
40,148 |
117,337R |
Municipal Bond Mutual Funds
New Sales |
4,316 |
4,770R |
57,146 |
61,703 |
Redemptions |
-5,224 |
-5,286R |
-58,286 |
-47,366 |
Exchanges In |
659 |
774 |
13,565 |
17,357 |
Exchanges Out |
-886 |
-1,289 |
-18,143 |
-15,963 |
Net New Cash Flow |
-1,135 |
-1,031R |
-5,718 |
15,731 | Net New Cash Flow of Money Market Funds
(millions of dollars)
Nov 03 |
Oct 03 |
YTD 03 |
YTD 02 |
-7,689 |
-22,069R |
-236,187 |
-7,840 | Liquid Assets of Stock Mutual Funds
(percent of total net assets)
Nov 03 |
Oct 03 |
Nov 02 |
4.6% |
4.5% |
5.0% | Annual Redemptions from Stock Funds
(percent of average net assets*)
Nov 03 |
Oct 03 |
Nov 02 |
22.3% |
23.1% |
29.0%R | *Redemptions over the most recent twelve-month period as a percent of average of total net assets at beginning and ending of period. Annual Redemptions and Redemption Exchanges from Stock Funds
(percent of average net assets*)
Nov 03 |
Oct 03 |
Nov 02 |
29.8% |
31.4%R |
41.0%R | *Redemptions and Redemption Exchanges over the most recent twelve-month period as a percent of average of total net assets at beginning and ending of period. Number of Mutual Funds in this Report
| |
Nov 03 |
Oct 03 |
Nov 02 |
Stock Funds |
4,643 |
4,677R |
4,773R |
Hybrid Funds |
516 |
511R |
475R |
Taxable Bond Funds |
1,274 |
1,273R |
1,258R |
Municipal Bond Funds |
778 |
779 |
771 |
Taxable Money Market Funds |
668 |
671R |
682 |
Tax-free Money Market Funds |
313 |
315R |
312 |
Total |
8,192 |
8,226R |
8,271R | R=revised data
|
