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Trends in Mutual Fund Investing:
May 2020

Washington, DC; June 29, 2020—The combined assets of the nation’s mutual funds increased by $701.32 billion, or 3.4 percent, to $21.16 trillion in May, 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 ICI.

Total Net Assets of Mutual Funds*
Billions of dollars

 

May 2020

Apr 2020

% change

May 2019

Total long-term

16,391.0

15,721.4

4.3

15,934.6

Equity

10,360.5

9,849.4

5.2

10,096.2

Domestic equity

7,798.7

7,398.8

5.4

7,479.6

World equity

2,561.8

2,450.6

4.5

2,616.6

Hybrid

1,432.4

1,393.6

2.8

1,460.0

Bond

4,598.0

4,478.3

2.7

4,378.4

Taxable bond

3,814.5

3,721.8

2.5

3,633.5

Municipal bond

783.5

756.5

3.6

    744.9

Total money market

4,768.6

4,736.8

0.7

3,160.0

Taxable money market

4,634.8

4,600.8

0.7

3,024.4

Tax-exempt money market

133.8

136.0

-1.6

135.7

Total

21,159.6

20,458.3

3.4

    19,094.6

* Data for exchange-traded funds and funds that invest primarily in other mutual funds were excluded from the series.

Note: Components may not add to the total because of rounding.

Net New Cash Flow of Mutual Funds*
Millions of dollars

 

May 2020

Apr 2020

Jan–May 2020

Jan–May 2019

Total long-term

1,692

-37,258

-375,156

30,652

Equity

-38,738

-31,833

-171,720

-78,909

Domestic equity

-25,326

-20,034

-155,596

-65,673

World equity

-13,412

-11,799

-16,124

-13,236

Hybrid

-2,725

1,780

-54,002

-18,785

Bond

43,155

-7,206

-149,434

128,346

Taxable bond

38,010

-4,035

-130,023

87,811

Municipal bond

5,145

-3,170

-19,411

40,534

Total money market

30,626

398,246

1,126,246

104,154

Taxable money market

32,872

390,858

1,130,681

114,384

Tax-exempt money market

-2,246

7,387

-4,435

-10,230

Total

32,318

360,988

751,090

134,806

* Data for exchange-traded funds and funds that invest primarily in other mutual funds were excluded from the series.

Note: Components may not add to the total because of rounding.

Highlights: Long-term funds—equity, hybrid, and bond funds—had a net inflow of $1.69 billion in May, versus an outflow of $37.26 billion in April.

Equity funds posted an outflow of $38.74 billion in May, compared with an outflow of $31.83 billion in April. Among equity funds, world equity funds (U.S. funds that invest primarily overseas) posted an outflow of $13.41 billion in May, versus an outflow of $11.80 billion in April. Funds that invest primarily in the United States had an outflow of $25.33 billion in May, versus an outflow of $20.03 billion in April. The liquidity ratio of equity funds (the percentage of liquid assets over total net assets) was 2.7 percent in May, compared with 2.9 percent in April.

Hybrid funds posted an outflow of $2.72 billion in May, compared with an inflow of $1.78 billion in April.

Bond funds had an inflow of $43.16 billion in May, compared with an outflow of $7.21 billion in April. Taxable bond funds had an inflow of $38.01 billion in May, versus an outflow of $4.04 billion in April. Municipal bond funds had an inflow of $5.15 billion in May, compared with an outflow of $3.17 billion in April.

Money market funds had an inflow of $30.63 billion in May, compared with an inflow of $398.25 billion in April. In May funds offered primarily to institutions had an inflow of $20.08 billion and funds offered primarily to individuals had an inflow of $10.54 billion.

Number of Mutual Funds

 

May 2020

Apr 2020

May 2019

Total long-term

7,452

7,487

7,679

      Equity

4,566

4,590

4,730

Domestic equity

3,090

3,101

3,200

World equity

1,476

1,489

1,530

      Hybrid

748

749

787

      Bond

2,138

2,148

2,162

Taxable bond

1,585

1,590

1,611

Municipal bond

553

558

551

Total money market

358

360

368

      Taxable money market

278

280

287

      Tax-exempt money market

80

80

81

Total

7,810

7,847

8,047

* Data for exchange-traded funds and funds that invest primarily in other mutual funds were excluded from the series.

About ICI’s Data

Data for prior dates reflect revisions due to data adjustments, reclassifications, and changes in the number of funds reporting. For more information about ICI data and classifications, please visit our FAQs.

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