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Trends in Mutual Fund Investing
November 2020

Washington, DC; December 30, 2020—The combined assets of the nation’s mutual funds increased by $1.46 trillion, or 6.7 percent, to $23.28 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 ICI.

Total Net Assets of Mutual Funds*
Billions of dollars

 

Nov 2020

Oct 2020

% change

Nov 2019

Total long-term

18,931.1

17,462.6

8.4

17,318.7

  Equity

12,227.5

10,987.0

11.3

11,111.5

      Domestic equity

9,170.6

8,257.0

11.1

8,278.0

      World equity

3,056.9

2,730.0

12.0

2,833.6

  Hybrid

1,581.8

1,473.7

7.3

1,553.4

  Bond

5,121.7

5,001.9

2.4

4,653.8

      Taxable bond

4,261.6

4,156.3

2.5

3,850.8

      Municipal bond

860.1

845.6

1.7

    803.0

Total money market

4,345.0

4,356.6

-0.3

3,565.4

  Taxable money market

4,236.8

4,244.7

-0.2

3,427.1

  Tax-exempt money market

108.2

111.9

-3.3

138.3

Total

23,276.0

21,819.2

6.7

    20,884.1

* 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

 

Nov 2020

Oct 2020

Jan–Nov 2020

Jan–Nov 2019

Total long-term

3,530

-49,129

-465,515

-70,537

   Equity

-36,322

-86,104

-568,517

-301,904

      Domestic equity

-20,235

-57,547

-421,830

-250,923

      World equity

-16,087

-28,557

-146,687

-50,982

   Hybrid

-3,012

-7,986

-79,963

-44,386

   Bond

42,864

44,961

182,965

275,753

      Taxable bond

36,931

39,228

153,320

191,501

      Municipal bond

5,934

5,733

29,645

84,253

Total money market

-11,653

-47,675

702,425

488,931

   Taxable money market

-8,011

-46,137

732,422

497,086

   Tax-exempt money market

-3,642

-1,539

-29,998

-8,155

Total

-8,123

-96,804

236,910

418,394

* 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 $3.53 billion in November, versus an outflow of $49.13 billion in October.

Equity funds posted an outflow of $36.32 billion in November, compared with an outflow of $86.10 billion in October. Among equity funds, world equity funds (U.S. funds that invest primarily overseas) posted an outflow of $16.09 billion in November, versus an outflow of $28.56 billion in October. Funds that invest primarily in the United States had an outflow of $20.24 billion in November, versus an outflow of $57.55 billion in October. The liquidity ratio of equity funds (the percentage of liquid assets over total net assets) was 2.1 percent in November, unchanged from October.

Hybrid funds posted an outflow of $3.01 billion in November, compared with an outflow of $7.99 billion in October.

Bond funds had an inflow of $42.86 billion in November, compared with an inflow of $44.96 billion in October. Taxable bond funds had an inflow of $36.93 billion in November, versus an inflow of $39.23 billion in October. Municipal bond funds had an inflow of $5.93 billion in November, compared with an inflow of $5.73 billion in October.

Money market funds had an outflow of $11.65 billion in November, compared with an outflow of $47.68 billion in October. In November funds offered primarily to institutions had an outflow of $7.95 billion and funds offered primarily to individuals had an outflow of $3.70 billion.

Number of Mutual Funds

 

Nov 2020

Oct 2020

Nov 2019

Total long-term

7,332

7,338

7,591

  Equity

4,478

4,479

4,662

      Domestic equity

3,014

3,015

3,152

      World equity

1,464

1,464

1,510

  Hybrid

727

729

776

  Bond

2,127

2,130

2,153

      Taxable bond

1,573

1,574

1,601

      Municipal bond

554

556

552

Total money market

345

347

363

  Taxable money market

270

270

283

  Tax-exempt money market

75

77

80

Total

7,677

7,685

7,954

* 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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