Trends in Mutual Fund Investing
January 2025
Washington, DC; February 27, 2025—The combined assets of the nation’s mutual funds increased by $567.95 billion, or 2.0 percent, to $29.11 trillion in January, 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
| Jan 2025 | Dec 2024 | % change | Jan 2024 | |
| Total long-term | 22,220.7 | 21,684.7 | 2.5 | 19,662.7 |
|
Equity |
15,473.5 | 15,007.2 | 3.1 | 13,333.8 |
|
Domestic equity |
12,285.9 | 11,923.8 | 3.0 | 10,399.4 |
|
World equity |
3,187.6 | 3,083.4 | 3.4 | 2,934.4 |
|
Hybrid |
1,639.9 | 1,609.5 | 1.9 | 1,550.8 |
|
Bond |
5,107.3 | 5,068.0 | 0.8 | 4,778.2 |
|
Taxable bond |
4,303.6 | 4,270.5 | 0.8 | 4,018.6 |
|
Municipal bond |
803.7 | 797.5 | 0.8 | 759.6 |
| Total money market | 6,884.4 | 6,852.5 | 0.5 | 6,001.8 |
|
Taxable money market |
6,750.9 | 6,716.6 | 0.5 | 5,882.8 |
|
Tax-exempt money market |
133.5 | 135.9 | -1.8 | 119.1 |
| Total | 29,105.1 | 28,537.2 | 2.0 | 25,664.6 |
* 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
| Jan 2025 | Dec 2024 | Jan–Jan 2025 | Jan–Jan 2024 | |
| Total long-term | -61,858 | -97,389 | -61,858 | -20,534 |
|
Equity |
-61,525 | -93,909 | -61,525 | -44,918 |
|
Domestic equity |
-48,546 | -76,341 | -48,546 | -39,245 |
|
World equity |
-12,979 | -17,569 | -12,979 | -5,673 |
|
Hybrid |
-8,685 | -10,100 | -8,685 | -8,235 |
|
Bond |
8,352 | 6,621 | 8,352 | 32,619 |
|
Taxable bond |
4,676 | 8,629 | 4,676 | 26,422 |
|
Municipal bond |
3,677 | -2,009 | 3,677 | 6,197 |
| Total money market | 18,799 | 126,263 | 18,799 | 60,100 |
|
Taxable money market |
21,442 | 126,365 | 21,442 | 65,036 |
|
Tax-exempt money market |
-2,643 | -102 | -2,643 | -4,936 |
| Total | -43,059 | 28,874 | -43,059 | 39,566 |
* 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 outflow of $61.86 billion in January, versus an outflow of $97.39 billion in December.
Equity funds posted an outflow of $61.52 billion in January, compared with an outflow of $93.91 billion in December. Among equity funds, world equity funds (U.S. funds that invest primarily overseas) posted an outflow of $12.98 billion in January, versus an outflow of $17.57 billion in December. Funds that invest primarily in the United States had an outflow of $48.55 billion in January, versus an outflow of $76.34 billion in December. The liquidity ratio of equity funds (the percentage of liquid assets over total net assets) was 1.7 percent in January, compared with 1.6 percent in December.
Hybrid funds posted an outflow of $8.68 billion in January, compared with an outflow of $10.10 billion in December.
Bond funds had an inflow of $8.35 billion in January, compared with an inflow of $6.62 billion in December. Taxable bond funds had an inflow of $4.68 billion in January, versus an inflow of $8.63 billion in December. Municipal bond funds had an inflow of $3.68 billion in January, compared with an outflow of $2.01 billion in December.
Money market funds had an inflow of $18.80 billion in January, compared with an inflow of $126.26 billion in December. In January funds offered primarily to institutions had an inflow of $6.70 billion and funds offered primarily to individuals had an inflow of $12.09 billion.
Number of Mutual Funds
| Jan 2025 | Dec 2024 | Jan 2024 | |
| Total long-term | 6,764 | 6,780 | 6,989 |
|
Equity |
4,173 | 4,186 | 4,310 |
|
Domestic equity |
2,824 | 2,829 | 2,899 |
|
World equity |
1,349 | 1,357 | 1,411 |
|
Hybrid |
625 | 625 | 654 |
|
Bond |
1,966 | 1,969 | 2,025 |
|
Taxable bond |
1,456 | 1,458 | 1,502 |
|
Municipal bond |
510 | 511 | 523 |
| Total money market | 258 | 258 | 274 |
|
Taxable money market |
217 | 217 | 229 |
|
Tax-exempt money market |
41 | 41 | 45 |
| Total | 7,022 | 7,038 | 7,263 |
* 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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