Release: Trends in Mutual Fund Investing, March 2021

Trends in Mutual Fund Investing
March 2021

Washington, DC; April 29, 2021—The combined assets of the nation’s mutual funds increased by $476.13 billion, or 2.0 percent, to $24.77 trillion in March, 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

 

Mar 2021

Feb 2021

% change

Mar 2020

Total long-term

20,270.6

19,923.9

1.7

14,542.6

      Equity

13,290.8

12,991.0

2.3

8,820.3

            Domestic equity

10,033.2

9,764.8

2.7

6,563.1

            World equity

3,257.6

3,226.2

1.0

2,257.3

      Hybrid

1,677.7

1,641.0

2.2

1,305.0

      Bond

5,302.1

5,291.9

0.2

4,417.3

            Taxable bond

4,399.2

4,400.3

0.0

3,644.0

            Municipal bond

902.9

891.6

1.3

    773.3

Total money market

4,496.9

4,367.5

3.0

4,337.4

      Taxable money market

4,397.6

4,266.5

3.1

4,209.1

      Tax-exempt money market

99.3

101.0

-1.7

128.3

Total

24,767.5

24,291.4

2.0

    18,880.0

* 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

 

Mar 2021

Feb 2021

Jan–Mar 2021

Jan–Mar 2020

Total long-term

32,799

25,184

56,123

-339,821

      Equity

-6,883

-34,912

-114,054

-101,374

            Domestic equity

-8,814

-17,343

-70,823

-110,230

            World equity

1,932

-17,570

-43,231

8,855

      Hybrid

539

-118

-3,438

-53,063

      Bond

39,142

60,214

173,615

-185,384

            Taxable bond

32,809

52,767

147,440

-163,998

            Municipal bond

6,333

7,448

26,175

-21,386

Total money market

129,487

39,381

163,575

697,374

      Taxable money market

131,248

44,053

169,800

706,951

      Tax-exempt money market

-1,761

-4,672

-6,225

-9,577

Total

162,286

64,565

219,698

357,553

* 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 $32.80 billion in March, versus an inflow of $25.18 billion in February.

Equity funds posted an outflow of $6.88 billion in March, compared with an outflow of $34.91 billion in February. Among equity funds, world equity funds (U.S. funds that invest primarily overseas) posted an inflow of $1.93 billion in March, versus an outflow of $17.57 billion in February. Funds that invest primarily in the United States had an outflow of $8.81 billion in March, versus an outflow of $17.34 billion in February. The liquidity ratio of equity funds (the percentage of liquid assets over total net assets) was 2.1 percent in March, compared with 2.0 percent in February.

Hybrid funds posted an inflow of $539 million in March, compared with an outflow of $118 million in February.

Bond funds had an inflow of $39.14 billion in March, compared with an inflow of $60.21 billion in February. Taxable bond funds had an inflow of $32.81 billion in March, versus an inflow of $52.77 billion in February. Municipal bond funds had an inflow of $6.33 billion in March, compared with an inflow of $7.45 billion in February.

Money market funds had an inflow of $129.49 billion in March, compared with an inflow of $39.38 billion in February. In March funds offered primarily to institutions had an inflow of $145.81 billion and funds offered primarily to individuals had an outflow of $16.32 billion.

Number of Mutual Funds

 

Mar 2021

Feb 2021

Mar 2020

Total long-term

7,269

7,276

7,542

      Equity

4,433

4,443

4,628

            Domestic equity

2,981

2,988

3,129

            World equity

1,452

1,455

1,499

      Hybrid

717

718

759

      Bond

2,119

2,115

2,155

            Taxable bond

1,572

1,567

1,597

            Municipal bond

547

548

558

Total money market

328

331

360

      Taxable money market

261

263

280

      Tax-exempt money market

67

68

80

Total

7,597

7,607

7,902

* 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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