Release: Trends in Mutual Fund Investing, April 2021

Trends in Mutual Fund Investing
April 2021

Washington, DC; May 27, 2021—The combined assets of the nation’s mutual funds increased by $783.78 billion, or 3.2 percent, to $25.55 trillion in April, 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
  Apr 2021 Mar 2021 % change Apr 2020
Total long-term 21,022.5 20,270.8 3.7 15,720.8
      Equity 13,891.9 13,291.2 4.5 9,848.7
            Domestic equity 10,516.0 10,033.5 4.8 7,398.6
            World equity 3,375.9 3,257.7 3.6 2,450.1
      Hybrid 1,732.5 1,677.7 3.3 1,393.7
      Bond 5,398.1 5,301.9 1.8 4,478.3
            Taxable bond 4,479.3 4,399.3 1.8 3,721.8
            Municipal bond 918.9 902.6 1.8     756.5
Total money market 4,528.9 4,496.9 0.7 4,736.8
      Taxable money market 4,432.6 4,397.6 0.8 4,600.8
      Tax-exempt money market 96.3 99.3 -3.0 136.0
Total 25,551.4 24,767.6 3.2 20,457.7

* 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
  Apr 2021 Mar 2021 Jan–Apr 2021 Jan–Apr 2020
Total long-term 18,074 32,843 74,241 -377,091
      Equity -34,924 -6,838 -148,933 -133,217
            Domestic equity -36,863 -8,792 -107,664 -130,261
            World equity 1,939 1,954 -41,269 -2,956
      Hybrid 178 542 -3,258 -51,285
      Bond 52,820 39,140 226,432 -192,589
            Taxable bond 44,022 32,806 191,459 -168,033
            Municipal bond 8,798 6,333 34,973 -24,556
Total money market 31,916 129,487 195,491 1,095,620
      Taxable money market 34,894 131,248 204,694 1,097,809
      Tax-exempt money market -2,977 -1,761 -9,202 -2,189
Total 49,990 162,330 269,732 718,529

* 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 $18.07 billion in April, versus an inflow of $32.84 billion in March.

Equity funds posted an outflow of $34.92 billion in April, compared with an outflow of $6.84 billion in March. Among equity funds, world equity funds (U.S. funds that invest primarily overseas) posted an inflow of $1.94 billion in April, versus an inflow of $1.95 billion in March. Funds that invest primarily in the United States had an outflow of $36.86 billion in April, versus an outflow of $8.79 billion in March. The liquidity ratio of equity funds (the percentage of liquid assets over total net assets) was 2.1 percent in April, unchanged from March.

Hybrid funds posted an inflow of $178 million in April, compared with an inflow of $542 million in March.

Bond funds had an inflow of $52.82 billion in April, compared with an inflow of $39.14 billion in March. Taxable bond funds had an inflow of $44.02 billion in April, versus an inflow of $32.81 billion in March. Municipal bond funds had an inflow of $8.80 billion in April, compared with an inflow of $6.33 billion in March.

Money market funds had an inflow of $31.92 billion in April, compared with an inflow of $129.49 billion in March. In April funds offered primarily to institutions had an inflow of $60.44 billion and funds offered primarily to individuals had an outflow of $28.52 billion.

Number of Mutual Funds
  Apr 2021 Mar 2021 Apr 2020
Total long-term 7,225 7,269 7,485
      Equity 4,395 4,433 4,587
            Domestic equity 2,954 2,981 3,099
            World equity 1,441 1,452 1,488
      Hybrid 710 717 750
      Bond 2,120 2,119 2,148
            Taxable bond 1,573 1,572 1,590
            Municipal bond 547 547 558
Total money market 326 328 360
      Taxable money market 259 261 280
      Tax-exempt money market 67 67 80
Total 7,551 7,597 7,845

* 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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