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Release: Trends in Mutual Fund Investing

Trends in Mutual Fund Investing
June 2022

Washington, DC; July 28, 2022—The combined assets of the nation’s mutual funds decreased by $1.33 trillion, or 5.6 percent, to $22.30 trillion in June, 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

 

Jun 2022

May 2022

% change

Jun 2021

 

Total long-term

17,760.7

19,118.7

-7.1

21,480.3

 

Equity

11,374.1

12,443.9

-8.6

14,171.1

 

Domestic equity

8,704.9

9,512.1

-8.5

10,714.4

 

World equity

2,669.2

2,931.8

-9.0

3,456.7

 

Hybrid

1,591.7

1,705.1

-6.6

1,796.8

 

Bond

4,794.8

4,969.7

-3.5

5,512.5

 

Taxable bond

3,995.2

4,137.5

-3.4

4,570.9

 

Municipal bond

799.6

832.2

-3.9

    941.6

 

Total money market

4,540.9

4,515.9

0.6

4,534.1

 

Taxable money market

4,437.6

4,416.1

0.5

4,440.7

 

Tax-exempt money market

103.3

99.8

3.5

93.5

 

Total

22,301.5

23,634.6

-5.6

    26,014.4

 

* 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

 

Jun 2022

May 2022

Jan–Jun 2022

Jan–Jun 2021

 

Total long-term

-117,054

-130,167

-490,763

51,792

 

Equity

-42,596

-35,521

-157,986

-230,803

 

Domestic equity

-23,860

-23,152

-105,853

-191,991

 

World equity

-18,736

-12,369

-52,133

-38,812

 

Hybrid

-11,971

-8,941

-35,772

-5,056

 

Bond

-62,486

-85,705

-297,004

287,651

 

Taxable bond

-47,595

-65,534

-208,783

238,041

 

Municipal bond

-14,891

-20,171

-88,221

49,610

 

Total money market

33,572

-8,044

-206,229

201,043

 

Taxable money market

30,149

-15,202

-222,633

213,088

 

Tax-exempt money market

3,423

7,158

16,404

-12,046

 

Total

-83,482

-138,211

-696,992

252,835

 

* Outflows in equity funds were partially driven by $ $5.680 billion in mutual funds that converted to exchange traded funds during June 2022. 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 $117.05 billion in June, versus an outflow of $130.17 billion in May.

Equity funds posted an outflow of $42.60 billion in June, compared with an outflow of $35.52 billion in May. Among equity funds, world equity funds (U.S. funds that invest primarily overseas) posted an outflow of $18.74 billion in June, versus an outflow of $12.37 billion in May. Funds that invest primarily in the United States had an outflow of $23.86 billion in June, versus an outflow of $23.15 billion in May. The liquidity ratio of equity funds (the percentage of liquid assets over total net assets) was 2.8 percent in June, compared with 2.7 percent in May.

Hybrid funds posted an outflow of $11.97 billion in June, compared with an outflow of $8.94 billion in May.

Bond funds had an outflow of $62.49 billion in June, compared with an outflow of $85.70 billion in May. Taxable bond funds had an outflow of $47.60 billion in June, versus an outflow of $65.53 billion in May. Municipal bond funds had an outflow of $14.89 billion in June, compared with an outflow of $20.17 billion in May.

Money market funds had an inflow of $33.57 billion in June, compared with an outflow of $8.04 billion in May. In June funds offered primarily to institutions had an inflow of $1.75 billion and funds offered primarily to individuals had an inflow of $31.82 billion.

Number of Mutual Funds

 

Jun 2022

May 2022

Jun 2021

 

Total long-term

7,163

7,180

7,204

 

Equity

4,389

4,401

4,386

 

Domestic equity

2,929

2,937

2,940

 

World equity

1,460

1,464

1,446

 

Hybrid

690

693

704

 

Bond

2,084

2,086

2,114

 

Taxable bond

1,540

1,543

1,566

 

Municipal bond

544

543

548

 

Total money market

300

300

316

 

Taxable money market

241

241

251

 

Tax-exempt money market

59

59

65

 

Total

7,463

7,480

7,520

 

* 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.

If you have any questions or would like to request additional comments on this or data on another topic, please contact a member of ICI’s Media Relations team at 202-371-5413 or icipubcomm@ici.org.