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Release: Trends in Mutual Fund Investing

Trends in Mutual Fund Investing
November 2021

Washington, DC; December 30, 2021—The combined assets of the nation’s mutual funds decreased by $358.59 billion, or 1.3 percent, to $26.39 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 2021 Oct 2021 % change Nov 2020  
Total long-term 21,770.7 22,194.8 -1.9 18,930.0  

Equity

14,319.3 14,734.0 -2.8 12,226.5  

Domestic equity

10,956.5 11,228.5 -2.4 9,170.4  

World equity

3,362.9 3,505.5 -4.1 3,056.0  

Hybrid

1,821.9 1,853.5 -1.7 1,581.8  

Bond

5,629.5 5,607.2 0.4 5,121.7  

Taxable bond

4,655.0 4,644.9 0.2 4,261.6  

Municipal bond

974.5 962.3 1.3 860.1  
Total money market 4,619.2 4,553.7 1.4 4,343.3  

Taxable money market

4,532.3 4,466.0 1.5 4,235.0  

Tax-exempt money market

86.9 87.7 -0.8 108.2  
Total 26,389.9 26,748.5 -1.3 23,273.2  

* 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 2021 Oct 2021 Jan–Nov 2021 Jan–Nov 2020  
Total long-term -19,389 -8,664 27,410 -465,524  

Equity

-34,511 -20,648 -364,321 -568,781  

Domestic equity

-38,225 -30,196 -352,186 -421,726  

World equity

3,714 9,548 -12,135 -147,055  

Hybrid

-1,468 -1,825 -5,134 -79,736  

Bond

16,591 13,808 396,866 182,993  

Taxable bond

11,713 12,017 315,504 153,348  

Municipal bond

4,878 1,791 81,361 29,646  
Total money market 65,380 10,974 285,804 700,691  

Taxable money market

66,135 12,121 304,404 730,689  

Tax-exempt money market

-755 -1,147 -18,600 -29,998  
Total 45,991 2,310 313,214 235,167  

* 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 $19.39 billion in November, versus an outflow of $8.66 billion in October.

Equity funds posted an outflow of $34.51 billion in November, compared with an outflow of $20.65 billion in October. Among equity funds, world equity funds (U.S. funds that invest primarily overseas) posted an inflow of $3.71 billion in November, versus an inflow of $9.55 billion in October. Funds that invest primarily in the United States had an outflow of $38.22 billion in November, versus an outflow of $30.20 billion in October. The liquidity ratio of equity funds (the percentage of liquid assets over total net assets) was 2.1 percent in November, compared with 2.0 percent in October.

Hybrid funds posted an outflow of $1.47 billion in November, compared with an outflow of $1.82 billion in October.

Bond funds had an inflow of $16.59 billion in November, compared with an inflow of $13.81 billion in October. Taxable bond funds had an inflow of $11.71 billion in November, versus an inflow of $12.02 billion in October. Municipal bond funds had an inflow of $4.88 billion in November, compared with an inflow of $1.79 billion in October.

Money market funds had an inflow of $65.38 billion in November, compared with an inflow of $10.97 billion in October. In November funds offered primarily to institutions had an inflow of $63.47 billion and funds offered primarily to individuals had an inflow of $1.91 billion.

Number of Mutual Funds
  Nov 2021 Oct 2021 Nov 2020  
Total long-term 7,174 7,188 7,331  

Equity

4,369 4,379 4,477  

Domestic equity

2,923 2,935 3,014  

World equity

1,446 1,444 1,463  

Hybrid

704 705 727  

Bond

2,101 2,104 2,127  

Taxable bond

1,559 1,559 1,573  

Municipal bond

542 545 554  
Total money market 307 307 345  

Taxable money market

247 247 270  

Tax-exempt money market

60 60 75  
Total 7,481 7,495 7,676  

* 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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