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Release: Trends in Mutual Fund Investing

Trends in Mutual Fund Investing
December 2023

Washington, DC; January 30, 2024—The combined assets of the nation’s mutual funds increased by $822.22 billion, or 3.3 percent, to $25.52 trillion in December, 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

 

Dec 2023

Nov 2023

% change

Dec 2022

Total long-term

19,608.9

18,821.6

4.2

17,337.1

Equity

13,311.1

12,711.5

4.7

11,357.0

Domestic equity

10,338.7

9,860.6

4.8

8,725.3

World equity

2,972.4

2,850.9

4.3

2,631.7

Hybrid

1,553.2

1,501.0

3.5

1,487.9

Bond

4,744.6

4,609.1

2.9

4,492.2

Taxable bond

3,991.0

3,870.8

3.1

3,755.7

Municipal bond

753.6

738.3

2.1

    736.5

Total money market

5,915.8

5,880.9

0.6

4,776.7

Taxable money market

5,792.2

5,758.4

0.6

4,664.3

Tax-exempt money market

123.6

122.5

0.9

112.4

Total

25,524.7

24,702.5

3.3

    22,113.8

* 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

 

Dec 2023

Nov 2023

Jan–Dec 2023

Jan–Dec 2022

Total long-term

-93,243

-79,011

-659,446

-1,116,377

Equity

-75,628

-59,196

-514,669

-470,998

Domestic equity

-56,759

-46,577

-418,230

-314,828

World equity

-18,868

-12,619

-96,439

-156,170

Hybrid

-9,113

-5,744

-107,961

-103,547

Bond

-8,503

-14,071

-36,815

-541,832

Taxable bond

-6,845

-10,377

-17,119

-393,396

Municipal bond

-1,657

-3,694

-19,697

-148,436

Total money market

16,935

196,348

964,170

-13,318

Taxable money market

15,894

197,372

955,655

-38,273

Tax-exempt money market

1,041

-1,024

8,515

24,954

Total

-76,308

117,337

304,724

-1,129,695

* 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 $93.24 billion in December, versus an outflow of $79.01 billion in November.

Equity funds posted an outflow of $75.63 billion in December, compared with an outflow of $59.20 billion in November. Among equity funds, world equity funds (U.S. funds that invest primarily overseas) posted an outflow of $18.87 billion in December, versus an outflow of $12.62 billion in November. Funds that invest primarily in the United States had an outflow of $56.76 billion in December, versus an outflow of $46.58 billion in November. The liquidity ratio of equity funds (the percentage of liquid assets over total net assets) was 1.9 percent in December, compared with 2.2 percent in November.

Hybrid funds posted an outflow of $9.11 billion in December, compared with an outflow of $5.74 billion in November.

Bond funds had an outflow of $8.50 billion in December, compared with an outflow of $14.07 billion in November. Taxable bond funds had an outflow of $6.85 billion in December, versus an outflow of $10.38 billion in November. Municipal bond funds had an outflow of $1.66 billion in December, compared with an outflow of $3.69 billion in November.

Money market funds had an inflow of $16.93 billion in December, compared with an inflow of $196.35 billion in November. In December funds offered primarily to institutions had an outflow of $22.88 billion and funds offered primarily to individuals had an inflow of $39.82 billion.

Number of Mutual Funds

 

Dec 2023

Nov 2023

Dec 2022

Total long-term

6,951

6,973

7,134

      Equity

4,292

4,297

4,393

Domestic equity

2,881

2,882

2,931

World equity

1,411

1,415

1,462

      Hybrid

637

641

663

      Bond

2,022

2,035

2,078

Taxable bond

1,501

1,513

1,538

Municipal bond

521

522

540

Total money market

275

275

291

      Taxable money market

229

229

236

      Tax-exempt money market

46

46

55

Total

7,226

7,248

7,425

* 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.”