Cash inflows into equity funds declined 25 percent in May from April, according to Strategic Insight, a mutual fund research and consulting firm in New York. Inflows into large-cap growth funds were down 50 percent and down 40 percent into S&P 500 funds from the average monthly pace so far this year, Strategic Insight found.

The research firm said the data signals the beginning of a move away from large-cap growth funds to smaller cap, value and international equity funds, which had increased flows or substantially smaller outflows than in previous months, the research firm said.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.