Long-term funds have had a full year of positive sales, raking in $514 billion in the week ended March 10, bringing total sales for the past 52 weeks to $506.6 billion, the Investment Company Institute said.
The inflows began once the stock market began rallying since March 9, 2009.
The mutual fund industry has experienced longer stretches of sales streaks, certainly, in the 1990s and between 2004 and 2006, ICI Chief Economist Brian Reid told The Wall Street Journal. “This is not a particularly long streak, but having over $500 billion coming into stock and bond funds is significant.”
In the past year, $66.28 billion has gone into foreign stock funds, while U.S. stock funds have lost $8.44 billion. Bond funds had enormously strong sales of $409 billion.
In the latest week, equity funds had estimated inflows of $3.53 billion, compared to inflows of $1.78 billion in the previous week. Domestic equity funds took in $1.41 billion, foreign equity funds lost $2.11 billion. Investors placed $1.07 billion into hybrid funds, compared to estimated inflows of $906 million in the previous week.
Bond funds had inflows of $8.85 billion, compared to inflows of $10.00 billion the previous week. Taxable bond funds saw estimated inflows of $7.63 billion, while municipal bond funds had estimated inflows of $1.22 billion.
Money market fund assets fell by $75.63 billion in the past week, according to iMoneyNet, leaving a balance of $2.991 trillion for the category.