In spite of all the worries about investor sentiment amidst a sluggish recovery, assets in mutual funds and ETFs both hit record highs in August, with $8.8 trillion and $1.2 trillion, respectively.
Nonetheless, investors showed a conservative streak, favoring fixed income products. Taxable bond and municipal bond ETFs were two of the only three ETF asset classes that took in net cash every month this year, according to new analysis by Cerulli Associates. (Sector ETFs, which make only narrow bets on individual industries was the third.) In fact, August was the 20th consecutive month in which taxable bond ETFs enjoyed positive net cash flows.
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