Flows to mutual funds in May of $5.3 billion were the lowest in two years, Bloomberg reports, citing data from Financial Research Corp. Investors are reacting strongly to stock markets around the world, which began declining early in the month. In fact, their investments were down 83% from the $31.3 billion they put into funds in April.

Reflecting this, investors put $38.7 billion in money market funds, which are delivering an average yield of 4.45%.

Domestic stock funds took in $4.4 billion in May, down 37% from the $7 billion in net flows they saw in April, and international funds reaped $10.1 billion, down 55% from the $22.2 billion they took in the previous month.

Once again, American Funds took in the largest amount of any fund company, seeing $4.93 billion in net new cash flows.

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