Mutual fund investors overcame gloomy indices in July and put a lot of money into domestic and overseas equity mutual funds, giving them record gains by several measures, according to Lipper’s Fund Flows Insight Report released on Wednesday.

Equity mutual funds posted gains of 7.92%, their strongest July gain in more than 40 years. Within that group, stock and mixed-equity funds posted gains of $14.6 billion for July, up from $12 billion in June. Of Lipper’s four major equity macro-groups, the World Equity Funds attracted the largest draw of net new money. Minus outflows, it took in about $8.5 billion for July.

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.