Fund flows dropped dramatically in March from the first two months of the year and markets went on a roller coaster ride in April. But that does not necessarily mean fund flows will sink further in coming months, according to some industry analysts.

"I'm guessing here that the strong returns funds have had relative to broader market averages have rekindled interest in funds," said Edward Rosenbaum, director of research for Lipper of Summit, N.J. and one of those analysts. "It's sometimes the case that flows follow performance. I think flows are stickier than people realize."

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