Total net new cash flows into stock funds dropped $1.92 billion to $17.29 billion in May from the previous month, but assets held in those funds increased $28.39 billion in the same period, according to the Investment Company Institute.
While new sales of stock funds increased $4.55 billion to $87.91 billion in May from April, so too did redemptions, climbing $6.06 billion to $72.89 billion, the ICI said.
As of May, year to date flows for stock funds totaled $4.52 trillion, down from $6.50 for the same period last year.
Overall, net new flows into hybrid, taxable bond, municipal bond and money market funds totaled $59.94 billion in May, up from just $11.35 billion in April. The largest gains were made in money market and taxable bond funds. Money market funds attracted $35.05 billion in net new cash, up from -$10.52 in April. Taxable bond funds attracted $5.05 billion in May, up from $2.55 billion in April.
Send news of job changes to Andrew Brent at Mutual Fund Market News, 11 Penn Plaza, New York, NY 10001, or e-mail: email@example.com. Please include the individual's previous position.