UITs, investment companies that hold fixed portfolios of selected stocks or bonds, had total deposits of $1.91 billion in January, up 40.4% from the $1.36 billion in December deposits, according to data complied by the Investment Company Institute (ICI).
Leading the way were equity UITs, which ended January with total deposits of $1.68 billion, up 49.6% from $1.12 billion the month before. This was followed by taxable debt UITs showing $82.9 million in January assets, up 13.5% from December’s $73 million. Meanwhile, tax-free debt UITs were in the minus column of asset flows in January, down to $142 million, losing 11.3% from the $160 million in December.
January recorded 64 new trusts issuing shares for the month. Of that total, 38 were equity trusts, 18 were tax-free bond trusts, and eight were taxable bond trusts.
In terms of maturity, long-term bond trusts having an average weighted maturity of more than 15 years were the most commonly offered in January, with $116.9 million in shareholder deposits.