Funds Keep up March of Asset Expansion in June

July 29, 2004 ( - The nation's mutual funds once again bulked up in assets in June, adding $81 billion, or 1.1%, to reach $7.58 trillion, according to data from the Investment Company Institute (ICI).

That was significantly up from May’s asset addition of $32.8 billion, according to an ICI news release. Collectively, long-term funds had a $5.37 billion June inflow – compared to May’s $13.51 outflow.

Assets in equity funds were up 2.4%, or $94 billion in June to $3.94 trillion (a $10.4 billion June inflow) with hybrid funds following close behind with a 2.2% increase to $466.9 billion.

Stock funds investing only in non-US domiciled firms enjoyed a $2.76 billion June inflow while those only in US stocks had a $7.69 billion June inflow, ICI said.

Bonds funds suffered a $7.44 billion outflow in June after shedding $16.15 billion in May. Taxable bond funds had a slight 0.04% inflow in June, while money market funds had a net inflow of $21.55 billion in June.