According to a survey of the mutual fund industry by the Investment Company Institute (ICI), March’s decline to $6.266 trillion followed a 1% decrease in February to $6.268 trillion (See Mutual Funds Continue Hemorrhaging Cash In February). Taxable bond funds were the biggest gainer in terms of assets in March, up 1.6% to $852 million from a revised $838 million the previous month.
However, most equity fund categories picked up steam in March as stock funds enjoyed a $243 million inflow or 0.05%, compared with an $11.1 billion February outflow. Domestic equity funds were particularly strong in March, showing off a $1.6 billion inflow, compared to a $10.6 billion outflow in February. International funds suffered a $1.3 billion March outflow, compared to February’s outflow of $509 million.
Fixed income offerings enjoyed a $10.8-billion March inflow, down from $19.7 billion flowing in during February. Taxable bond funds dropped in March to a $10.8 billion inflow from February’s $17.9 billion inflow. Municipal bond funds likewise declined in March with an $18 million inflow, down from February’s $1.7 billion inflow.
Money market funds had an outflow of $32.3 billion in March, compared with February’s $39.6 billion outflow. Funds offered primarily to institutions had a $30.4 billion March outflow.
Overall, the total number of mutual funds again dropped in March to 8,220 from February’s revised 8,253. Hybrid funds were up slightly to 481 in March, from February’s 479.