Mutual funds saw their combined assets increase in August to $6.969 trillion from a revised $6.867 trillion in the previous month (See Mutual Funds Wring Out 0.8% July Asset Gain ) on improvement from stock and hybrid funds. Stock funds gathered $111 billion in net new assets for the month, an increase of 3.6%, followed by the $5.8-billion pickup for hybrid funds, gaining 1.5% for the month, according to data from the Investment Company Institute (ICI).
The remaining index performance was on the negative side. Leading the descent were taxable money market funds, with a $10.9 billion (-0.6%) outflow. Additionally, decreases in net new assets were recorded among:
- taxable bond funds – off by $2 billion (-0.2%)
- municipal bond funds – down $1.1 billion (-0.3%)
- tax-free money market funds – lower by $600 million (-0.2%).