The combined assets of US mutual funds dropped 1.8% in May, resulting in a $170.8 billion drop the Investment Company Institute’s survey of the mutual fund industry.
Long-term funds, including stock, bond and hybrid funds, saw a $794 million outflow for May, a sharp turn from the inflow of $27.95 billion the funds saw in April.
Breaking it down further, the ICI reported that stock funds saw an inflow of $1.85 billion in May continuing the upward trend set in April when stock funds saw an inflow of $26.32 billion.
Hybrid funds dropped in May with an outflow of $165 million in May versus the $334 million inflow they saw in April
Bond funds also fell, marking an outflow of $2.84 billion against April’s inflow of $937 million.
Money market funds, however, saw an inflow of $50.84 billion in May, rising from the $27.12 billion outflow the ICI reports they saw in April.