Investors must have serious fears of municipal bond defaults as they continue to pull money out of that asset class. The other asset classes all had strong flows, led again by taxable bond funds which have now racked up $53 billion for the year.
The Investment Company Institute is the national association of U.S. investment companies, including mutual funds, closed-end funds, exchange-traded funds (ETFs), and unit investment trusts (UITs). Members of ICI manage total assets of $11.82 trillion and serve nearly 90 million shareholders. Flow estimates are derived from data collected covering more than 95 percent of industry assets and are adjusted to represent industry totals.