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.
Taxable bonds gained the most new assets last week and have amassed an enormous sum of $245 billion in new assets YTD. The change has come at the bottom of the ranks. For the last couple of weeks, municipal bond funds have taken the place of domestic equities as the asset class seeing the biggest outflows. In fact, municipal bond funds have seen redemptions of nearly $8 billion in just the last two weeks. With so many state and local governments strapped for cash, investors are increasingly worried about the risk of default.
