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The Markets December 1, 2006
Funds Cross $10 Trillion Asset Mark in October
Assets of US mutual funds continued their upward march in October, adding $286.6 billion, or 2.9%, to total over $10 trillion, according to the Investment Company Institute's (ICI) official fund industry survey.
Reported by Fred Schneyer
That follows a $137.5 billion September hike (1.4%) to $9.722 trillion, according to ICI data.
According to ICI, Long-term funds – stock, bond, and hybrid funds – had a net inflow of $24.3 billion in October, vs. an $11.8 billion inflow in September. Stock funds posted an inflow of $12.2 billion in October, compared to an inflow of $6.6 billion the month before.
Among stock funds, world equity funds enjoyed an inflow of $11.82 billion in October – significantly more than an inflow of $9.52 billion in September. Funds that invest primarily in the US had an inflow of $406 million in October – significantly better than the outflow of $2.92 billion in September.
Meanwhile, hybrid funds posted an inflow of $1.58 billion in October, compared with an inflow of $627 million a month earlier.
In the fixed income arena, bond funds had an inflow of $10.5 billion in October, compared to an inflow of $4.61 billion in September. Taxable bond funds had an inflow of $8.33 billion in October over September’s influx of $3.24 billion. Municipal bond funds had an inflow of $2.24 billion in October, compared with an inflow of $1.37 million in September.
Money market funds had an inflow of $32.5 billion in October, compared with an inflow of $15.3 billion in September. Funds offered primarily to institutions had an inflow of $21.4 billion, while funds offered primarily to individuals had an inflow of $11 billion.