Trends in Mutual Fund Investing
May 2026
Washington, DC; June 29, 2026—The combined assets of the nation’s mutual funds increased by $905.50 billion, or 2.8 percent, to $33.15 trillion in May, according to the Investment Company Institute’s official survey of the mutual fund industry. In the survey, mutual fund companies report actual assets, sales, and redemptions to ICI.
Total Net Assets of Mutual Funds*
Billions of dollars
| May 2026 | Apr 2026 | % change | May 2025 | |
| Total long-term | 25,328.7 | 24,580.5 | 3.0 | 21,918.4 |
|
Equity |
17,798.9 | 17,148.4 | 3.8 | 15,161.6 |
|
Domestic equity |
13,697.0 | 13,183.8 | 3.9 | 11,809.1 |
|
World equity |
4,101.9 | 3,964.7 | 3.5 | 3,352.5 |
|
Hybrid |
1,842.4 | 1,811.4 | 1.7 | 1,620.1 |
|
Bond |
5,687.5 | 5,620.6 | 1.2 | 5,136.7 |
|
Taxable bond |
4,817.0 | 4,760.6 | 1.2 | 4,348.2 |
|
Municipal bond |
870.5 | 860.0 | 1.2 | 788.5 |
| Total money market | 7,824.5 | 7,667.3 | 2.1 | 6,995.8 |
|
Taxable money market |
7,678.1 | 7,522.2 | 2.1 | 6,855.0 |
|
Tax-exempt money market |
146.5 | 145.1 | 0.9 | 140.8 |
| Total | 33,153.2 | 32,247.7 | 2.8 | 28,914.3 |
* Data for exchange-traded funds and funds that invest primarily in other mutual funds were excluded from the series.
Note: Components may not add to the total because of rounding.
Net New Cash Flow of Mutual Funds*
Millions of dollars
| May 2026 | Apr 2026 | Jan–May 2026 | Jan–May 2025 | |
| Total long-term | -74,717 | -62,601 | -292,037 | -356,987 |
|
Equity |
-110,446 | -69,447 | -378,441 | -279,336 |
|
Domestic equity |
-88,588 | -65,643 | -301,737 | -197,330 |
|
World equity |
-21,859 | -3,803 | -76,704 | -82,006 |
|
Hybrid |
-7,060 | -5,719 | -32,849 | -48,790 |
|
Bond |
42,790 | 12,565 | 119,253 | -28,861 |
|
Taxable bond |
35,962 | 10,813 | 95,697 | -30,765 |
|
Municipal bond |
6,828 | 1,751 | 23,556 | 1,904 |
| Total money market | 143,660 | -118,173 | -7,911 | 54,265 |
|
Taxable money market |
142,650 | -118,174 | -2,251 | 50,830 |
|
Tax-exempt money market |
1,011 | 1 | -5,660 | 3,435 |
| Total | 68,943 | -180,774 | -299,948 | -302,722 |
* Data for exchange-traded funds and funds that invest primarily in other mutual funds were excluded from the series.
Note: Components may not add to the total because of rounding.
Highlights: Long-term funds—equity, hybrid, and bond funds—had a net outflow of $74.72 billion in May, versus an outflow of $62.60 billion in April.
Equity funds posted an outflow of $110.45 billion in May, compared with an outflow of $69.45 billion in April. Among equity funds, world equity funds (U.S. funds that invest primarily overseas) posted an outflow of $21.86 billion in May, versus an outflow of $3.80 billion in April. Funds that invest primarily in the United States had an outflow of $88.59 billion in May, versus an outflow of $65.64 billion in April. The liquidity ratio of equity funds (the percentage of liquid assets over total net assets) was 1.6 percent in May, compared with 1.7 percent in April.
Hybrid funds posted an outflow of $7.06 billion in May, compared with an outflow of $5.72 billion in April.
Bond funds had an inflow of $42.79 billion in May, compared with an inflow of $12.56 billion in April. Taxable bond funds had an inflow of $35.96 billion in May, versus an inflow of $10.81 billion in April. Municipal bond funds had an inflow of $6.83 billion in May, compared with an inflow of $1.75 billion in April.
Money market funds had an inflow of $143.66 billion in May, compared with an outflow of $118.17 billion in April. In May funds offered primarily to institutions had an inflow of $133.89 billion and funds offered primarily to individuals had an inflow of $9.77 billion.
Number of Mutual Funds
| May 2026 | Apr 2026 | May 2025 | |
| Total long-term | 6,420 | 6,436 | 6,667 |
|
Equity |
3,941 | 3,954 | 4,116 |
|
Domestic equity |
2,700 | 2,705 | 2,791 |
|
World equity |
1,241 | 1,249 | 1,325 |
|
Hybrid |
595 | 596 | 604 |
|
Bond |
1,884 | 1,886 | 1,947 |
|
Taxable bond |
1,413 | 1,413 | 1,446 |
|
Municipal bond |
471 | 473 | 501 |
| Total money market | 269 | 266 | 263 |
|
Taxable money market |
228 | 225 | 222 |
|
Tax-exempt money market |
41 | 41 | 41 |
| Total | 6,689 | 6,702 | 6,930 |
* Data for exchange-traded funds and funds that invest primarily in other mutual funds were excluded from the series.
About ICI’s Data
Data for prior dates reflect revisions due to data adjustments, reclassifications, and changes in the number of funds reporting. For more information about ICI data and classifications, please visit our FAQs.
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