Investors continue to lose their appetite for mutual funds, according to the latest statistics from the Investment Company Institute. For the week ended July 3, investors steered an estimated $1.68 billion into long-term mutual funds, about half the $3.2 billion they invested a week earlier.
U.S. equity funds were the hardest hit, posting estimated outflows of $3.14 billion, more than double the $1.47 billion outflow the week before. And global equity funds, which took in $300 million for the week, were down 17% from the previous week’s $361 million inflow.
Even the ever-popular bond funds were off their game, drawing a tepid $3.38 billion in estimated inflows, down 22% from a week earlier. Both taxable bond funds, which attracted an estimated $2.51 billion, and municipal bond funds, which took in an estimated $870 million, saw declines in inflows from the previous week.
The only winners were hybrid funds, which took in $1.13 billion in estimated inflows, up dramatically from the $18 million inflow they received a week earlier.
The weekly fund flow estimates are derived from data covering more than 95% of industry assets, according to ICI. The statistics cover long-term mutual funds, those the ICI defines as investing in long-term instruments.