Inflows to mutual funds lost momentum in late March, according to the latest statistics from the Investment Company Institute. During the week ended March 27, investors steered an estimated $9.12 billion into mutual funds, down 26% from the $12.38 billion they poured into the funds a week earlier.
Equity funds drew the greatest inflows, taking in an estimated $3.81 billion for the week. Of the $3.81 billion, $2.85 billion went to global equity funds with the remaining $958 million going to U.S. funds.
Bond funds were not too far behind their equity fund rivals. During the week ended March 27, bond funds attracted an estimated $3.49 billion, of which taxable bond funds hogged $3.44 billion. Municipal bond funds walked away with the remaining $51 million.
Hybrid funds, which invest in both stocks and fixed income securities, drew an estimated $1.82 billion, down 29% from the previous week.
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.