Mutual fund and ETF assets climbed to new heights in June, marking three consecutive months of gains, according to data from the Securities and Investment Management Association (SIMA).
Mutual fund assets totalled a record $2.8 trillion at the end of the month, representing a 1.7% or $45.9-billion increase from May, SIMA said in a report released Monday.
Meanwhile, ETF assets came in at a record $883.4 billion at the end of June, representing a 2.8% or $23.8-billion increase from the month prior.
“Since March, mutual fund assets increased by $234.6 billion and ETF assets by $112.4 billion,” the industry trade group reported.
Fund sales
Mutual fund net sales came in at $5 billion in June, up from $2.9 billion in the previous month. This marked the 14th consecutive month of positive net sales for mutual funds.
Equity mutual funds generated $2.7 billion in net sales, up from just $63 million in May.
Bond mutual funds followed, taking in $1.3 billion, slightly down from $1.4 billion gathered the month before.
Balanced mutual funds recorded $1.2 billion in net sales, up from $588 million a month earlier. Next in line were specialty mutual funds, which registered $1.1 billion in net sales, up from $855 million.
These gains were partly offset by a decline in money-market fund sales, which suffered $1.3 billion in net redemptions in June. By comparison, the fund category generated $10 million in net sales in May.
On the ETF side, net sales in June “more than doubled” year over year, settling at $17.5 billion, the report noted.
Equity ETFs led the way, accounting for $13.1 billion, or three-quarters of June’s net sales. This was an increase from $8.7 billion recorded a month prior.
Bond ETFs generated $2.4 billion in net sales in the month, down slightly from $2.6 billion the previous month.
Balanced ETFs gathered $1.4 billion in June, up from $1.1 billion the previous month.
Meanwhile, specialty ETFs took in $692 million, down from $1 billion.
Money-market ETFs partly offset those gains, with $142 billion in net redemptions recorded in June, down from $183 million in net sales in May.
Mutual fund and ETF net sales in the first half of this year were up by 58% and 86%, respectively, from the same period last year, SIMA noted.
The report is based on direct survey data from fund providers and is complemented by estimated data to provide comprehensive industry statistics, the industry association said.