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Investors add USD23.4bn to long-term mutual funds

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Investors added USD23.4 billion to long-term mutual funds in May, according to figures released by Morningstar.

With the stock market at all-time highs, equity investors continued to show more interest in international and sector funds than their domestic counterparts. 
 
Additional transfers of assets from mutual funds to collective investment trusts (CITs) at Fidelity contributed to some of the USD6.9 billion outflow from US equity funds, but market appreciation kept assets in the category group at near-record levels.
 
Taxable-bond funds attracted new assets of USD9.5 billion in May, their fifth straight month of inflows following seven months of redemptions, beginning with record outflows of USD44.4 billion in June 2013. Meanwhile, municipal-bond fund inflows of USD3.7 billion in May were their strongest in 16 months, yet total assets in these funds remain below levels reached a year ago.
 
Foreign large blend led all categories with inflows of USD3.9 billion in May; among international categories, India equity enjoyed the fastest organic growth rate. After 21 months of inflows, the bank-loan category suffered its second month of outflows in May, shedding USD1.7 billion, while high-yield bond funds attracted USD1.7 billion.
 
The intermediate-term bond category enjoyed its third consecutive month of inflows. While PIMCO has lost market share in the category, Metropolitan West Total Return Bond, which has a Morningstar Analyst Rating of Gold, Gold-rated Dodge & Cox Income, and Silver-rated T. Rowe Price New Income have each gained share over the past year and had strong flows in May.

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