Trends in Mutual Fund Investing: December 2025
WASHINGTON, Jan. 29, 2026 /PRNewswire/ -- The combined assets of the nation's mutual funds increased by $79.86 billion, or 0.3 percent, to $31.38 trillion in December, 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
Dec 2025 |
Nov 2025 |
% change |
Dec 2024 |
|
Total long-term |
23,636.2 |
23,726.6 |
-0.4 |
21,698.1 |
Equity |
16,375.2 |
16,473.2 |
-0.6 |
15,013.6 |
Domestic equity |
12,660.0 |
12,790.6 |
-1.0 |
11,930.2 |
World equity |
3,715.2 |
3,682.6 |
0.9 |
3,083.4 |
Hybrid |
1,746.4 |
1,752.6 |
-0.4 |
1,614.1 |
Bond |
5,514.6 |
5,500.8 |
0.3 |
5,070.4 |
Taxable bond |
4,678.8 |
4,666.7 |
0.3 |
4,272.9 |
Municipal bond |
835.8 |
834.0 |
0.2 |
797.5 |
Total money market |
7,746.3 |
7,576.1 |
2.2 |
6,852.5 |
Taxable money market |
7,595.4 |
7,431.1 |
2.2 |
6,716.6 |
Tax-exempt money market |
150.9 |
145.0 |
4.1 |
135.9 |
Total |
31,382.5 |
31,302.7 |
0.3 |
28,550.6 |
* Data for exchange-traded funds and funds that invest primarily in other mutual funds were excluded from the series. |
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Note: Components may not add to the total because of rounding. |
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Net New Cash Flow of Mutual Funds*
Millions of dollars
Dec 2025 |
Nov 2025 |
Jan–Dec |
Jan–Dec |
|
Total long-term |
-142,455 |
-80,978 |
-1,223,348 |
-568,164 |
Equity |
-148,795 |
-80,412 |
-1,234,931 |
-648,421 |
Domestic equity |
-114,841 |
-73,142 |
-1,052,295 |
-539,677 |
World equity |
-33,954 |
-7,270 |
-182,636 |
-108,744 |
Hybrid |
-8,761 |
-8,205 |
-98,157 |
-115,019 |
Bond |
15,101 |
7,639 |
109,740 |
195,277 |
Taxable bond |
13,678 |
7,396 |
95,106 |
165,826 |
Municipal bond |
1,424 |
244 |
14,633 |
29,451 |
Total money market |
156,810 |
93,156 |
682,053 |
703,336 |
Taxable money market |
151,006 |
87,712 |
670,376 |
694,773 |
Tax-exempt money market |
5,805 |
5,443 |
11,678 |
8,563 |
Total |
14,355 |
12,178 |
-541,295 |
135,172 |
* 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. |
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Highlights: Long-term funds—equity, hybrid, and bond funds—had a net outflow of $142.46 billion in December, versus an outflow of $80.98 billion in November.
Equity funds posted an outflow of $148.80 billion in December, compared with an outflow of $80.41 billion in November. Among equity funds, world equity funds (U.S. funds that invest primarily overseas) posted an outflow of $33.95 billion in December, versus an outflow of $7.27 billion in November. Funds that invest primarily in the United States had an outflow of $114.84 billion in December, versus an outflow of $73.14 billion in November. The liquidity ratio of equity funds (the percentage of liquid assets over total net assets) was 1.4 percent in December, compared with 1.6 percent in November.
Hybrid funds posted an outflow of $8.76 billion in December, compared with an outflow of $8.21 billion in November.
Bond funds had an inflow of $15.10 billion in December, compared with an inflow of $7.64 billion in November. Taxable bond funds had an inflow of $13.68 billion in December, versus an inflow of $7.40 billion in November. Municipal bond funds had an inflow of $1.42 billion in December, compared with an inflow of $244 million in November.
Money market funds had an inflow of $156.81 billion in December, compared with an inflow of $93.16 billion in November. In December funds offered primarily to institutions had an inflow of $118.96 billion and funds offered primarily to individuals had an inflow of $37.85 billion.
Number of Mutual Funds
Dec 2025 |
Nov 2025 |
Dec 2024 |
|
Total long-term |
6,503 |
6,523 |
6,783 |
Equity |
3,999 |
4,018 |
4,185 |
Domestic equity |
2,724 |
2,737 |
2,829 |
World equity |
1,275 |
1,281 |
1,356 |
Hybrid |
601 |
603 |
627 |
Bond |
1,903 |
1,902 |
1,971 |
Taxable bond |
1,425 |
1,423 |
1,460 |
Municipal bond |
478 |
479 |
511 |
Total money market |
265 |
265 |
258 |
Taxable money market |
224 |
224 |
217 |
Tax-exempt money market |
41 |
41 |
41 |
Total |
6,768 |
6,788 |
7,041 |
* Data for exchange-traded funds and funds that invest primarily in other mutual funds were excluded from the series. |
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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.
If you have any questions or would like to request additional comments on this or data on another topic, please contact a member of ICI's Media Relations team at [email protected].
SOURCE Investment Company Institute
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