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Mutual funds continue to bleed in May


Mutual funds shed $28.5bn in May, their second worst month of the year so far, according to data from Morningstar Direct.

After having their best quarter in almost two years in Q1, when mutual funds lost only $3.6bn – a nice break from the two-year quarterly average of $165.5bn going out the door – outflows reached its highest point of the year thus far at $46.2bn. And that pickup in outflows has continued into May as well.

Nonetheless, US equities bled less than in any other month ($21.6bn), perhaps due to a better stock market, with the S&P 500 up 4.96%, per Morningstar. The Large categories across styles still gave up the most money, $6.2bn, $4.3bn and $3bn respectively, in Large Growth, Large Value and Large Blend. Comparatively, US equity ETFs took in $47.7bn, with Large Blend and Large Growth raking in $32.4bn and $10.4bn, the top two of all Morningstar ETF categories. Overall, ETFs took in $86.5bn in May.



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