
Investors were net sellers of mutual fund assets for the third month in four, withdrawing $86.0 billion from the conventional fund business (excluding ETFs, which are reviewed in the section below). Stock & mixed-assets funds experienced net outflows for the thirty-third consecutive month (-$92.6 billion, their largest since December 2022). The fixed income funds macro-group—for the fifth month in a row—suffered net redemptions, handing back $12.1 billion. And, in a flight to safety, investors padded the coffers of money market funds, injecting $18.8 billion for December. For the twentieth consecutive month, ETFs attracted net new money, taking in a record