U.S. Asset Managers May Monthly Performance and Flow Note: Money Market Net Sales Rebound After Tax Season, While Fixed Income Inflows Continue Higher; Equity Net Sales Step Down in May

Research evidence excerpt

U.S. Asset Managers May Monthly Performance and Flow Note: Money Market Net Sales Rebound After Tax Season, While Fixed Income Inflows Continue Higher; Equity Net Sales Step Down in May

J P M O R G A N North America Equity Research

14 June 2026

U.S. Asset Managers

May Monthly Performance and Flow Note: Money

Market Net Sales Rebound After Tax Season, While

Fixed Income Inflows Continue Higher; Equity Net

Sales Step Down in May

The mutual fund industry bounced back with strong overall net sales in May after Brokers, Asset Managers &

seasonally impacted outflows in April. All three asset classes delivered positive net Exchanges

sales in May with overall industry net sales of $252bn, surging from April outflows Kenneth B. Worthington, CFA AC

of $9bn and March inflows of $23bn. Money market fund inflows drove the bulk (1-212) 622-6613

of the strong inflows with net sales of $132bn in May, reversing from outflows of kenneth.b.worthington@jpmorgan.com

$121bn in April (tax season). Fixed income flows have continued to remain solid Michael Cho

and pushed higher to $119bn in May, after inflows of $43bn in April. Notably, (1-212) 622-3619

overall fixed income flows have not experienced a monthly outflow in over a year. michael.cho@jpmchase.com

April 2025 was the last time overall fixed income flows saw monthly net Madeline Daleiden

(1-212) 622-4911

redemptions. That said, equity inflows moderated considerably in May, despite the madeline.daleiden@jpmchase.com

robust equity market backdrop. We observe that several Vanguard index funds J.P. Morgan Securities LLC

experienced a lower level of m/m net sales across several passive equity products

(e.g., Vanguard Total Stock Market Index, Vanguard 500 Index, Vanguard

International).