2019 Investment Company Fact Book (pdf)

59th edition

20

INVESTMENT COMPANY

FACT BOOK

A Review of Trends and Activities in the Investment Company Industry

19

W W W. I C I FA C T B O O K . O R G

2018 Facts at a Glance

Total worldwide assets invested in regulated open-end funds* United States Europe Asia-Pacific Rest of the world

$46.7 trillion $21.1 trillion $16.5 trillion $6.4 trillion $2.7 trillion

US-registered investment company total net assets Mutual funds Exchange-traded funds Closed-end funds Unit investment trusts

$21.4 trillion $17.7 trillion $3.4 trillion $250 billion $70 billion

US-registered investment companies' share of:

US corporate equity

30%

US and foreign corporate bonds

20%

US Treasury and government agency securities

13%

US municipal securities

25%

Commercial paper

24%

US household ownership of US-registered funds Number of households owning funds Number of individuals owning funds Percentage of households owning funds Median mutual fund assets of mutual fund?owning households Median number of mutual funds owned

57.2 million 101.6 million

44.8% $150,000

4

US retirement market Total retirement market assets Percentage of households with tax-advantaged retirement savings IRA and DC plan assets invested in mutual funds

$27.1 trillion 62%

$8.2 trillion

* Regulated open-end funds include mutual funds, exchange-traded funds (ETFs), and institutional funds.

20

INVESTMENT COMPANY

FACT BOOK

A Review of Trends and Activities in the Investment Company Industry

19

59th edition

20

INVESTMENT COMPANY

FACT BOOK

A Review of Trends and Activities in the Investment Company Industry

19

WWW.

The Investment Company Institute (ICI) is the leading association representing regulated funds globally, including mutual funds, exchange-traded funds (ETFs), closed-end funds, and unit investment trusts (UITs) in the United States, and similar funds offered to investors in jurisdictions worldwide. ICI seeks to encourage adherence to high ethical standards, promote public understanding, and otherwise advance the interests of funds, their shareholders, directors, and advisers. ICI carries out its international work through ICI Global, with offices in London, Hong Kong, and Washington, DC.

Although information or data provided by independent sources is believed to be reliable, ICI is not responsible for its accuracy, completeness, or timeliness. Opinions expressed by independent sources are not necessarily those of the Institute. If you have questions or comments about this material, please contact the source directly.

Fifty-ninth edition

ISBN 1-878731-66-1

Copyright ? 2019 by the Investment Company Institute. All rights reserved.

CONTENTS

viii Letter from the Chief Economist x ICI Research Staff and Publications

PART ONE

Analysis and Statistics

02 List of Figures

08 Chapter One Worldwide Regulated Open-End Funds

30 Chapter Two US-Registered Investment Companies

54 Chapter Three US Mutual Funds

78 Chapter Four US Exchange-Traded Funds

100 Chapter Five US Closed-End Funds

112 Chapter Six US Fund Expenses and Fees

134 Chapter Seven Characteristics of US Mutual Fund Owners

152 Chapter Eight US Retirement and Education Savings

PART TWO

Data Tables

188 List of Data Tables

192 Section One US Mutual Fund Totals

200 Section Two US Closed-End Funds, Exchange-Traded Funds, and Unit Investment Trusts

206 Section Three US Long-Term Mutual Funds

226 Section Four US Money Market Funds

233 Section Five Additional Categories of US Mutual Funds

251 Section Six Institutional Investors in the US Mutual Fund Industry

254 Section Seven Retirement Account Investing in US Mutual Funds

256 Section Eight Worldwide Regulated Open-End Fund Totals

262 Appendix A How US-Registered Investment Companies Operate and the Core Principles Underlying Their Regulation

286 Appendix B Significant Events in Fund History

289 Glossary

304 Index

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