Mutual fund net sales also turned positive, reaching $3.9 billion in May, a notable rebound from new redemptions of $1.5 billion in April.
Bond funds were a significant driver of these inflows, as they have been for most of the year, with May seeing more than $3 billion in net sales, while balanced funds posted $409 million in net sales, which was a narrow win but followed $2.6 billion in net redemptions in April.
However, equity funds dropped from net sales of $395 million in April to net redemptions of $211 million in May and specialty funds continued their positive trend, recording $805 million in net sales, up from $438 million in April.
Long-term funds overall saw net sales of $4 billion, compared to April net redemptions of $1.7 billion.
Meanwhile, money market funds flipped from net sales of $201 million in April to net redemptions of $205 million in May.