In May, loan mutual funds’ assets under management inched up $504 million, or 0.37%, to $138.5 billion, according to data from Lipper FMI and public filings. The gain follows a $607 million advance in April. Despite these modest gains, AUM was still down $2.8 billion at the end of May from $141.3 billion at the end of 2014.
As the chart above illustrates, a punishing nine-month run in which AUM declines averaged $3.8 billion a month came to an end in January. In the four months since, AUM is up by an average of $457 million a month.