2018 Investment Company Fact Book
A Review of Trends and Activities in the Investment Company Industry

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ICI Research Staff and Publications

ICI Senior Research Staff

Chief Economist

Sean Collins leads the Institute’s Research Department. He oversees statistical collections and research on US and global funds, financial markets, the US retirement market, financial stability, and investor demographics. Before joining ICI in 2000, Collins worked at the US Federal Reserve Board of Governors and the Reserve Bank of New Zealand. He is a current member of the Group of Economic Advisers (GEA) to the European Securities and Markets Authority (ESMA). He has a PhD in economics from the University of California, Santa Barbara, and a BA in economics from Claremont McKenna College.

Senior Director of Industry and Financial Analysis

Rochelle Antoniewicz conducts research on the structure and trends of the US and global exchange-traded fund (ETF), mutual fund, and closed-end fund industries and on the equity and bond markets in the United States and globally. Before joining ICI, Antoniewicz spent 13 years at the Federal Reserve Board of Governors. She earned a BA in management science from the University of California, San Diego, and an MS and PhD in economics from the University of Wisconsin–Madison.

Senior Director of Retirement and Investor Research

Sarah Holden leads the Institute’s research efforts on investor demographics and behavior and retirement and tax policy. Holden, who joined ICI in 1999, heads efforts to track trends in household retirement saving activity and ownership of funds as well as other investments inside and outside retirement accounts. Before joining ICI, Holden served as an economist at the Federal Reserve Board of Governors. She has a PhD in economics from the University of Michigan and a BA in mathematics and economics from Smith College.

Senior Director of Statistical Research

Judy Steenstra leads the collection and publication of weekly, monthly, quarterly, and annual data on open-end mutual funds, as well as data on closed-end funds, exchange-traded funds, unit investment trusts, and the worldwide fund industry. Steenstra joined ICI in 1987 and was appointed director of statistical research in 2000. She has a BS in marketing from Pennsylvania State University.

ICI Research Department

The ICI Research Department consists of 39 members, including economists and research analysts. This staff collects and disseminates data for all types of registered investment companies, offering detailed analyses of fund shareholders, the economics of investment companies, and the retirement and education savings markets.

2017 ICI Research and Statistical Publications

ICI is the primary source of analysis and statistical information on the investment company industry. In addition to the annual Investment Company Fact Book, the Institute’s Research Department released 23 research and policy publications and more than 300 statistical reports in 2017.

The Investment Company Fact Book remains one of ICI Research’s most visible products—garnering more than 35,000 visits and downloads in 2017. In its 58th edition, this ICI publication continues to provide the public and policymakers with a comprehensive summary of ICI’s data and analysis. The Fact Book is available at www.icifactbook.org in both PDF and HTML formats. The HTML version contains downloadable data for all charts and tables.

Papers

Industry and Financial Analysis

Retirement and Investor Research

ICI’s papers and more are available at www.ici.org/research.

Analysis and Commentary: ICI Viewpoints

In addition to research papers, ICI staff produce analysis and commentary for the Institute’s blog, ICI Viewpoints. Below are some examples of the analysis published in 2017. Please visit www.ici.org/viewpoints to find these and more.

Statistical Releases

Trends in Mutual Fund Investing

  • Monthly report that includes mutual fund sales, redemptions, assets, cash positions, exchange activity, and portfolio transactions for the period by 42 investment objectives.

Estimated Long-Term Mutual Fund Flows

  • Weekly report that provides aggregate estimates of net new cash flows to 16 categories of equity, hybrid, and bond mutual funds.

Estimated Exchange-Traded Fund (ETF) Net Issuance

  • Weekly report that provides aggregate estimates of net issuance to six categories of ETFs.

Combined Estimated Long-Term Mutual Fund Flows and ETF Net Issuance

  • Weekly news release and report that provides aggregate estimates of net new cash flows and net issuance to six categories of long-term mutual funds and ETFs.

Money Market Fund Assets

  • Weekly report on money market fund assets by type of fund.

Monthly Taxable Money Market Fund Portfolio Data

  • Monthly report based on data contained in SEC Form N-MFP that provides insights into the aggregated holdings of prime and government money market funds and the nature and maturity of security holdings and repurchase agreements.

Retirement Market Data

  • Quarterly report that includes individual retirement account (IRA) and defined contribution (DC) plan assets, mutual fund assets inside retirement accounts, and estimates of mutual fund net new cash flows to retirement accounts by type of fund.

Mutual Fund Distributions

  • Quarterly report that includes paid and reinvested capital gains and paid and reinvested income dividends of mutual funds by broad investment classification.

Institutional Mutual Fund Shareholder Data

  • Annual report that includes mutual fund asset information for various types of institutional shareholders, broken out by broad investment classification.

Closed-End Fund Data

  • Quarterly report that includes closed-end fund assets, number of funds, issuance, redemptions, distributions, use of leverage, and number of shareholders by investment objective.

Exchange-Traded Fund Data

  • Monthly report that includes assets, number of funds, issuance, and redemptions of ETFs by investment objective.

Unit Investment Trust Data

  • Monthly report that includes the value and number of new trust deposits by type and maturity.

Worldwide Regulated Open-End Fund Data

  • Quarterly report that includes assets, number of funds, and net sales by broad investment classification of funds in 48 jurisdictions worldwide.

These and other ICI statistics are available at www.ici.org/research/stats. To subscribe to ICI’s statistical releases, visit www.ici.org/pdf/stats_subs_order.pdf.

Acknowledgments

Publication of the 2018 Investment Company Fact Book was directed by Morris Mitler, economist, and Judy Steenstra, senior director of statistical research, working with Miriam Bridges, editorial director, James Duvall, assistant economist, Candice Gullett, editor, and Angie Brownie, designer. Contributors from ICI’s research team who developed and edited analysis, text, and data are Steven Bass, Mike Bogdan, Peter Brady, Sailesh Jha, Shaun Lutz, Sheila McDonald, Matthew Nolan, Doug Richardson, Julieth Saenz, Dan Schrass, and Jason Seligman.