This issue of The Cerulli Edge—U.S. Monthly Product Trends analyzes product trends as of April 2024, including mutual funds and exchange-traded funds (ETFs), and explores increased infrastructure manager acquisitions activity.

Highlights from this research:

• Mutual fund assets slipped below $19 trillion in April, decreasing 3.6% during the month. Net flows for the vehicle remained negative for the second straight month, losing more than $46 billion. Aside from February, mutual funds have suffered outflows in five of the last six months.

• Through four months of 2024, ETFs have amassed $251.7 billion in net flows, adding another $40 billion in April. Despite positive organic growth, assets declined during the month, dropping 3.5% to $8.5 trillion.

• A stream of infrastructure manager acquisitions—and plans to acquire such capabilities—indicate a push to ramp up infrastructure investing and deliver the exposures to a more retail client base. Beyond large drawdown funds, managers including KKR, StepStone, Meketa, and Brookfield are gathering infrastructure assets via semi-liquid product targeting HNW/UHNW investors. Key U.S. infrastructure assets, including transportation assets, are owned by state and local governments and, in select instances, may serve both users and investors well as private capital investments.