Institutional active mutual fund net inflows were $1.4 billion in January, after seeing net outflows of $22 billion and $14.7 billion in November and December, respectively. January was the first month of positive flows since August and only the third since June.

Taxable fixed-income and municipal bond funds had combined inflows of $7 billion, while U.S. equities had outflows of $6.5 billion. Bond funds had significant outflows in the fourth quarter of 2016, losing $4.3 billion in November and another $7.3 billion in December. Active U.S. equity funds continued their trend of money going out the door. January was the 27th consecutive month of net outflows, losing $116.7 billion in assets under management since November 2014.

International equity funds got a bit of a reprieve in January, with net inflows of $750 million after $13 billion in outflows in the 10 months prior.