ETFs drive $1.3 billion loan fund AUM gain in May

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Leveraged loan fund assets under management rose by $1.3 billion in May, with ETFs accounting for $1 billion of the growth, according to Morningstar data. Mutual funds added roughly $300 million while closed-end fund assets declined slightly. The weighted average bid price edged up to 95.33 from 95.31 in April but has since fallen back to 95.04 through June 24, pressured by a slump in software sector loans. After a hawkish June Fed meeting, rate hike expectations have risen, which could draw retail investors back to loan funds given the floating-rate returns. CME's FedWatch tool shows a 30% chance of a rate hike at the July meeting, up from 18% a month prior.

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