Nearly $5 billion has flowed into mutual funds so far in January, making this the heaviest January since 2021, when inflows neared $9 billion, said Tom Kozlik, managing director and head of public policy and municipal strategy at HilltopSecurities. “Going forward, we expect demand to remain steady-to-strong but sometimes demand drops off at the end of the first quarter, partially due to tax-time,” he said.

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