Investment funds in South Korea saw their net asset value increase more than 8 trillion won ($7.83 billion) in May from a month earlier as investors parked more money in short-term funds and a bullish run on the local stock market helped offset an outflow from local stock funds, data showed Thursday.

According to the Korea Financial Investment Association, the net asset value of stocks, bonds and real estate-related funds reached a combined 341.8 trillion won at the end of May, up 8.2 trillion won from a month earlier.

“Net asset value” refers to the amount of funds received from contractors and the revenue recorded during the cited period.

The rise in their net asset value was driven by inflows into money market funds and funds with exposure to overseas stocks, according to the association. A money market fund is a pool of money that is mostly invested in short-dated bonds, commercial papers and certificates of deposit.

Investors chipped in 6.7 trillion won in MMFs, raising the net asset value of such funds to 78.3 trillion won. (Yonhap)