Morningstar Reports U.S. Mutual Fund and ETF Asset Flows for November 2014

Chicago, IL - 12 December 2014

Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, today reported estimated U.S. mutual fund and exchange-traded fund (ETF) asset flows for November 2014. Among U.S. equity funds, the pattern of outflows for actively managed funds and inflows for passive funds continued. Over the trailing one-year period, active U.S. equity funds lost $91.9 billion, and passive U.S. equity funds gathered $156.1 billion. Morningstar estimates net flow for mutual funds by computing the change in assets not explained by the performance of the fund and net flow for ETFs by computing the change in shares outstanding.

Additional highlights from Morningstar’s report about U.S. asset flows in November: 

  • Active taxable-bond funds collected $5.6 billion in November after outflows of $18.7 billion in September and $23.1 billion in October, although most of those outflows were attributable to redemptions from PIMCO Total Return and not representative of the category group in general. Meanwhile, passive taxable-bond funds had inflows for the 12th consecutive month. 
  • Metropolitan West Total Return Bond and Dodge and Cox Income, which both have a Morningstar Analyst Rating™ of Gold, were the two actively managed funds with the highest inflows for the second straight month. SPDR® SandP 500 ETF and three Vanguard funds topped the list of passive funds by November inflows.
  • Two PIMCO funds—PIMCO Total Return and PIMCO Low Duration—landed among the five active funds that had the highest outflows in November. MainStay Marketfield also had significant redemptions for the second consecutive month. 
  • Vanguard and iShares led inflows at the provider level, collecting $20.7 billion and $13.5 billion, respectively. PIMCO’s firm-level November outflows of $12.8 billion slowed notably compared with massive redemptions in September and October. Janus, with Bill Gross on board, experienced its second positive month in November after 36 consecutive months of outflows. Gross’ new fund, Janus Global Unconstrained Bond, with inflows of $0.8 billion compared with the firm’s overall inflows of $0.7 billion, singlehandedly kept Janus in positive territory.

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