CHICAGO, April 14, 2016 /PRNewswire/ -- 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 March 2016. Taxable-bond funds had their highest monthly intake, $31.9 billion, since January 2013, when they collected $32.6 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.
Highlights from Morningstar's report about U.S. asset flows in March:
- Fixed-income flows began favoring passive strategies in 2013 and have become more volatile since then, when the Federal Reserve announced its decision to begin tapering off its asset purchases. The passive share of fixed-income assets increased from 19% in 2013 to 27% as of the end of March.
- Intermediate-term bond, high-yield bond, and corporate bond were the top asset-gathering fixed-income categories in March for the second consecutive month.
- Vanguard once again led active and passive flows at the provider level in March, and its $28.9 billion net inflow for the month was higher than inflows for the other nine largest fund companies by assets under management combined. With the exception of American Funds and BlackRock, all other active fund providers sustained outflows.
- Manager changes were responsible for investor redemptions from the two active funds with the greatest monthly outflows: Ivy Asset Strategy, which has a Morningstar Analyst Rating™ of Neutral, and Virtus Emerging Markets Opportunities, which has a Bronze Analyst Rating, had outflows of $1.5 billion and $1.2 billion, respectively.
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About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. Morningstar provides data on more than 510,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 17 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement and management as of Dec. 31, 2015. The company has operations in 27 countries.
Analyst Ratings are subjective in nature and should not be used as the sole basis for investment decisions. Analyst Ratings are based on Morningstar analysts' current expectations about future events and therefore involve unknown risks and uncertainties that may cause Morningstar's expectations not to occur or to differ significantly from what was expected. Morningstar does not represent its Analyst Ratings to be guarantees nor should they be viewed as an assessment of a fund's or the fund's underlying securities' creditworthiness. This press release is for informational purposes only; it should not be considered an offer or solicitation to buy or sell the mutual funds noted within.
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