CHICAGO, Dec. 16, 2015 /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 November 2015. 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 November:
- The trend of heavy investor allocations to international stocks and passive positions in U.S. equity and taxable-bond funds seems poised to continue. Intermediate-term bond and foreign large blend remained two of the most popular categories in November.
- Actively managed U.S. equity funds saw their sixth-worst monthly outflow in November since 1993, when Morningstar began tracking asset flow data.
- The high-yield bond category has seen volatile flows over the past few months and landed among the five categories with the greatest outflows in November. The turbulence continued into early December following the announcement from Third Avenue Management that it would liquidate its high-yield bond fund, Third Avenue Focused Credit, without allowing investors to redeem their shares right away.
- Outflows from active funds continued in November for a number of fund companies, including PIMCO, Franklin Templeton, Fidelity, and J.P. Morgan. On the passive side, Vanguard and iShares took in $14.2 billion and $13.0 billion, respectively. Vanguard has collected inflows of $1 trillion since the beginning of the financial crisis in December 2007 and has seen just two months of outflows since then, October 2010 and June 2013.
- Each of the five active funds with the highest monthly inflows were fixed-income funds. PIMCO Income, which has a Morningstar Analyst Rating™ of Silver, led the pack with inflows of $1.2 billion, and Bronze-rated T. Rowe Price New Income was a newcomer to the list with inflows of $741 million.
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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 500,000 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 $170 billion in assets under advisement and management as of Sept. 30, 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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