CHICAGO, Nov. 19, 2019 /PRNewswire/ -- Morningstar, Inc. (MORN), a leading provider of independent investment research, today reported estimated U.S. mutual fund and exchange-traded fund (ETF) flows for October 2019. 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 U.S. ETFs using changes in shares outstanding. At the end of October, the Federal Reserve cut rates for the third time in 2019, but despite lower yields, money market inflows still overwhelmed long-term inflows, $75.3 billion versus $29.0 billion.
Morningstar's report about U.S. fund flows for October is available here. Highlights from the report include:
- Investors continue to cut risk, with taxable-bond and municipal-bond funds the only long-term category groups receiving significant inflows: $41.5 billion and $8.4 billion, respectively. In another indication of risk-aversion, investors contributed $40.4 billion to the least-volatile quartile of long-term funds while pulling $14.3 billion from the most-volatile quartile.
- In October, U.S. equity funds had outflows of $14.8 billion, taking year-to-date outflows to $36.4 billion. Despite one of the longest bull markets in history, investors have contributed just a net $59.8 billion to U.S. equity funds over the past 10 years.
- Reflecting the popularity of core bond strategies, Vanguard Total Bond Market Index, which holds a Morningstar Analyst Rating™ of Silver, led all funds with nearly $3.8 billion in inflows. Gold-rated SPDR S&P 500 ETF saw the most outflows in October, approximately $5.0 billion.
- Among U.S. fund families, Vanguard continued to take market share with modest inflows of $9.9 billion in October and its total open-end and exchange-traded fund assets passed $5.0 trillion. Following Vanguard is Fidelity and American Funds, with approximately $1.7 trillion in assets each.
To view the complete report, please click here.
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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, retirement plan providers and sponsors, and institutional investors in the private capital markets. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with about $217 billion in assets under advisement and management as of Sept. 30, 2019. The company has operations in 27 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on Twitter @MorningstarInc.
Morningstar's Manager Research Group consists of various wholly owned subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC. Analyst Ratings are subjective in nature and should not be used as the sole basis for investment decisions. Analyst Ratings are based on Morningstar's Manager Research Group's current expectations about future events and therefore involve unknown risks and uncertainties that may cause such expectations not to occur or to differ significantly from what was expected. Analyst Ratings are not guarantees nor should they be viewed as an assessment of a fund's or a fund's or separately managed account's underlying securities' creditworthiness. This press release is for informational purposes only; references to securities or a separately managed account investment strategy in this press release should not be considered an offer or solicitation to buy or sell the securities or to invest in accordance with that strategy.
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