Morningstar Reports U.S. Mutual Fund and ETF Asset Flows for October 2017

November 27, 2017

CHICAGO, Nov. 27, 2017 /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 October 2017. In October, investors put $27.6 billion into U.S. equity passive funds, more than doubling September's $12.7 billion inflow. On the active front, investors pulled $18.8 billion out of U.S. equity funds, compared with $18.5 billion in the previous month. 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.

Morningstar's report about U.S. asset flows in October is available here. Highlights from the report include:

  • Taxable bond remained the leading category group in October with $39.1 billion in flows overall, divided almost evenly between the passive and active side. Following taxable bond was international equity, which more than doubled to $22.2 billion in October from $9.8 billion in September.
  • The three Morningstar Categories with the highest inflows in October are intermediate-term bond, foreign large blend, and large blend. The three Categories with the largest outflows are large value, large growth, and mid-cap value.
  • Among top U.S. fund families, J.P. Morgan was the leader in active flows with $4.6 billion, followed by PIMCO with $3.5 billion. Fidelity and Franklin Templeton continued to sustain outflows from their active funds as they did in September; however, T. Rowe Price received inflows of $312.0 million. On the passive front, Vanguard was the top fund family, with inflows of $26.6 billion, followed by BlackRock/iShares with inflows of $20.4 billion.
  • The active fund with the highest inflow was JPMorgan International Research Enhanced Equity Fund, with flows of $3.1 billion. After announcing a fee increase in September, PIMCO Income, which has a Morningstar Analyst Rating™ of Silver, came in second with flows of $3.0 billion. On the passive front, Gold-rated Vanguard 500 Index Fund attracted the highest flows of $9.0 billion and iShares Core S&P 500 ETF followed with $3.9 billion in flows.
  • Bronze-rated T. Rowe Price New Income suffered a $1.2 billion outflow in October, the largest outflow among active funds. The passive fund with the largest outflow was Vanguard Institutional Index at $4.8 billion. iShares MSCI Spain Capped ETF experienced $571 million in outflows, following Catalonia's declaration of independence from Spain.

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 more than $220 billion in assets under advisement and management as of Sept. 30, 2017. The company has operations in 27 countries.

Morningstar's Manager Research Group consists of various wholly owned subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC. Morningstar's Manager Research Group produces various ratings including the Morningstar Analyst Rating for funds and the Morningstar Quantitative Rating for funds. The Analyst Rating is derived from a qualitative assessment process performed by a manager research analyst, whereas the Morningstar Quantitative Rating uses a machine-learning model based on the decision-making processes of Morningstar's analysts, their past ratings decisions, and the data used to support those decisions. In both cases, the ratings are forward-looking assessments and include assumptions of future events, which may or may not occur or may differ significantly from what was assumed. The Analyst Ratings and Quantitative Ratings are statements of opinions, subject to change, are not to be considered as guarantees, and should not be used as the sole basis for investment decisions. This press release is for informational purposes only; references to securities should not be considered an offer or solicitation to buy or sell the securities.

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