Morningstar Reports U.S. Mutual Fund and ETF Asset Flows for January 2018

February 23, 2018

CHICAGO, Feb. 23, 2018 /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 January 2018. In January, investors placed $41.2 billion of inflows to U.S. equity passive funds compared with December's $22.5 billion inflow. On the active front, investors pulled $24.1 billion out of U.S. equity funds, compared with $16.3 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 for January 2018 is available here. Highlights from the report include:

  • Taxable bond was the leading category group in January with $47.0 billion in flows overall, divided almost evenly between the passive and active side. Following taxable bond was international equity with flows of $41.9 billion overall, majority of which went into passive funds.
  • Flows for all category groups totaled $128.1 billion in January, setting a new monthly record. The previous largest flow, $116.2 billion, occurred in January 2013.
  • The Morningstar Category with the highest inflow in January was large blend, despite a $7.3 billion outflow on the active side. Diversified emerging markets and foreign large blend were also in the top Categories but, unlike large blend, with positive flows on both the active and passive side.
  • Among top U.S. fund families in January, American Funds was the leader in active flows with a $7.9 billion inflow. On the passive front, Vanguard continues to be the top fund family, with inflows of $30.4 billion.
  • The active fund with the highest inflow was American Funds Tax Exempt Bond, which has a Morningstar Analyst Rating™ of Bronze, at $2.7 billion. Silver-rated PIMCO Income and Gold-rated Oakmark International followed with inflows of $2.5 billion and $2.2 billion, respectively. Same as the previous month, SPDR S&P 500 ETF was the leader on the passive front with $19.8 billion of flows in January.
  • On the bottom-flowing list in January, Silver-rated Fidelity Contrafund had the highest outflows on the active side of $1.6 billion. Passive funds with the largest outflows included Vanguard Institutional Index and four iShares ETFs.

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 $195 billion in assets under advisement and management as of Dec. 31, 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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