July 23, 2018

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

CHICAGO, July 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 June 2018. Investors cut risk in June 2018 as money moved out of equity and into bond funds. Overall, long-term U.S. open-end funds and ETFs had their greatest outflows since August 2015 of approximately $22.1 billion. The bulk of these outflows stemmed from U.S. equity, which saw $20.8 billion of outflows—$17.1 billion from active funds and $3.7 billion on the passive side. 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 June 2018 is available here. Highlights from the report include:

  • While the bulk of outflows came from U.S. equity funds, sector-equity, international-equity, allocation, alternative, and commodity funds all had net outflows. Only taxable-bond and municipal-bond funds had inflows, $15.5 and $2.6 billion, respectively. U.S. equity funds lost $20.8 billion, capping the group's fourth-worst* first half over the past decade.
  • International-equity funds suffered the most outflows since 2008 with $9.8 billion in outflows, which was due largely to emerging-market outflows.
  • The Morningstar Categories with the highest inflows in June were ultrashort-bond funds and foreign large-blend funds with respective inflows of $5.5 billion and $4.3 billion. Conversely, large-blend funds saw the most outflows of $19.4 billion in June followed by diversified emerging markets, with outflows of $8.0 billion. 
  • Among top U.S. fund families, Vanguard led the way with $7.4 billion in inflows; however, it's growth continues to slow. June inflows were the firm's smallest since 2013 with active funds seeing outflows of $4.5 billion while its passive strategies had inflows of $11.9 billion.
  • The top fund for June was Vanguard Total International Stock Index Fund with $7.3 billion of inflows. The fund with the highest outflows was iShares MSCI Emerging Markets ETF with $5.3 billion.

To view the complete report, please click here.

The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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 $201 billion in assets under advisement and management as of March 31, 2018. 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.

*A previous version of this press release incorrectly stated that U.S. equity funds lost $20.8 billion, capping the group's third-worst first half over the past decade.

©2018 Morningstar, Inc. All Rights Reserved.

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