December 21, 2018

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

CHICAGO, Dec. 21, 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 November 2018. In November, investors placed $28.4 billion into passive U.S. equity funds, compared with inflows of $20.4 billion in the previous month. On the active front, investors pulled $18.4 billion, compared with $16.8 billion of outflows as reported last 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 November 2018 is available here. Highlights from the report include:

  • Long-term flows stabilized in November with about $1.5 billion in outflows after last month's $29.0 billion in outflows. Overall 2018 long-term flows will likely finish well below the average from the prior 10 years, with year-to-date long-term inflows of about $245.0 billion.
  • Among Morningstar category groups, notable trends include moving to ultrashort-term vehicles, with money market funds collecting $78.7 billion and ultrashort bond funds had another record month of inflows with $13.2 billion. Short-government funds received approximately $5.7 billion, the most in at least a decade, while short-term bond funds took in a more modest $1.8 billion. Overall, taxable-bond funds had their second consecutive month of outflows of approximately $4.7 billion, which hasn't happened in nearly three years.
  • Large-blend continued to lead all Morningstar categories, with $14.8 billion of inflows. Intermediate-term bond was the least popular category, with outflows of $8.2 billion in November.
  • Among top U.S. fund families, iShares saw the highest monthly inflows of $25.3 billion and were broad-based across the ETF lineup, but iShares Core MSCI Emerging Markets, iShares 1-3 Year Treasury Bond, and iShares Edge MSCI Minimum Volatility USA contributed the greatest inflows out of the iShares fund family with $3.2 billion, $2.4 billion, and $1.9 billion respectively. Vanguard collected the second-most inflows for the month with $10.6 billion, helped by Vanguard Total Stock Market Index, which collected the third-most inflows of all fund families for the month with $3.5 billion.
  • Franklin Templeton's active lineup continued to suffer outflows, with the firm overall seeing the most monthly outflows at $2.9 billion. PIMCO had the second-highest outflows at $2.7 billion. Oakmark saw the third-highest outflows with $2.6 billion, hurt by $1.1 billion of outflows from Oakmark International Equity, which boasts a Morningstar Analyst Rating™ of Gold and recently announced that it would be re-opening to new investors.

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 $207 billion in assets under advisement and management as of Sept. 30, 2018. The company has operations in 27 countries. For more information, visit 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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