October 18, 2018

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

CHICAGO, Oct. 18, 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 September 2018. In September, investors placed $19.4 billion into passive U.S. equity funds, compared with inflows of $13.0 billion in the previous month. On the active front, investors pulled $8.8 billion, compared with $14.4 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 September 2018 is available here. Highlights from the report include:

  • Estimated long-term flows were $28.2 billion as U.S. equity funds rebounded with $10.6 billion of inflows and taxable bond funds led all groups with $20.9 billion, while international equity demand remained light with approximately $850 million.
  • Within Morningstar categories, large blend, intermediate-term bond, and ultrashort bond continue as the most popular categories, with inflows of $9.1 billion, $6.1 billion, and $5.3 billion, respectively. Allocation—30% to 50% Equity was the least popular category, with outflows of $2.4 billion in September.
  • Among top U.S. fund families, Vanguard had the highest monthly firm inflows of $16.5 billion, while State Street Global Advisors saw the second highest firm inflows of $10.4 billion. Fund families that saw the greatest outflows included Harbor, which had approximately $3.5 billion of outflows in September. Harbor International, an active fund with a Morningstar Analyst Rating™ of Bronze, was responsible for majority of those outflows at $3.4 billion. Franklin Templeton had the second-highest outflows at $2.7 billion with T. Rowe Price and AQR following with outflows of $1.9 and $1.1 billion, respectively.
  • Among all U.S. open-end mutual funds and ETFs, Fidelity Advisor Growth & Income saw the most inflows of all active strategies at $1.8 billion, the fund's highest inflows in a decade.

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 $203 billion in assets under advisement and management as of June 30, 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. 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 the fund's underlying securities' creditworthiness. This press release is for informational purposes only; references to securities in this press release should not be considered an offer or solicitation to buy or sell the securities.

©2018 Morningstar, Inc. All Rights Reserved.


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