December 16, 2019

Morningstar Reports U.S. Mutual Fund and Exchange-Traded Fund Flows for November 2019

CHICAGO, Dec. 16, 2019 /PRNewswire/ -- Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today reported estimated U.S. mutual fund and exchange-traded fund (ETF) flows for November 2019. Overall, U.S. equity funds totaled $2.9 billion in outflows, which was modest compared to October's $14.5 billion in outflows. 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 U.S. ETFs using changes in shares outstanding.

Morningstar's report about U.S. fund flows for November is available here. Highlights from the report include:

  • In November, long-term funds had $55.1 billion of inflows, their strongest month since January 2018. Money-market inflows declined month-over-month to $39.9 billion from $75.7 billion as Fed rate cuts may have dented demand. However, with $483.5 billion in year-to-date inflows, this remains by far the best year for money-market inflows since the financial crisis.
  • Among U.S. category groups, taxable-bond and municipal-bond funds led the way in November with $37.1 billion and $10.1 billion of inflows, respectively. Both had their strongest inflows for the year to date, partly in response to lower money-market yields and short-term bond funds.
  • International-equity funds rebounded significantly in November with $10.5 billion in inflows, the group's strongest month since January. Foreign large-blend funds led the way with $5.9 billion in inflows, followed by $2.5 billion for diversified emerging-markets funds, that group's best showing since collecting $2.5 billion in April.
  • Among U.S. fund families, iShares led in November with $17.3 billion in inflows, followed by Vanguard's $15.6 billion. Dimensional Fund Advisors had outflows of $2.2 billion as it endures a challenging year. The firm's flows have trended down since peaking at $4.3 billion of inflows in January.
  • SPDR S&P 500 ETF, which holds a Morningstar Analyst Rating™ of Gold, led all funds with $6.6 billion in inflows, while Gold-rated Vanguard Total Stock Market Index saw the most outflows in November with approximately $2.9 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 about $217 billion in assets under advisement and management as of Sept. 30, 2019. 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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