December 16, 2021

Morningstar Reports U.S. Mutual Fund and ETF Fund Flows for November 2021

CHICAGO, Dec. 16, 2021 /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 2021. Long-term mutual funds and ETFs collected $81 billion in November 2021, in line with October's $84 billion intake. Passively managed strategies' $83 billion intake represented nearly all of November's inflows while active strategies had outflows of $2 billion.

Morningstar's report about U.S. fund flows for November 2021 is available here. Highlights from the report include:

  • ETFs, the vast majority of which are passively managed, had a $78 billion intake, while open-end funds had approximately $3 billion of inflows. Taxable-bond funds' $26 billion inflow led all category groups, though their pace of inflows has slowed since earlier in the year.
  • Inflation-protected bond funds extended their record year with $8.3 billion of inflows in November.
  • U.S. equity funds had $19.5 billion of inflows in November driven by demand for passively managed offerings.
  • After a strong start to the year, international equity funds' intake was less than U.S. equity funds' for the second consecutive month. Their $16 billion inflow in November was similarly driven by flows into passive funds.
  • Alternative funds have collected at least $2 billion in every month in 2021, led by the options-trading category's $12.6 billion year-to-date inflow. Many funds in this category offer hedged exposure to equity markets, suggesting investors may be seeking ways to mitigate their downside risk if the current bull rally reverses course.
  • Interest in funds with environmental, social, and governance (ESG) objectives remained strong in November with $6.2 billion of inflows. Flows into funds with sustainability mandates incorporated into their prospectuses, as measured by Morningstar, were positive across all seven U.S. category groups offering such options.
  • Vanguard led fund families in November 2021 with $29.3 billion of inflows. Vanguard has pulled in more money for the year to date, $357 billion, than the combination of its three next-closest competitors: iShares, Fidelity, and State Street, $353 billion.

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 and owners, retirement plan providers and sponsors, and institutional investors in the debt and 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, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $260 billion in assets under advisement and management as of Sept. 30, 2021. The Company has operations in 29 countries. For more information, visit www.morningstar.com/company. 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. 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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