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Carling Spelhaugcarling.spelhaug@morningstar.com
Morningstar Reports U.S. Mutual Fund and ETF Asset Flows for November 2014

CHICAGO, Dec. 12, 2014—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 2014. Among U.S. equity funds, the pattern of outflows for actively managed funds and inflows for passive funds continued. Over the trailing one-year period, active U.S. equity funds lost $91.9 billion, and passive U.S. equity funds gathered $156.1 billion. 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.

Additional highlights from Morningstar’s report about U.S. asset flows in November:
• Active taxable-bond funds collected $5.6 billion in November after outflows of $18.7 billion in September and $23.1 billion in October, although most of those outflows were attributable to redemptions from PIMCO Total Return and not representative of the category group in general. Meanwhile, passive taxable-bond funds had inflows for the 12th consecutive month.
• Metropolitan West Total Return Bond and Dodge and Cox Income, which both have a Morningstar Analyst Rating™ of Gold, were the two actively managed funds with the highest inflows for the second straight month. SPDR® SandP 500 ETF and three Vanguard funds topped the list of passive funds by November inflows.
• Two PIMCO funds—PIMCO Total Return and PIMCO Low Duration—landed among the five active funds that had the highest outflows in November. MainStay Marketfield also had significant redemptions for the second consecutive month.
• Vanguard and iShares led inflows at the provider level, collecting $20.7 billion and $13.5 billion, respectively. PIMCO’s firm-level November outflows of $12.8 billion slowed notably compared with massive redemptions in September and October. Janus, with Bill Gross on board, experienced its second positive month in November after 36 consecutive months of outflows. Gross’ new fund, Janus Global Unconstrained Bond, with inflows of $0.8 billion compared with the firm’s overall inflows of $0.7 billion, singlehandedly kept Janus in positive territory.

To view the complete report, please visit http://www.global.morningstar.com/novflows14. For more information about Morningstar Asset Flows, please visit http://global.morningstar.com/assetflows.

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. References to and commentary about the above mentioned funds should not be considered a solicitation to buy or sell that fund.

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 retirement plan providers and sponsors. Morningstar provides data on approximately 479,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 13 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $169 billion in assets under advisement and management as of Sept. 30, 2014. The company has operations in 27 countries.

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©2014 Morningstar, Inc. All Rights Reserved.


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