Highlights from Morningstar's report about U.S. asset flows in
November:
- The trend of heavy investor allocations to
international stocks and passive positions in U.S. equity and taxable-bond
funds seems poised to continue. Intermediate-term bond and foreign large
blend remained two of the most popular categories in November.
- Actively managed U.S. equity funds saw their
sixth-worst monthly outflow in November since 1993, when Morningstar began
tracking asset flow data.
- The high-yield bond category has seen volatile flows
over the past few months and landed among the five categories with the
greatest outflows in November. The turbulence continued into early
December following the announcement from
Third Avenue Management that it would liquidate its high-yield bond fund, Third Avenue Focused Credit, without allowing investors to redeem their shares right away. - Outflows from active funds continued in November for a
number of fund companies, including
PIMCO ,Franklin Templeton , Fidelity, and J.P. Morgan. On the passive side, Vanguard and iShares took in$14.2 billion and$13.0 billion , respectively. Vanguard has collected inflows of$1 trillion since the beginning of the financial crisis inDecember 2007 and has seen just two months of outflows since then,October 2010 andJune 2013 . - Each of the five active funds with the highest monthly
inflows were fixed-income funds. PIMCO Income, which has a
Morningstar Analyst Rating™ of Silver, led the pack with inflows
of $1.2 billion, and Bronze-rated T. Rowe Price New Income was a
newcomer to the list with inflows of
$741 million .
To view the complete report, please visit http://www.global.morningstar.com/novflows15.
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