Morningstar has reported estimated US mutual fund and exchange-traded fund (ETF) asset flows for November 2014. Among US equity funds, the pattern of outflows for actively managed funds and inflows for passive funds continued.
Over the trailing one-year period, active US equity funds lost USD91.9 billion, and passive US equity funds gathered USD156.1 billion.
The firm 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.
Active taxable-bond funds collected USD5.6 billion in November after outflows of USD18.7 billion in September and USD23.1 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 & 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 S&P 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 with 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 USD20.7 billion and USD13.5 billion, respectively. PIMCO’s firm-level November outflows of USD12.8 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 USD0.8 billion compared with the firm’s overall inflows of USD0.7 billion, singlehandedly kept Janus in positive territory.