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Mutual funds

International equity and currency hedged funds lead the way for mutual funds and ETFs in March


International-equity funds led the way for mutual funds in March with inflows of approximately USD34.7 billion, while currency-hedged exchange traded funds drove the majority of ETF inflows for the month.

That’s according Morningstar which 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.
Taxable-bond funds, particularly intermediate-term bond funds, continued to collect strong inflows, despite the likelihood that the Federal Reserve will raise interest rates in June.
US equity funds overall had outflows in March. On the active side, US equity saw its largest monthly outflow since July 2014, while passive US equity recorded lower inflows than the group has seen in recent months.
Among active providers, Fidelity took the top spot with March inflows of USD4.5 billion. While BlackRock/iShares continued to provide some competition, Vanguard again dominated passive flows during the month. PIMCO's outflows since January 2014 reached USD186.2 billion, a 35 per cent decrease in assets. However, PIMCO Total Return, which has a Morningstar Analyst Rating of Bronze, had March outflows of USD7.7 billion, the fund's smallest since Bill Gross left the firm.

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