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Mutual funds

Morningstar reports US mutual fund and ETF asset flows for May 2015


Investors continued to direct money to international-equity and taxable-bond funds in May, according to Morningstar’s estimated US mutual fund and exchange-traded fund (ETF) asset flows for May 2015.

International equity led all Morningstar category groups with inflows of USD24.0 billion, most of which went to passive strategies. 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.

Outflows for active US equity funds slowed to USD13.0 billion after an April outflow of USD18.9 billion that was the category group's largest since July 2011.

Foreign large blend funds topped all Morningstar categories in terms of May inflows, illustrative of the general move toward international equity. Intermediate-term bond funds led the way among taxable-bond offerings.

May was a difficult month for providers of active strategies. Among the 10 largest firms, American Funds, T Rowe Price, and JP Morgan managed to stay in positive territory, but overall flows for each totaled less than USD1.0 billion.

The PIMCO Total Return, which has a Morningstar Analyst Rating of Bronze, led outflows among active funds for the 10th consecutive month, although its USD2.6 billion outflow was the smallest since Bill Gross left PIMCO last September. Meanwhile, Silver-rated PIMCO Income landed fifth among active funds with the greatest inflows for the month.

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