CHICAGO, Sept. 14 /PRNewswire/ -- Morningstar, Inc.
(Nasdaq: MORN), a leading provider of independent investment
research, today reported estimated U.S. mutual fund and
exchange-traded fund asset flows through August 2010. Flows into long-term mutual funds
increased by more than 11 percent in August to $16.8 billion, with fixed-income funds again
receiving the majority of these assets. Outflows from
domestic-equity ETFs contributed to net outflows of $1.3 billion from U.S. ETFs in August, ending a
six-month streak of consecutive monthly inflows.
Additional highlights from Morningstar's report on mutual
fund flows:
- Taxable-bond funds accumulated assets of $168.5 billion year to date, and much of these
inflows are likely attributable to low yields on money market
funds. Money market funds have seen outflows in 16 of the 19 months
since February 2009, for a total loss
of nearly $1.0 trillion, reducing
money market total net assets and market share to $2.7 trillion and 27.6%, respectively.
- Outflows persisted for U.S. stock funds, with redemptions of
$14.3 billion in August. Funds in the
large growth and large value Morningstar categories saw the
greatest outflows, surrendering a combined $8.6 billion in August alone and $38.3 billion for the year to date.
- Although domestic-equity funds have seen outflows of
$42.2 billion in 2010 and
$25.7 billion in 2009, U.S. stock
funds still have total net assets of more than $2.9 trillion. The $67.9
billion in outflows since the end of 2008 are not even 2.4
percent of that total, and passively managed domestic-equity funds
have actually seen inflows in 34 of the past 36 months.
- PIMCO's bond lineup helped it gather $7.7 billion in August to top all fund families,
followed by Vanguard, although the firm's inflows dropped to
$4.0 billion after taking in
$4.9 billion in July. American Funds
and Fidelity, which specialize in actively managed funds, lost
another $5.5 billion and $1.6 billion, respectively, to outflows in
August.
Additional highlights from Morningstar's report on ETF
flows:
- International-stock ETFs had inflows of $4.4 billion, the highest of all asset classes
for the second straight month, thanks to strong demand for
emerging-markets ETFs. Over the trailing three-year period,
emerging-markets ETFs have accounted for more than 61 percent of
flows into the asset class.
- SPDR S&P 500 SPY, the largest ETF in terms of net assets,
saw outflows of $6.6 billion in
August, as investors moved their assets into higher-yielding equity
strategies, including defensive and dividend-paying sectors and
preferred stock ETFs.
- iShares iBoxx $ High Yield Corporate Bond HYG and SPDR Barclays
Capital High Yield Bond JNK, with inflows of $464 million and $332
million, respectively, led flows into junk bond ETFs, as
investors took on more risk in search of more attractive yields in
August. Short-term bond ETFs remained popular despite their
unimpressive yields.
- Precious-metals ETFs, bolstered by inflows of $827 million into SPDR Gold Shares GLD, were the
most popular ETFs in the commodities asset class in August.
To view the complete report, please visit
http://www.global.morningstar.com/augflows10. For more information
about Morningstar Fund Flows, please visit
http://global.morningstar.com/fundflows.
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
Internet, software, and print-based products and services for
individuals, financial advisors, and institutions. Morningstar
provides data on approximately 360,000 investment offerings,
including stocks, mutual funds, and similar vehicles, along with
real-time global market data on more than 4 million equities,
indexes, futures, options, commodities, and precious metals, in
addition to foreign exchange and Treasury markets. The company has
operations in 21 countries.
©2010 Morningstar, Inc. All rights reserved.
MORN-R
Media Contact:
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Carling Spelhaug, 312-696-6150
or carling.spelhaug@morningstar.com
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SOURCE Morningstar, Inc.
Copyright . 14 PR Newswire