Fund Flow Trends
Cash Flows Accelerate Out Of Stock Funds Into Bond And Money Market
Bond and money-market fund subsets are seeing strong net cash inflows year-to-date, having captured $581 billion thus far (versus $176 billion at this time last year).
Cash Flows Decisively From Stock Funds, To Bond And Money Market Funds
Through May 2019, total net cash flow into equity and hybrid mutual funds and ETFs have turned negative.
Flows Muted For Most Equity Categories
As of the end of February, net cash flow into equity fund categories was subdued compared to that logged for the first two months of 2018.
Flows Subdued Y/Y Across Categories
As of November 2018, net cash flows into mutual funds and ETFs are positive but significantly muted compared to those logged at this time in 2017.
Flows Subdued Across Categories
Through August 2018, total net cash flows into mutual funds and ETFs are positive but remain muted compared to those logged at this time in 2017.
2018 Flows Muted Across Categories
In 2017, equity and bond funds captured a staggering net $400+ billion. In 2018, uneasy investors are still buying funds, but at subdued levels compared to the same period last year.
2018 Fund Flows Off To A Slow Start
Volatile markets in 2018 have lent to relatively subdued mutual fund (MF) and ETF inflows.
Fund Flow Trends - January 2018
Cumulatively, mutual funds (MFs) and ETFs (ex-money market funds) captured more money in 2017 YTD than any other year over the same period (data through November).
YTD Fund Inflow Highest On Record
On a cumulative basis, YTD through August, equity and bond funds (ex. money market) have captured more money than ever before over the same period.
YTD Fund Inflow Remains Highest Since 2013
Excluding money market, all equity and bond fund categories have captured cumulative net cash inflow that is more than five times the level seen at this time last year. ETF inflow this year has accounted for nearly 80% of all flows.
YTD Fund Inflow Highest Since 2013
YTD Fund Inflow Highest Since 2013
Fund Inflow Subdued In 2016
Net cash inflow for 2016 (through November) was muted relative to that of the same period in 2015.
Fund Inflows Subdued In 2016
Bond mutual funds, bond ETFs, and domestic-focused equity ETFs are the only categories registering material positive cash flows YTD.
Stock/Bond Market Fund Flow Trends
Bond funds (including ETFs), foreign-focused equity mutual funds and domestic-focused ETFs are the only categories capturing positive cash flows YTD.
Inflows For Bond Funds In 2016, Thanks To ETF Subset
While net cash flows were negative for equity funds through February 2016 (not too surprising given the sharp equity market sell-off), bond funds collected net cash inflows.
Investors Favor Foreign Focused Funds and ETF Products in 2015
Equity funds with a foreign focus remained the most popular fund category in 2015 (through November) as measured by net cash inflows from investors.
Investors Favor Equity Over Bond Funds So Far in 2015
Rising rates have set fund flow trends back on course to those seen over the last two years. Cumulatively, equity funds have now captured more net cash YTD than that collected by bond funds.
Fund Flow Trends Established In 2013 Persist In 2014—Just To A Lesser Extent
As we progress through 2014, a shift in fund flow trends established midway through 2013 is still intact—just more subtly so.
2013 Fund Flow Trends Hold In 2014—Equities Still The Preference
Newfound fund flow trends established midway through 2013 are still unbroken halfway into 2014. Even with net cash inflows resuming to bond mutual funds, the definitive shift in preference for equity funds, although more subtle, is still intact.
2013’s Preference Shift To Equity Funds Holds In 2014
Many fund categories are exhibiting similar but muted net cash flow trends to those recorded at this time last year. However, equity ETF net cash flows, both U.S.- and foreign-focused, remain flat in contrast to last year’s strong start. Nonetheless, the definitive shift in trend from bond to equity funds which began midway through 2013 is still intact.
A Shift In Fund Flow Trends Holds Through Latter Half Of 2013
Both equity and bond categories set all-time nominal net cash flow records.
Supply/Demand Factors - October 2013
YTD net flows have remained in positive territory by about $10 billion.
Record Net Cash Flow Events Continue For Mutual Funds
A variety of records continue to be broken for mutual fund and ETF industry cash flows so far this year in fund genres such as domestic equity ETFs and hybrid mutual funds. Domestic equity mutual funds are managing to hold on to some net cash inflows, while total equity and hybrid fund flows are experiencing levels not seen since 2000. Foreign-focused mutual funds continue raking in the dough, while recently bond funds have experienced unprecedented levels of net outflows. Chart 1 summarizes YTD Net Cash Flows for 2013 compared to 2012 for the broad fund categories.
Strongest Net Outflows From Bond Funds In Years
Most noteworthy this week was a combined estimated $13.5 billion exiting bond mutual funds and ETFs on a net basis.
Oh What A Difference A Year Makes
All fund subsets followed here saw net cash inflows this week aside from bond mutual fund categories and retail money market funds.
U.S. Focus Equity Mutual Funds: Highest Outflows Ever
U.S. focus equity fund outflows are higher than ever before....while foreign focus fund inflows have surged.
Domestic Equity Mutual Funds YTD Flows Turn Positive
Most broad fund categories experienced positive net cash flows this week, with the exception of money market funds and domestic equity ETFs.
Domestic Equity ETFs Record Net Outflows for Third Straight Week
Domestic equity funds have seen net cash outflows so far in 2015, while bond funds have collected more net cash than any other category.
Fund Flows Mixed in Week Two of 2015
Bond funds and hybrid mutual funds captured estimated net cash inflows this week, while domestic equity mutual funds saw flat net cash flows.
Fund Flows Mostly Negative in First Week of 2015
For the first week of 2015, estimated net cash fund flow trends were mixed but mostly negative for major fund subsets. Bond and hybrid mutual funds were the exceptions.
Domestic Equity ETF 2014 Inflows Reach 2008’s All-Time High
2013 and 2014 mark the first two years since 2007 in which equity fund nominal annual cash inflow tallies have outweighed those of bond funds.
Domestic Equity ETFs See One Of Largest Weekly Net Cash Inflows Ever
Contrasting last week’s trends, most broad fund categories recorded net cash inflows this week. Domestic equity ETFs brought in the largest weekly net cash inflow of the year for the category.
Net Cash Outflows Recorded Across Nearly All Broad Fund Categories
Negative cash flows were the trend across major fund subsets in the latest week; bond ETFs were the only category to buck the trend.
Domestic Equity ETF Net Flows Continue But Decelerate
Domestic equity ETF net cash inflows continued this week at a decelerated pace; the large cap subset, however, saw net cash outflows.
Domestic Equity ETF Net Inflows Continue
Domestic equity ETF net cash flows have been positive for the past five of six weeks, while domestic equity mutual fund net flows have been negative in four of the past five.
Net Cash Inflows Resume For Domestic Equity ETFs
Weekly net cash inflows to domestic equity ETFs of $6.8 billion pushed YTD flow tallies ($91.6 billion) above those collected over the same period in 2013.
Domestic Equity and Bond ETF Flows Reverse Course This Week
Domestic equity ETF flows transitioned to slight negative net cash flows this week after three straight weeks of robust inflows. Bond ETFs also saw net outflows after six consecutive weeks of net inflows.
Investors Pour Dollars Into Domestic Equity ETFs For Third Consecutive Week
Over the past three weeks investors have plowed a net $35 billion into domestic equity ETFs. Bond ETF flows have also been robust, collecting a net $16 billion over the past six weeks.
Domestic Equity ETFs Capture Highest Ever Weekly Net Cash Inflows
All broad fund categories saw positive net cash flows for the week ended 11/5. Domestic equity ETF flows were particularly noteworthy, capturing a net $15 billion.
Bond Mutual Funds See Five Straight Weeks of Net Cash Outflows
Bond mutual funds have seen persistent negative net cash flows, and YTD flows are now about $40 billion lighter versus tallies recorded just one month ago.