Morningstar Direct SM U.S. Asset Flows Update
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- Darleen Susan Ray
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1 ? Morningstar Direct SM U.S. Asset Flows Update Morningstar Manager Research 16 July 2015 Data through June 30, 2015 U.S. Mutual Funds and Exchange- Traded Products Alina Lamy Senior Analyst Markets Research Despite Trouble in Greece and China, Investors Are Still Looking Overseas International equity once again received the highest inflows among all Morningstar Category groups in June. Out of an estimated total of $22.4 billion directed toward international-equity funds, $16.6 billion went into passively managed funds and only $5.8 billion into actively managed funds. In terms of total flows (active and passive), five out of eight category groups suffered outflows in June. When looking only at actively managed funds, the international-equity and alternative category groups were the only ones in positive territory, as investors appear to be looking for diversification and potential growth overseas. U.S. equity funds continued to experience redemptions on the active side and inflows on the passive side. Overall, investors appear to be wary of the U.S. stock market approaching the end of its six-year bull run. After five months of inflows, investors took money out of taxable-bond funds in June, with most of the withdrawals coming from high-yield, bank-loan, and emerging-markets bond funds. Intermediate-term and world-bond funds, on the other hand, received high inflows. Active Passive Estimated Net Flows* Jun Assets Jun Assets 1 Year 1 Year $Mil 2015 $Bil 2015 $Bil U.S. Equity (14,451) (155,587) 3,765 6, ,323 2,411 Sector Equity (314) 17, ,277 36, International Equity 5,752 46,840 1,622 16, , Allocation (605) 23,200 1, , Taxable Bond (10,730) (36,691) 2,319 1, , Municipal Bond (1,386) 25, , Alternative 1,226 6, , Commodities (345) (99) All Long Term (20,854) (72,446) 10,044 30, ,812 4,520 Money Market 8,157 43,832 2,602 *Includes liquidated and merged funds.
2 Page 2 of 10 Decision-making only seems to become more and more difficult for investors. Greece s debt troubles have been all over the news in the past few weeks, and even if some sort of resolution is reached, the repercussions are very likely to slow down eurozone growth going forward. Increased volatility in the Chinese stock market that culminated in trading suspensions cast a shadow of doubt on the overall health of the Chinese economy. The International Monetary Fund downgraded economic-growth projections for most of the world, reflecting an unexpected setback to economic activity in the first quarter of 2015, mostly in North America. Despite its many issues, it seems investors are putting their hopes in the eurozone, as evidenced by the consistent international-equity flows. Another implication of this trend is that investors foresee more potential for growth in Europe than in the United States. Exhibit 1. Monthly Flows During the Past 12 Months ($ Billion) U.S. Equity Taxable Bond International Equity Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
3 Page 3 of 10 Not to keep beating a dead horse, but just a quick note on the active-passive debate: The 12 months ended June 2015 were the worst in terms of outflows for active U.S. equity funds, which experienced a total of $156 billion in redemptions over this period. Exhibit 2. U.S. Equity Rolling 12-Month Flows, Open-End and ETF ($ Billion) Active Passive A Tale of Two Large-Blend Categories: U.S. Versus Foreign Foreign large-blend was once again the top-receiving category in June, illustrative of the general move toward international equity. Again, passive funds took in the bulk of the inflow. Furthermore, even though the Europe-stock category did not appear in the top five, foreign large-blend is actually still a very good indicator of investor sentiment toward greater Europe because that region makes up most of foreign large-blend assets anyway. The popular strategy nowadays seems to be a long position on European stocks and a short position on the euro. Intermediate-term bond funds kept receiving strong inflows in June. Within the taxable-bond category group, this is not surprising, because intermediate-term bonds are less sensitive to interest rates than bonds with longer maturities. Just as in April and May, world-bond was the other fixed-income category to grab a spot in the top five. Rates in other countries (again, especially in Europe) may stay low, which may provide better opportunities in bonds overseas. On the equity side, large-blend and large-value were among the lagging categories. On the fixed-income side, high-yield bond and bank-loan were the categories with the largest
4 Page 4 of 10 withdrawals. Even though these are bond categories that we would expect to perform better in a rising-interest-rate environment, it seems investors are more concerned about their elevated risk than about the potentially higher returns they may offer should interest rates begin to rise. In terms of sector equity, strong inflows went to health -care and financials stocks, following impressive performance. Health care and financials had trailing one-year returns of 26.4% and 11.6%, respectively. Real estate, on the other hand, posted a negative 9.4% trailing one-year return as of June-end, landing the sector fourth on the bottom-flowing category list. Top- and Bottom-Flowing Categories in June Active Passive Estimated Net Flows* Jun Assets Jun Assets 1 Year 1 Year $Mil 2015 $Bil 2015 $Bil Leading Foreign Large Blend 2,546 25, ,082 97, Health 1,584 17, ,827 13, Small Blend (811) (9,652) 136 3,776 12, Financial 247 (95) 9 2,417 1, Intermediate-Term Bond , ,614 54, Lagging Large Blend (4,119) (23,757) 727 (3,295) 80,665 1,517 High-Yield Bond (4,381) (23,718) 276 (3,001) Large Value (3,904) (23,695) , Real Estate (1,529) (3,678) 60 (1,201) 2, Bank Loan (1,295) (28,566) 113 (248) (1,420) 6 *Excludes money market and funds of funds.
5 Page 5 of 10 Top 10 U.S. Fund Families Active Passive Estimated Net Flows $Mil Jun Assets Jun Assets 1 Year 1 Year 2015 $Bil 2015 $Bil Vanguard (1,173) 15, , ,866 2,081 Fidelity Investments (2,414) (15,882) 1,105 1,262 22, American Funds 173 9,028 1,206 BlackRock/iShares , ,913 93, T. Rowe Price (751) 4, (70) 1, Franklin Templeton Investments (1,317) (7,417) 442 SPDR State Street Global Advisors (4,644) (1,966) 408 PIMCO (7,002) (174,520) 337 (118) (2,192) 5 JPMorgan 2,555 22, (11) (56) 7 Dimensional Fund Advisors 1,758 25, Vanguard experienced redemptions for the second consecutive month on the active side, but, again, they were dwarfed by the $19.4 billion inflow on the passive side. Active flows were weak for everyone except JPMorgan in June. It would appear that JPMorgan s captive-advisor-audience strategy continues to pay dividends. On the passive side, ishares managed to attract a considerable inflow, while State Street once again witnessed massive redemptions from its flagship SPDR S&P 500 ETF SPY after a month s respite. Outlook for PIMCO Finally Turning Around? PIMCO CEO Douglas Hodge and CIO Daniel Ivascyn delivered the closing keynote presentation at the Morningstar Investment Conference in Chicago at the end of June, recognizing that the organizational changes that have taken place at PIMCO over the last 18 months have created change and created uncertainty and anxiety" among clients. However, their position has finally started to improve recently: "As we look at the last two or three months, we're starting to see the arrows come back up. I think that's the resolution of the uncertainty," Hodge concluded. We ve delivered performance, and that s the ultimate test. For the year to date, PIMCO Total Return PTTRX outperformed 75% of the funds in the intermediate-bond category. Even more impressively, however, PIMCO Income PIMIX outperformed 98% of its peers in the multisector-bond category. Investors took notice, and a PIMCO fund led the top-flowing list for the first time since last September.
6 Page 6 of 10 However, redemptions from PIMCO Total Return continued in June, and PIMCO overall still experienced an outflow. Inflows into PIMCO Income have so far been too small to offset the amounts withdrawn. For comparison purposes: PIMCO s total outflows amount to $208.2 billion since January 2014, a 39% decrease in assets. Outflows from PIMCO Total Return amounted to $119.4 billion since September PIMCO Income only managed to bring in a diminutive $8.7 billion over that time frame. As my Morningstar colleagues report in this June 2015 PIMCO update, the outlook for PIMCO s future is cautiously optimistic. Although outflows since Bill Gross departure have been worse than many have expected, the firm s remaining leaders have made significant progress in stabilizing the investment team, fortifying the firm s culture, and continuing to invest in its research effort. Exhibit 3. PIMCO Total Return and Firm-Level Flows ($ Billion) PIMCO Total Return Fund Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
7 Page 7 of 10 In other recent news, Janus (who hired PIMCO veteran Bill Gross in September 2014) just announced the acquisition of Kapstream Capital, a global unconstrained fixed-income asset manager, whose founders are surprise former PIMCO investment team members that have worked closely with Bill Gross in the past. One of the two founders, Kumar Palghat, will be joining Gross as co-portfolio manager of the Janus Global Unconstrained Bond JUCIX. Performance so far hasn t been stellar, with a negative 0.10% year-to-date and a negative 1.56% trailing 12-month return. The fund has only been able to attract $1.5 billion since its inception in May Bottom-Flowing Active and Passive Funds Assets Assets Estimated Net Flows Jun Year Jun 2015 Jun 2014 $Mil $Mil $Mil Active Funds PIMCO Total Return Fund (3,475) (124,188) 102, ,216 BlackRock Equity Dividend Fund (752) (6,400) 25,220 30,849 Vanguard Windsor II Fund (700) (3,496) 48,887 50,408 Loomis Sayles Bond Fund (608) (638) 22,610 24,431 Goldman Sachs Strategic Income Fund (586) (1,554) 21,189 24,019 Passive Funds SPDR S&P 500 ETF (3,997) (8,230) 170, ,463 ishares iboxx $ High Yield Corporate Bd (1,502) ,666 13,727 SPDR Barclays High Yield Bond ETF (1,320) 841 9,721 9,753 ishares MSCI Emerging Markets (1,274) (6,858) 29,584 39,841 ishares Core S&P 500 (1,158) 6,503 67,702 57,762 PIMCO Total Return once again was the leader in terms of active outflows, but the other four funds are newcomers to the bottom-flowing list. On the passive side, State Street s SPDR S&P 500 ETF SPY not only makes an appearance on the bottom-flowing list after taking a break in May, but also leads the list with a $4 billion outflow. Another ETF representative of the U.S. market, ishares Core S&P 500 IVV, is also among the funds with the largest outflows, illustrating the general trend of investors and/or portfolio managers moving out of U.S. equities. Two high-yield-bond ETFs (again, one from State Street and one from ishares) and an ishares emerging-markets ETF round up the bottomflowing list.
8 Page 8 of 10 Exhibit 4. SPDR S&P 500 ETF Flows ($ Billion) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Top-Flowing Active and Passive Funds Assets Assets Estimated Net Flows Jun Year Jun 2015 Jun 2014 $Mil $Mil $Mil Active Funds PIMCO Income Fund 1,529 9,228 47,421 37,075 JPMorgan Core Bond Fund 809 4,672 29,749 24,762 BlackRock Total Return Fund 754 3,862 6,890 2,972 Strategic Advisers Core Income Fund ,056 28,241 18,061 JPMorgan Disciplined Equity Fund 654 3,020 7,752 4,259 Passive Funds Vanguard Total Intl Stock Idx Fund 6,226 44, , ,027 Vanguard Total International Bd Idx Fund 3,024 19,076 44,779 25,172 ishares Russell ,289 2,165 29,690 26,125 ishares MSCI EAFE 2,178 9,330 60,941 55,685 ishares Core S&P Mid-Cap 1,470 2,453 26,915 23,603
9 Page 9 of 10 PIMCO Income, which has a Morningstar Analyst Rating TM of Silver, landed first on the topflowing active list in June, after placing fifth in May. Now that investors have gotten over their fears and realized PIMCO can still deliver superior returns, flows are following performance once again. One caveat, though: PIMCO Income is in the multisector-bond category and can have much higher allocations to emerging-markets and high-yield bonds, so a direct comparison with PIMCO Total Return isn t 100% fair. Knowing that, however, the returns speak for themselves. Total Return (%) Name 1 month 6 months 1 year 3 year annualized 5 year annualized PIMCO Income PIMCO Total Return Barclays U.S. Aggregate Bond On the passive side, two Vanguard index funds received the highest inflows in June, illustrating the trend toward international stocks and bonds previously observed at the category level. Interestingly, the fact that ishares Russell 2000 IWM and ishares Core S&P Mid-Cap IJH also received high inflows may indicate that some investors are moving away from U.S. large-cap stocks and diversifying into small- and mid-cap stocks, still at home. The trend in flows highlights the general perception among investors that the most-promising opportunities are overseas. However, the U.S. may still be able to provide some growth potential if investors are willing to move beyond large stocks.
10 Page 10 of 10 Note: The figures in this report were compiled on July 13, 2015, and reflect only the funds that had reported net assets by that date. The figures in both the commentary and the extended tables are survivorship-bias-free. Also note that this report includes both mutual funds and exchange-traded funds, while past commentaries excluded ETFs. The decision to include ETFs and to split some of the data tables into active and passive groups was based on the fact that ETFs now account for a significant share of assets and flows. In addition, a large share of the flows to mutual funds during the past several years have gone to passive investments, often within retirement savings accounts. These flows may not be completely representative of incremental investment decisions. Important methodology note: Morningstar computes flows using the approach that is standard in the industry: Estimated net flow is the change in assets not explained by the performance of the fund. Our method assumes that flows occur uniformly over the course of the month. Adjustments for mergers are performed automatically. When liquidated funds are included, the final assets of the fund are counted as outflows. Reinvested dividends are not counted as inflows. We use fund-level reinvestment rates to improve accuracy in this respect. We make ad hoc adjustments for unusual corporate actions such as reverse share splits, and we overwrite our estimates with actual flows if managers are willing to provide the data to us. Please click here for a full explanation of our methodology.? 22 West Washington Street Chicago, IL USA Morningstar All Rights Reserved. The information, data, analyses and opinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in part, or used in any manner, without the prior written consent of Morningstar. To order reprints, call To license the research, call
11 Morningstar Direct SM Publishing Date: Page 1 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date Morningstar Categories Ranked by Current TNA ($Mil) Rank Name Estimated Net Flow ($mil) Total Net Assets ($bil) Total Return 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % 1-Mo YTD 1 Large Blend (7,400) (25,303) (30,426) 56,922 2, , (3.81) Large Growth (1,463) (9,917) (22,025) (42,578) 1, , (2.76) Intermediate-Term Bond 2,018 13,929 46,268 69,153 1, , (2.14) Large Value (3,477) (10,880) (14,104) (5,051) 1, , (4.36) (0.38) 5 Foreign Large Blend 14,630 53,393 78, , (5.60) Moderate Allocation (279) (288) 4,436 10, (4.51) (0.10) 7 World Stock , (5.23) Diversified Emerging Mkts 29 7,949 12,973 19, (4.64) World Allocation (582) (4.72) (0.35) 10 Short-Term Bond 443 (932) (2,632) 4, (0.43) Foreign Large Growth 1,136 5,196 4,929 (4,137) (5.59) Mid-Cap Blend 1,937 4,549 11,892 16, (3.07) Mid-Cap Growth (589) (4,004) (8,025) (18,412) (1.10) High Yield Bond (7,378) (7,660) 2,393 (22,774) (2.49) Small Blend 2, ,776 3, Mid-Cap Value (858) (3,876) (5,028) (8,439) (4.07) Conservative Allocation (583) 970 4,379 13, (3.32) World Bond 1,543 9,101 15,469 22, (1.75) (5.35) 19 Small Growth 344 2, (7,998) Health 4,411 8,644 21,614 30, Multisector Bond 430 2,026 5,552 9, (0.06) Muni National Interm 200 2,634 8,710 18, (0.18) (0.07) 23 Foreign Large Value ,490 9, (4.89) Nontraditional Bond (520) (1,737) (3,752) (3,094) (0.93) Small Value , (0.46) Real Estate (2,730) (6,012) (4,046) (1,009) (8.80) (11.14) 27 Bank Loan (1,543) (640) (6,372) (29,986) (1.09) Muni National Short (389) (2,243) (1,839) 2, Corporate Bond (776) 936 8,683 15, (3.13) (0.65) 30 Inflation-Protected Bond 109 1,609 5,074 5, (1.56) Intermediate Government ,997 1, (1.26) Technology 1,228 2,166 1,455 4, (6.44) Muni National Long (251) (233) 571 1, (0.89) (0.87) 34 Ultrashort Bond (1,059) (3,619) (5,044) (1,067) (0.07) Europe Stock 1,865 9,250 25,769 18, (6.24) Morningstar, Inc. All Rights Reserved. For institutional use only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ß
12 Morningstar Direct SM Publishing Date: Page 2 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date Morningstar Categories Ranked by Current TNA ($Mil) Rank Name Estimated Net Flow ($mil) Total Net Assets ($bil) Total Return 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % 1-Mo YTD 36 High Yield Muni (292) (400) 1,234 4, (1.81) Emerging Markets Bond (1,095) 261 (535) (3,314) (2.52) Global Real Estate ,126 4, (6.77) (0.19) 39 Long/Short Equity (412) (1,343) (2,148) (5,062) (3.07) Short Government (402) (525) 778 1, (0.14) Equity Energy (171) 583 6,540 7, (9.33) (7.42) 42 Energy Limited Partnership 1 1,243 3,084 10, (12.73) (13.18) 43 Multialternative 1,659 5,057 7,745 12, (2.68) (0.03) 44 Japan Stock 1,649 5,314 9,117 11, (1.43) Financial 2,663 3,875 (1,498) 1, Commodities Precious Metals 108 (808) 419 (2,980) (5.48) (5.37) 47 Miscellaneous Region 1,295 3,714 4,748 1, Natural Resources (599) (820) (522) (5,050) (8.86) (4.39) 49 Commodities Broad Basket (371) (820) (722) (4.60) 50 Foreign Small/Mid Growth 289 1,024 1,343 (326) (5.36) Muni California Long (60) , (0.58) (0.18) 52 Pacific/Asia ex-japan Stk (30) 910 3,737 5, (6.46) Tactical Allocation ,931 2, (4.26) Foreign Small/Mid Blend 843 2,544 4,006 4, (3.07) Utilities (915) (1,813) (5,194) (3,619) (10.83) (15.22) 56 Preferred Stock (147) 375 3,108 5, (2.44) Consumer Cyclical 197 (1,003) 2,632 8, China Region 92 2,811 3,648 6, (11.25) Market Neutral (119) (1,068) (3,327) (4,328) (1.12) (0.03) 60 Foreign Small/Mid Value ,542 2, (4.38) Muni New York Long (169) (242) (316) (646) (0.81) (0.42) 62 Aggressive Allocation (36) (34) 521 1, (5.04) Long Government (389) (1,663) (2,881) 2, (6.57) (7.90) 64 Long-Term Bond (502) (1,096) (2,288) (2,843) (5.72) (6.55) 65 Muni Single State Long (54) (58) (2) (276) (0.56) (0.24) 66 Convertibles (454) (513) (5.35) Managed Futures 515 1,857 4,233 5, (6.45) (2.61) 68 Trading-Leveraged Equity 1,192 (694) (945) 1, Muni California Intermediate ,161 2, (0.24) (0.10) 70 Industrials (627) (2,050) (3,999) (5,622) (4.49) (2.00) 2015 Morningstar, Inc. All Rights Reserved. For institutional use only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ß
13 Morningstar Direct SM Publishing Date: Page 3 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date Morningstar Categories Ranked by Current TNA ($Mil) Rank Name Estimated Net Flow ($mil) Total Net Assets ($bil) Total Return 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % 1-Mo YTD 71 Consumer Defensive 56 (587) (2,214) 1, (2.34) Equity Precious Metals 279 (540) 888 1, (15.69) (11.84) 73 Diversified Pacific/Asia ,172 1, (5.30) Muni Single State Interm (9) (21) (0.18) (0.09) 75 Multicurrency (413) (610) (1.49) (2.00) 76 Muni Single State Short (120) (215) (277) (469) (0.43) (0.29) 77 India Equity (157) 871 3,154 4, (2.36) Muni Pennsylvania (57) (32) (18) (107) (0.37) Trading-Inverse Equity (231) 1,010 1, Target Date (1.89) Target Date (47) (70) 86 (67) (1.09) Muni Massachusetts (20) (13) (0.40) (0.23) 83 Communications (249) (46) (44) (78) (3.24) Muni New Jersey (42) (103) (125) (258) (0.54) (0.85) 85 Trading-Inverse Debt Latin America Stock (274) (390) (1,036) (1,025) (18.54) 87 Muni New York Intermediate (0.21) (0.06) 88 Target Date (1) (1.29) Commodities Energy (173) (1,226) 1,763 3, (0.45) 90 Miscellaneous Sector (188) Muni Ohio (13) (12) (0.38) (0.17) 92 Muni Minnesota (4) (0.05) Bear Market (126) (153) (313) (1,325) (12.43) 94 Target Date (27) (3.90) Volatility (50) , Trading-Leveraged Commodities 299 (251) 1,466 3, Retirement Income (11) (4) (1.06) Target Date (4.79) Target Date (7) (4.33) Commodities Agriculture (157) (5.56) 101 Trading-Miscellaneous (39) (73) (100) Single Currency (32) (47) Target Date (4.65) Target Date (27) (52) (110) (159) (3.26) Trading-Inverse Commodities (238) (824) Morningstar, Inc. All Rights Reserved. For institutional use only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ß
14 Morningstar Direct SM Publishing Date: Page 4 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date Morningstar Categories Ranked by Current TNA ($Mil) Rank Name Estimated Net Flow ($mil) Total Net Assets ($bil) Total Return 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % 1-Mo YTD 106 Target Date (15) (38) (101) (160) Target Date Trading-Leveraged Debt (98) (166) (396) (578) Commodities Industrial Metals (60) (1) (9) (114) Commodities Miscellaneous Top 10 5,159 29,636 73, ,112 8, , All 9,625 67, , ,995 14, , Top Fund Families Ranked by Current TNA ($Mil) Rank Name Estimated Net Flow ($mil) Assets Under Management ($bil) 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % 1 Vanguard 18,193 56, , ,457 2, , Fidelity Investments (1,152) 1,410 10,329 7,092 1, , American Funds 173 3,554 9,274 9,028 1, , ishares 5,988 14,415 35,015 89, T. Rowe Price (821) 1,452 4,940 5, Franklin Templeton Investments (1,317) (2,890) (4,534) (7,417) SPDR State Street Global Advisors (4,496) (16,580) (45,425) (1,179) PIMCO (7,120) (19,420) (54,570) (176,712) JPMorgan 2,629 3,216 9,341 22, Dimensional Fund Advisors 1,758 2,872 11,572 25, BlackRock 214 3,172 10,234 20, Dodge & Cox 254 1,092 7,482 25, OppenheimerFunds (968) (2,945) (4,882) (8,751) MFS (64) 1,621 3,328 7, Columbia (965) (3,781) (6,666) (12,014) Invesco (623) (1,322) (1,192) (2,202) Jackson National 952 3,317 5,559 10, John Hancock 736 2,512 3,539 6, Principal Funds (147) 840 2,261 3, Wells Fargo Advantage (498) (2,498) (3,868) (3,638) Janus (125) 73 1,115 1, Lord Abbett (565) (860) (1,506) (3,167) AXA Equitable (247) (767) (1,569) (3,234) American Century Investments (280) (28) (90) (1,759) Goldman Sachs (997) (2,061) (2,381) Morningstar, Inc. All Rights Reserved. For institutional use only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ß
15 Morningstar Direct SM Publishing Date: Page 5 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date Top Fund Families Ranked by Current TNA ($Mil) Rank Name Estimated Net Flow ($mil) Assets Under Management ($bil) 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % 26 Hartford Mutual Funds (293) (612) (1,093) (3,129) Legg Mason (103) 430 4,042 9, PowerShares 988 (542) (827) (6,474) Voya (436) (2,222) (3,721) (7,602) SEI 20 2,260 3,395 5, TIAA-CREF Mutual Funds 650 1,574 3,873 7, Harbor 38 (1,118) (2,296) (5,119) Oakmark Prudential Investments ,303 6, Putnam (409) (1,036) (603) 1, GMO (716) (821) (1,868) (675) Metropolitan West Funds 315 3,145 15,453 36, First Eagle (188) (433) (1,337) (1,216) MainStay (56) (2,018) (4,972) (15,238) Eaton Vance (477) (1,036) (2,291) (6,981) Federated (308) (295) 981 3, Ivy Funds (277) (1,268) (3,577) (10,622) Natixis Funds (54) 548 4,003 8, Dreyfus (176) (640) (885) (2,807) AllianceBernstein (216) , WisdomTree 1,093 6,585 20,128 25, Nuveen (342) (611) 275 2, Schwab Funds (38) 32 1,229 3, USAA (68) 149 1,017 2, DoubleLine 447 1,975 7,696 16, Top 10 13,835 44, , ,451 8, , Top 50 10,310 48, , ,471 12, , Other (685) 20,205 47,426 61,051 2, , All 9,625 68, , ,522 14, , Morningstar, Inc. All Rights Reserved. For institutional use only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ß
16 Morningstar Direct SM Publishing Date: Page 6 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date Asset Classes Name Estimated Net Flow ($mil) Assets Under Management ($bil) 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % US Equity (7,988) (46,352) (63,838) (5,191) 6, , Sector Equity 3,964 4,030 20,827 54, International Equity 22,397 95, , ,531 2, , Allocation (503) 2,572 12,487 27,695 1, , Taxable Bond (8,764) 10,981 65,820 75,633 3, , Municipal Bond (1,244) (568) 10,008 29, Alternative 2,207 4,539 9,926 12, Commodities (444) (2,712) 1, All Long Term 9,625 67, , ,995 14, , Morningstar Ratings Name Estimated Net Flow ($mil) Total Net Assets ($bil) 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % QQQQQ 14,300 54, , ,348 1, , QQQQ 1,749 14,405 56, ,884 6, , QQQ (8,537) (16,950) (24,863) (57,204) 4, , QQ (7,521) (26,099) (42,501) (73,778) 1, , Q (3,154) (6,708) (10,711) (23,558) Not Rated 12,788 48,471 92, , Total 9,625 67, , ,995 14, , Morningstar, Inc. All Rights Reserved. For institutional use only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ß
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