US Mutual Funds Monthly Statistics (Including ETFs)

US Mutual Funds Monthly Statistics (Including ETFs) April 1, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 48-664-1333 djohnson@ Please visit our sites at www. blog. thinking outside the box

Table Of Contents Table Of Contents Equity Funds Monthly Flows 1 Equity Funds Yearly Flows 2-5 Bond Funds Monthly Flows 6 Bond Funds Yearly Flows 7 Equity Cumulative Flows 8-9 Bond Cumulative Flows 1 Bond & Equity Cumulative Flows 11 US Mutual Funds: Net 12-Month Inflows 12 April 1, 218 / Equity & Bond Funds www.

1 8 6 4 2 Figure 1. EQUITY MUTUAL FUNDS & ETFs (monthly net inflows, billion dollars) Equity Funds Monthly Flows Total Equity Funds (-19.) 1 8 6 4 2-2 -4-6 -8 1 8 6 4 2-2 -4-6 -8 8 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 Equity Mutual Funds* (-8.) 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22-2 -4-6 -8 1 8 6 4 2-2 -4-6 -8 8 6 4 Equity ETFs** (-11.) 6 4 2 2-2 -2-4 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 * Net sales (including reinvested dividends) less redemptions plus the net results of fund switches. ** Net share issuance by equity ETFs. -4 Page 1 / April 1, 218 / Equity & Bond Funds www.

Equity Funds Yearly Flows 5 4 Figure 2. EQUITY MUTUAL FUNDS & ETFs (12-month net inflows, billion dollars) 5 4 3 Total Equity Funds (284.7) 3 2 2 1 1-1 3 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218-1 3 2 1 Equity Mutual Funds* (-52.1) 2 1-1 -1-2 4 35 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218-2 4 35 3 2 15 Equity ETFs** (336.8) 3 2 15 1 1 5 5 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 * Net sales (including reinvested dividends) less redemptions plus the net results of fund switches. ** Net share issuance by equity ETFs. Page 2 / April 1, 218 / Equity & Bond Funds www.

5 4 Figure 3. Equity Funds Yearly Flows US EQUITY MUTUAL FUNDS & ETFs NET INFLOWS: TOTAL, DOMESTIC & WORLD (billion dollars. 12-month sum) Total (284.7) 5 4 3 3 2 2 1 1-1 2 15 1 5-5 -1-15 4 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 Domestic (-24.8) 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22-1 2 15 1 5-5 -1-15 4 35 3 World* (39.5) 35 3 2 2 15 15 1 1 5 5-5 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 * Includes International, Emerging Markets, and Regional Funds. Excludes hybrid funds that invest in equity and debt securities. -5 Page 3 / April 1, 218 / Equity & Bond Funds www.

5 3 Figure 4. Equity Funds Yearly Flows US EQUITY MUTUAL FUNDS NET INFLOWS: TOTAL, DOMESTIC & WORLD* (billion dollars. 12-month sum) Total (-52.1) 5 3 1 1-1 -1-3 3 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22-3 3 2 1 Domestic (-188.) 2 1-1 -1-2 2 15 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 World** (136.) -2 2 15 1 1 5 5-5 -5-1 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 * Gross share issuance minus gross share redemptions. ** Includes International, Emerging Markets, and Regional Funds. Excludes hybrid funds that invest in equity and debt securities. -1 Page 4 / April 1, 218 / Equity & Bond Funds www.

Equity Funds Yearly Flows 4 35 Figure 5. US EQUITY ETFs NET SHARE ISSUANCE: TOTAL, DOMESTIC & WORLD (12-month net inflows, billion dollars) 4 35 3 3 Total (336.8) 2 2 15 15 1 1 5 5 2 2 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 2 2 175 15 Domestic (163.2) 175 15 1 1 1 1 75 75 5 5-22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22-18 18 16 16 14 Global/ International (173.6) 14 12 12 1 8 6 1 8 6 4 4 2 2 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 Page 5 / April 1, 218 / Equity & Bond Funds www.

75 5 Figure 6. BOND MUTUAL FUNDS & ETFs (monthly net inflows, billion dollars) Bond Funds Monthly Flows 75 5 - -5 Total Bond Funds (8.5) - -5-75 75 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218-75 75 5 5 - -5 Bond Mutual Funds* (6.8) - -5-75 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218-75 2 2 15 1 Bond ETFs** (1.6) 15 1 5 5-5 -5-1 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 * Net sales (including reinvested dividends) less redemptions plus the net results of fund switches. ** Net share issuance by bond ETFs. -1 Page 6 / April 1, 218 / Equity & Bond Funds www.

Bond Funds Yearly Flows 6 5 Figure 7. BOND MUTUAL FUNDS & ETFs (12-month net inflows, billion dollars) 6 5 4 4 3 Total Bond Funds (465.) 3 2 2 1 1-1 6 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218-1 6 5 5 4 3 Bond Mutual Funds* (358.9) 4 3 2 2 1 1-1 1 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218-1 1 1 1 75 5 Bond ETFs** (16.2) 75 5 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 * Net sales (including reinvested dividends) less redemptions plus the net results of fund switches. ** Net share issuance by bond ETFs. Page 7 / April 1, 218 / Equity & Bond Funds www.

11.5 11. 1.5 1. 9.5 9. 8.5 8. 7.5 7. 6.5 6. 5.5 5. 4.5 4. 3.5 3. 2.5 2. 1.5 1..5. Figure 8. EQUITY MUTUAL FUNDS (cumulative flows since 199, trillion dollars) Cumulative Flows Net Assets (1.2) Net Inflows* (2.7) Capital Gains (7.6) Equity Cumulative Flows 9 91 92 93 94 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 19 2 11.5 11. 1.5 1. 9.5 9. 8.5 8. 7.5 7. 6.5 6. 5.5 5. 4.5 4. 3.5 3. 2.5 2. 1.5 1..5. * Net sales (including reinvested dividends) less redemptions plus the net results of fund switches. 3. 2.7 Figure 9. EQUITY ETF INDEX FUNDS (cumulative flows since 21, trillion dollars) 3. 2.7 2.4 2.4 2.1 1.8 1.5 Cumulative Flows Net Assets (2.8) Net Inflows* (2.) Capital Gains (.8) 2.1 1.8 1.5 1.2 1.2.9.9.6.6.3.3.. -.3 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 -.3 * Net share issuance by equity ETFs, not including hybrid funds that purchase equity and debt securities. Page 8 / April 1, 218 / Equity & Bond Funds www.

Equity Cumulative Flows 1.8 1.6 Figure 1. NET INFLOWS INTO EQUITY MUTUAL FUNDS (cumulative flows since 2, trillion dollars) 1.8 1.6 1.4 1.2 Total (1.2) International* (1.3) Domestic (-.1) 1.4 1.2 1. 1..8.8.6.6.4.4.2.2.. -.2 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 -.2 * Includes Global & International, Emerging Markets, and Regional Funds. 11 1 9 8 7 6 5 4 3 2 1-1 Figure 11. NET INFLOWS INTO EQUITY MUTUAL FUNDS (cumulative flows since 2, percent of total) Domestic (-6.6) International* (16.6) 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 11 1 9 8 7 6 5 4 3 2 1-1 * Includes Global & International, Emerging Markets, and Regional Funds. Page 9 / April 1, 218 / Equity & Bond Funds www.

Bond Cumulative Flows 4. 3.5 Figure 12. BOND MUTUAL FUNDS (cumulative flows since 199, trillion dollars) 4. 3.5 3. 3. 2.5 2.5 2. 1.5 Cumulative Flows Net Assets (3.9) Net Inflows (3.4) Capital Gains (.4) 2. 1.5 1. 1..5.5. 9 91 92 93 94 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 19 2. 575 5 Figure 13. ETF BOND INDEX FUNDS (cumulative flows since 23, billion dollars) 575 5 4 35 Cumulative Flows Net Assets (551.7) Net Inflows (561.1) Capital Gains (-9.4) 4 35 275 275 2 2 1 1 5 5-23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 - Page 1 / April 1, 218 / Equity & Bond Funds www.

Bond & Equity Cumulative Flows 4 Figure 14. EQUITY & BOND MUTUAL FUNDS (cumulative flows since 199, trillion dollars) 4 3 Cumulative Net Inflows Equity Mutual Funds Bond Mutual Funds 3 2 2 1 1 9 91 92 93 94 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 19 2 3 Figure 15. EQUITY FUNDS (cumulative flows, trillion dollars) 3 Cumulative Net Inflows 2 Equity Mutual Funds (since January 199) (2.7) ETF Equity Index Funds (since January 21) (2.) 2 1 1 9 91 92 93 94 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 19 2 Page 11 / April 1, 218 / Equity & Bond Funds www.

3 2 1-1 -2-3 8 7 6 5 4 3 2 1 85 8 75 7 65 6 55 5 45 4 35 3 2 15 1 5 14 12 Figure 16. US Mutual Funds: Net 12-Month Inflows MONEY MARKET MUTUAL FUNDS HELD BY INDIVIDUALS (12-month net inflows, billion dollars) Total (21.8) 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 SAVINGS DEPOSITS** Total (222.1) 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 EQUITY + BOND MUTUAL FUNDS* (12-month net inflows, billion dollars) Total (749.8) 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 MUTUAL FUNDS (EQUITY + BOND + ETFs + RETAIL MONEY MARKET) + SAVINGS DEPOSITS (12-month net inflows, billion dollars) 3 2 1-1 -2-3 8 7 6 5 4 3 2 1 85 8 75 7 65 6 55 5 45 4 35 3 2 15 1 5 14 12 1 8 6 4 Total (993.7) 1 8 6 4 2 2 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 * Net sales (including reinvested dividends) less redemptions plus the net result of fund switches. ** Includes money market deposit accounts, but not small time deposits. Source: Board of Governors of the Federal Reserve System and Investment Company Institute. Page 12 / April 1, 218 / Equity & Bond Funds www.

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