Mutual Funds November 3, 216 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 48-663-1333 djohnson@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box
Table Of Contents Table Of Contents Equity & Bond Funds 1 Money Market Funds 2 US Mutual Funds: Net 12-Month Inflows 3 US Mutual Funds: Net Monthly Inflows 4 Equity Cumulative Flows 5 US Mutual Funds: Net 12-Month Inflows 6 US Equity Mutual Funds: Net 12-Month Inflows 7 US Equity Mutual Funds: Net Monthly Inflows 8 Selected Mutual Funds 9 Equity & Bond Mutual Funds 1 Cumulative Gains: Equity & Bond Funds 11 ETFS: Net Share Issuance 12-13 US Mutual Funds: Net Inflows 14 US Mutual Funds: Net Inflows Ex Dividends 15 Mutual Fund Ratios 16 November 3, 216 / Mutual Funds www.
5 4 3 Figure 1. EQUITY MUTUAL FUNDS* (billion dollars) Equity & Bond Funds 12-month sum 1-month change 5 4 3 2 2 1 1-1 -1-2 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217-2 * Figures reflect sales less redemptions, plus the net result of fund switches, plus reinvested dividends. 5 Figure 2. BOND MUTUAL FUNDS* (billion dollars) 5 4 12-month sum 1-month change 4 3 3 2 2 1 1-1 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217-1 * Figures reflect sales less redemptions, plus the net result of fund switches, plus reinvested dividends. Page 1 / November 3, 216 / Mutual Funds www.
3 2 Figure 3. Money Market Funds MONEY MARKET MUTUAL FUNDS HELD BY INDIVIDUALS (billion dollars) 12-month change 1-month change 3 2 1 1-1 -1-2 -2-3 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217-3 1 5 Figure 4. MONEY MARKET MUTUAL FUNDS HELD BY INSTITUTIONS (billion dollars) 12-month change 1-month change 1 5-5 -5-1 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217-1 Page 2 / November 3, 216 / Mutual Funds www.
5 45 4 35 3 25 2 15 1 5-5 -1-15 -2 Figure 5. US Mutual Funds: Net 12-Month Inflows EQUITY MUTUAL FUNDS* (12-month net inflows, billion dollars) 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 5 45 4 35 3 25 2 15 1 5-5 -1-15 -2 * Figures reflect sales less redemptions, plus the net result of fund switches, plus reinvested dividends. 5 45 Figure 6. BOND MUTUAL FUNDS* net inflows, billion dollars) 5 45 4 4 35 35 3 3 25 25 2 15 2 15 1 1 5 5-5 -1 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217-5 -1 * Figures reflect sales less redemptions, plus the net result of fund switches, plus reinvested dividends. Page 3 / November 3, 216 / Mutual Funds www.
95 75 Figure 7. US Mutual Funds: Net Monthly Inflows EQUITY MUTUAL FUNDS* (monthly net inflows, billion dollars) 95 75 55 55 35 35 15 15-5 -5-25 -25-45 -45-65 -85 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217-65 -85 * Figures reflect sales less redemptions, plus the net result of fund switches, plus reinvested dividends. 6 5 4 3 Figure 8. BOND MUTUAL FUNDS* (monthly net inflows, billion dollars) 6 5 4 3 2 1-1 -2-3 -4-5 -6 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 2 1-1 -2-3 -4-5 -6 * Figures reflect sales less redemptions, plus the net result of fund switches, plus reinvested dividends. Source: Investment Company Institute Page 4 / November 3, 216 / Mutual Funds www.
Equity Cumulative Flows 1.8 1.6 Figure 9. NET INFLOWS INTO EQUITY MUTUAL FUNDS (cumulative flows since 2, trillion dollars) 1.8 1.6 1.4 1.2 Total (1.3) International* (1.1) Domestic (.1) 1.4 1.2 1. 1..8.8.6.6.4.4.2.2. 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218. * Includes Global & International, Emerging Markets, and Regional Funds. 1 9 Figure 1. NET INFLOWS INTO EQUITY MUTUAL FUNDS (cumulative flows since 2, percent of total) 1 9 8 8 7 7 6 6 5 5 4 4 3 2 Domestic (1.7) International* (89.3) 3 2 1 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 1 * Includes Global & International, Emerging Markets, and Regional Funds. Page 5 / November 3, 216 / Mutual Funds www.
3 2 Figure 11. US Mutual Funds: Net 12-Month Inflows MONEY MARKET MUTUAL FUNDS HELD BY INDIVIDUALS (12-month change, billion dollars) 3 2 1-1 -2-3 8 7 6 5 4 3 2 1 75 6 45 3 15-15 12 1 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 SAVINGS DEPOSITS** (12-month change, billion dollars) 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 EQUITY + BOND MUTUAL FUNDS* (12-month net inflows, billion dollars) 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 MUTUAL FUNDS (EQUITY + BOND + RETAIL MONEY MARKET) + SAVINGS DEPOSITS (12-month net inflows, billion dollars) 1-1 -2-3 8 7 6 5 4 3 2 1 75 6 45 3 15-15 12 1 8 6 4 8 6 4 2 2 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 * 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 6 / November 3, 216 / Mutual Funds www.
5 4 3 2 US Equity Mutual Funds: Net 12-Month Inflows Figure 12. EQUITY MUTUAL FUNDS* (12-month net inflows, billion dollars) 7 5 3 SECTOR 1-1 -2 1-1 -3 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 GLOBAL & INTERNATIONAL 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 2 175 EMERGING MARKETS 15 125 1 75 5 25-25 -5-75 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 45 35 25 15 5-5 -15 24 2 16 12 8 4-4 -8-12 -16-2 15 GROWTH 1 5-5 -1-15 -2 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 REGIONAL 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 * Net sales (including reinvested dividends) less redemptions plus the net result of fund switch Page 7 / November 3, 216 / Mutual Funds www.
1 8 6 4 2-2 -4-6 -8 Figure 13. US Equity Mutual Funds: Net Monthly Inflows EQUITY MUTUAL FUNDS* (monthly net inflows, billion dollars) 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 SECTOR 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 8 6 4 2-2 -4-6 36 27 GLOBAL & INTERNATIONAL EMERGING MARKETS 1 18 9 5-9 -18-27 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17-5 2 GROWTH REGIONAL 4 1 2-2 -4-1 -2 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17-6 -8-1 * Net sales (including reinvested dividends) less redemptions plus the net result of fund switches. Page 8 / November 3, 216 / Mutual Funds www.
275 25 225 2 175 15 125 1 75 Figure 14. Selected Mutual Funds MUTUAL FUNDS (GLOBAL & INTERNATIONAL + EMERGING EQUITY + REGIONAL) + GLOBAL/INTERNATIONAL EQUITY INDEX FUNDS* (12-month net inflows, billion dollars) 275 25 225 2 175 15 125 1 75 5 25-25 -5-75 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 5 25-25 -5-75 * Net sales (including reinvested dividends) less redemptions plus the net result of fund switches. Page 9 / November 3, 216 / Mutual Funds www.
9 85 8 75 7 65 6 55 5 45 4 35 3 25 2 15 1 5 Figure 15. EQUITY MUTUAL FUND ASSETS (outstanding amount, billion dollars) 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 Equity & Bond Mutual Funds 9 85 8 75 7 65 6 55 5 45 4 35 3 25 2 15 1 5 38 36 34 32 3 28 26 24 22 2 18 16 14 12 1 8 6 4 2 Figure 16. BOND MUTUAL FUND ASSETS (outstanding amount, billion dollars) 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 38 36 34 32 3 28 26 24 22 2 18 16 14 12 1 8 6 4 2 Page 1 / November 3, 216 / Mutual Funds www.
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 17. Cumulative Gains: Equity & Bond Funds EQUITY MUTUAL FUNDS (cumulative flows since 199, trillion dollars) Cumulative Flows Net Assets (8.1) Net Inflows (2.7) Capital Gains (5.4) 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 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. 4.5 4. Figure 18. BOND MUTUAL FUNDS (cumulative flows since 199, trillion dollars) 4.5 4. 3.5 3.5 3. 2.5 2. 1.5 Cumulative Flows Net Assets (3.5) Net Inflows (3.) Capital Gains (.5) 3. 2.5 2. 1.5 1. 1..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 18.5. Page 11 / November 3, 216 / Mutual Funds www.
32 28 24 2 16 12 8 4 Figure 19. TOTAL ETFS (12-month net inflows, billion dollars) 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 ETFS: Net Share Issuance* EQUITY INDEX FUNDS 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 24 22 2 18 16 14 12 1 8 6 4 2 15 13 11 DOMESTIC EQUITY INDEX FUNDS DOMESTIC EQUITY INDEX FUNDS Broad Based 15 1 9 7 5 5 3 1-1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18-5 6 5 4 3 2 1 DOMESTIC EQUITY INDEX FUNDS Sector/Industry 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 GLOBAL/INTERNATIONAL EQUITY INDEX FUNDS 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 12 11 1 9 8 7 6 5 4 3 2 1 1 8 BOND INDEX FUNDS 6 4 2 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 * Gross share issuance minus gross share redemptions. Page 12 / November 3, 216 / Mutual Funds www.
Figure 2. 2 TOTAL FUNDS 18 (net inflows since 2, billion dollars) 16 14 12 1 8 6 4 2 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 ETFS: Net Share Issuance* EQUITY INDEX FUNDS 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 16 14 12 1 8 6 4 2 12 1 8 DOMESTIC EQUITY INDEX FUNDS DOMESTIC EQUITY INDEX FUNDS Broad-Based 8 7 6 5 6 4 4 2 3 2 1 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 315 275 235 195 155 115 75 35-5 DOMESTIC EQUITY INDEX FUNDS Sector/Industry 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 GLOBAL/INTERNATIONAL EQUITY INDEX FUNDS 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 6 55 5 45 4 35 3 25 2 15 1 5 45 4 BOND INDEX FUNDS 35 3 25 2 15 1 5 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 * Gross share issuance minus gross share redemptions. Page 13 / November 3, 216 / Mutual Funds www.
8 6 4 2-2 -4-6 -8 4 3 2 1-1 -2-3 Figure 21. TOTAL EQUITY MUTUAL FUNDS* (monthly net inflows, billion dollars) 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 INTERNATIONAL FUNDS** US Mutual Funds: Net Inflows 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 * Net sales (including reinvested dividends) less redemptions plus the net results of fund switches. ** Includes Global & International, Emerging Markets, and Regional Funds. TOTAL EQUITY MUTUAL FUNDS* (12-month net inflows, billion dollars) 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 INTERNATIONAL FUNDS** 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 45 4 35 3 25 2 15 1 5-5 -1-15 -2 2 175 15 125 1 75 5 25-25 -5-75 -1 Page 14 / November 3, 216 / Mutual Funds www.
US Mutual Funds: Net Inflows Ex Dividends 8 6 Figure 22. TOTAL EQUITY MUTUAL FUNDS* (monthly net inflows, billion dollars) TOTAL EQUITY MUTUAL FUNDS* (12-month net inflows, billion dollars) 5 4 4 3 2-2 -4-6 2 1-1 -2-3 -8 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17-4 3 25 2 INTERNATIONAL FUNDS** INTERNATIONAL FUNDS** 2 16 15 12 1 5 8 4-5 -1-15 -4-2 -25-3 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17-8 -12 * Net sales less redemptions plus the net results of fund switches. Excludes reinvested dividends. ** Includes Global & International, Emerging Markets, and Regional Funds. Page 15 / November 3, 216 / Mutual Funds www.
9 Figure 23. EQUITY MUTUAL FUND ASSETS (as a percentage of total bond + equity mutual fund assets) Mutual Fund Ratios 9 85 85 8 8 75 75 7 7 65 65 6 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 6 32 3 Figure 24. GLOBAL & INTERNATIONAL+ EMERGING + REGIONAL EQUITY MUTUAL FUND ASSETS (as a percentage of all equity mutual funds) 32 3 28 28 26 26 24 24 22 22 2 2 18 18 16 16 14 12 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 14 12 Page 16 / November 3, 216 / Mutual Funds www.
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