Morningstar - Q2 2020 - 95
F U N D F LO W S S P OT L I G H T
Investors Flee Bond Funds in March
U.S. investors pulled about $240 billion from
taxable-bond funds in March and another
$40 billion from municipal-bond funds, according
to preliminary data reported by fund companies
to Morningstar. The outflows came from nearly all
fixed-income Morningstar Categories. The short-term
government category was a notable exception, and
corporate-bond funds had modest net inflows.
U.S. Equity
Sector Equity
Commodities funds drew assets throughout the
first quarter, owing largely to the popularity
of precious-metals funds, but their nearly $4.5
billion intake in March was close to January and
February inflows combined. The real winner,
however, was money market funds, which saw
more than $675 billion in net inflows in March,
compared with about $30 billion in February.
In the continuation of a decadelong trend toward
low-cost, broadly diversified options, core equity
funds received the lion's share of those assets still
flowing into stock funds. U.S. equities showed
modest net inflows in March driven primarily
by assets to large-blend funds. Foreign large-blend
funds also saw net inflows, though international
equity funds overall had net outflows.
International Equity
Allocation
Taxable Bond
Alternative
Commodities
Municipal Bond
$200B
100
0
-100
-200
-300
-400
04/2019
06/2019
08/2019
10/2019
12/2019
02/2020
Source: Morningstar. Data as of 03/31/2020. March data is as of April 6; not all fund companies had reported as of that date.
Active Versus Passive Fund Strategies The percentage of U.S. actively managed funds that outperformed their respective Morningstar Style Index.
< 20%
> 40%
Index Returns (03/31/2020)
77.4%
-28.6
25.8%
-17.1
27.5%
-6.7
81.0%
-35.7
33.2%
-24.4
42.1%
-16.1
Value
Core
Growth
25.0%
-0.2
39.6%
3.5
9.9%
13.6
66.4%
-7.7
22.6%
-1.0
20.6%
8.5
82.1%
-13.6
40.3%
-6.1
38.5%
3.4
Value
Core
Growth
11.9%
3.9
14.1%
6.4
12.4%
10.8
31.6%
-0.5
18.8%
1.8
26.9%
6.2
Mid
2.3
76.4%
-5.7
32.7%
-1.0
40.6%
3.7
Small
8.5%
Large
-6.0
Mid
16.8%
Small
-14.7
Large
28.1%
5-Year
Mid
3-Year
Small
1-Year
20 to 40%
Value
Core
morningstar.com/lp/magazine
Large
Percentage of Actively Managed Funds Outperforming Index:
Growth
95
http://www.morningstar.com/lp/magazine
Morningstar - Q2 2020
Table of Contents for the Digital Edition of Morningstar - Q2 2020
Contents
Morningstar - Q2 2020 - CT1
Morningstar - Q2 2020 - CT2
Morningstar - Q2 2020 - Cover1
Morningstar - Q2 2020 - Cover2
Morningstar - Q2 2020 - 1
Morningstar - Q2 2020 - 2
Morningstar - Q2 2020 - Contents
Morningstar - Q2 2020 - 4
Morningstar - Q2 2020 - 5
Morningstar - Q2 2020 - 6
Morningstar - Q2 2020 - 7
Morningstar - Q2 2020 - 8
Morningstar - Q2 2020 - 9
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Morningstar - Q2 2020 - 11
Morningstar - Q2 2020 - 12
Morningstar - Q2 2020 - 13
Morningstar - Q2 2020 - 14
Morningstar - Q2 2020 - 15
Morningstar - Q2 2020 - 16
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Morningstar - Q2 2020 - 19
Morningstar - Q2 2020 - 20
Morningstar - Q2 2020 - 21
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Morningstar - Q2 2020 - 24
Morningstar - Q2 2020 - 25
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Morningstar - Q2 2020 - 37
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Morningstar - Q2 2020 - 41
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Morningstar - Q2 2020 - 95
Morningstar - Q2 2020 - 96
Morningstar - Q2 2020 - Cover3
Morningstar - Q2 2020 - Cover4
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