Morningstar - Q1 2023 - 79

FUND FLOWS SPOTLIGHT
Vanguard Slipping to Second Place Behind iShares
Heading into 2022, Vanguard funds were the
top destination for investor money for 15 consecutive
years. As of the end of November, however,
BlackRock's iShares was poised to snatch the crown
from Vanguard. Through the end of November,
iShares' lineup of exchange-traded funds had
collected $152.4 billion compared with Vanguard's
overall inflows of $80.3 billion.
In a bit of irony for the firm that popularized the
index fund, it is withdrawals from Vanguard's
$400B
300
200
100
2007
*Data through Nov. 30, 2022.
Data includes mutual funds and exchange-traded funds.
Source: Morningstar Direct. Data through Nov. 30, 2022.
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022*
iShares
Vanguard
actively managed funds that appear to have
dethroned the flows champion. Actively
managed funds were on track for one of their
worst years ever, as $805 billion had exited
through November.
While outflows from bond funds plagued Vanguard,
bond ETFs have been a strength for iShares.
" IShares has carved out an edge in the fixed-income
space, " says Morningstar manager research
analyst Ryan Jackson. " IShares' most distinct win
came in Treasury ETFs that made for popular
safe haven investments earlier in the year. "
IShares 20+ Year Treasury Bond ETF TLT, iShares
1-3 Year Treasury Bond ETF SHY, and iShares
US Treasury Bond ETF GOVT accounted for almost
$33 billion of inflows alone.
Katherine Lynch is a data journalist at Morningstar.
Active Versus Passive Fund Strategies The percentage of U.S. actively managed funds that outperformed their respective Morningstar Style Index.
< 20%
Percentage of Actively Managed Funds Outperforming Index:
1-Year
10.0%
0.3
28.1%
-14.5
91.6%
-40.4
3-Year
61.0%
6.6
5.2%
9.8
89.6%
0.2
20 to 40%
> 40%
Index Returns (12/31/2022)
5-Year
42.9%
7.4
12.6%
10.1
78.6%
6.7
8.0%
-2.4
47.4%
-14.4
72.7%
-32.4
49.0%
6.6
31.9%
7.5
46.2%
4.4
41.2%
6.2
29.9%
7.8
32.5%
8.4
28.5%
-6.6
30.6% -14.4
Value
Core
77.7%
-33.3
36.3%
Growth
Value
7.5
78.3%
Core
3.3
94.4%
-1.8
56.4%
Growth
Value
4.5
66.2%
Core
morningstar.com/products/magazine
4.3
92.2%
2.7
Growth
79
Net Asset Flows
Small
Mid
Large
Small
Mid
Large
Small
Mid
Large

https://www.morningstar.com/etfs/xnas/tlt/quote https://www.morningstar.com/etfs/xnas/shy/quote https://www.morningstar.com/etfs/xnas/shy/quote https://www.morningstar.com/etfs/bats/govt/quote https://www.morningstar.com/etfs/bats/govt/quote https://www.morningstar.com/authors/2337/katherine-lynch https://www.morningstar.com/authors/2385/ryan-jackson http://www.morningstar.com/products/magazine

Morningstar - Q1 2023

Table of Contents for the Digital Edition of Morningstar - Q1 2023

Contents
Morningstar - Q1 2023 - Cover1
Morningstar - Q1 2023 - Cover2
Morningstar - Q1 2023 - Contents
Morningstar - Q1 2023 - 2
Morningstar - Q1 2023 - 3
Morningstar - Q1 2023 - 4
Morningstar - Q1 2023 - 5
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Morningstar - Q1 2023 - Cover3
Morningstar - Q1 2023 - Cover4
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