Morningstar - Q2 2023 - 79

FUND FLOWS SPOTLIGHT
Taxable Bonds' Big Hitters Step Up
Taxable-bond funds reeled in nearly $21 billion
in February behind strong inflows into
the two largest bond categories. Intermediate
core and intermediate core-plus funds led
all Morningstar Categories, with about $17 billion
and $8 billion of inflows, respectively.
That continued a hot start to 2023 after heavy
outflows from both categories drove record
taxable-bond outflows in 2022.
Overall, bond investors moved to safer options
in February after piling into riskier bond
funds in January. The reversal hit high-yield
bond funds the hardest: They lost more
than $11 billion, their worst outflows since
January 2022.
Adam Sabban, CFA, is a senior manager research analyst,
equity strategies, at Morningstar Research Services LLC.
Ryan Jackson is a manager research analyst, passive
strategies, at Morningstar Research Services LLC.
3%
Morningstar
Category
2
1
-1
-2
-3
-4
01/2022 02/2022 03/2022 04/2022 05/2022 06/2022 07/2022 08/2022 09/2022 10/2022 11/2022 12/2022 01/2023 02/2023
Source: Morningstar Direct.
Intermediate
Core Bond
Intermediate
Core-Plus Bond
High Yield Bond
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
4.1%
-0.6
34.5%
-6.2
90.7%
-18.9
3-Year
66.0%
17.6
17.5%
19.6
89.4%
10.2
20 to 40%
> 40%
Index Returns (03/31/2023)
5-Year
39.5%
8.3
14.7%
11.4
72.7%
9.2
74.7%
-8.1
57.5%
-6.9
56.0%
-11.7
39.2%
22.9
39.6%
20.4
56.8%
20.4
55.8%
6.3
22.4%
8.9
23.0%
9.7
72.2%
-9.5
13.3%
Value
Core
-2.7
74.6%
-15.2
29.4%
Growth
Value
26.7
57.1%
Core
20.6
90.5%
10.0
55.8%
Growth
Value
5.3
44.0%
Core
morningstar.com/products/magazine
6.2
90.1%
4.0
Growth
79
Organic Growth Rate
Small
Mid
Large
Small
Mid
Large
Small
Mid
Large

https://www.morningstar.com/authors/2338/adam-sabban https://www.morningstar.com/authors/2385/ryan-jackson http://www.morningstar.com/products/magazine

Morningstar - Q2 2023

Table of Contents for the Digital Edition of Morningstar - Q2 2023

Contents
Morningstar - Q2 2023 - Cover1
Morningstar - Q2 2023 - Cover2
Morningstar - Q2 2023 - Contents
Morningstar - Q2 2023 - 2
Morningstar - Q2 2023 - 3
Morningstar - Q2 2023 - 4
Morningstar - Q2 2023 - 5
Morningstar - Q2 2023 - 6
Morningstar - Q2 2023 - 7
Morningstar - Q2 2023 - 8
Morningstar - Q2 2023 - 9
Morningstar - Q2 2023 - 10
Morningstar - Q2 2023 - 11
Morningstar - Q2 2023 - 12
Morningstar - Q2 2023 - 13
Morningstar - Q2 2023 - 14
Morningstar - Q2 2023 - 15
Morningstar - Q2 2023 - 16
Morningstar - Q2 2023 - 17
Morningstar - Q2 2023 - 18
Morningstar - Q2 2023 - 19
Morningstar - Q2 2023 - 20
Morningstar - Q2 2023 - 21
Morningstar - Q2 2023 - 22
Morningstar - Q2 2023 - 23
Morningstar - Q2 2023 - 24
Morningstar - Q2 2023 - 25
Morningstar - Q2 2023 - 26
Morningstar - Q2 2023 - 27
Morningstar - Q2 2023 - 28
Morningstar - Q2 2023 - 29
Morningstar - Q2 2023 - 30
Morningstar - Q2 2023 - 31
Morningstar - Q2 2023 - 32
Morningstar - Q2 2023 - 33
Morningstar - Q2 2023 - 34
Morningstar - Q2 2023 - 35
Morningstar - Q2 2023 - 36
Morningstar - Q2 2023 - 37
Morningstar - Q2 2023 - 38
Morningstar - Q2 2023 - 39
Morningstar - Q2 2023 - 40
Morningstar - Q2 2023 - 41
Morningstar - Q2 2023 - 42
Morningstar - Q2 2023 - 43
Morningstar - Q2 2023 - 44
Morningstar - Q2 2023 - 45
Morningstar - Q2 2023 - 46
Morningstar - Q2 2023 - 47
Morningstar - Q2 2023 - 48
Morningstar - Q2 2023 - 49
Morningstar - Q2 2023 - 50
Morningstar - Q2 2023 - 51
Morningstar - Q2 2023 - 52
Morningstar - Q2 2023 - 53
Morningstar - Q2 2023 - 54
Morningstar - Q2 2023 - 55
Morningstar - Q2 2023 - 56
Morningstar - Q2 2023 - 57
Morningstar - Q2 2023 - 58
Morningstar - Q2 2023 - 59
Morningstar - Q2 2023 - 60
Morningstar - Q2 2023 - 61
Morningstar - Q2 2023 - 62
Morningstar - Q2 2023 - 63
Morningstar - Q2 2023 - 64
Morningstar - Q2 2023 - 65
Morningstar - Q2 2023 - 66
Morningstar - Q2 2023 - 67
Morningstar - Q2 2023 - 68
Morningstar - Q2 2023 - 69
Morningstar - Q2 2023 - 70
Morningstar - Q2 2023 - 71
Morningstar - Q2 2023 - 72
Morningstar - Q2 2023 - 73
Morningstar - Q2 2023 - 74
Morningstar - Q2 2023 - 75
Morningstar - Q2 2023 - 76
Morningstar - Q2 2023 - 77
Morningstar - Q2 2023 - 78
Morningstar - Q2 2023 - 79
Morningstar - Q2 2023 - 80
Morningstar - Q2 2023 - Cover3
Morningstar - Q2 2023 - Cover4
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2024q3
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2024q2
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2024q1
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2023q4
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2023q3
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2023q2
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2023q1
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2022q4
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2022q3
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2022q2
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2022q1
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2021q4
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2021q3
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2021q2
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2021q1
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2020q4
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2020q3
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2020q2
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2020q1
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2019winter
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2019fall
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2019summer
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2019spring
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20191201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20181011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20180809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20180607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20180405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20180203
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20181201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20171011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20170809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20170607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20170405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20170203
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20171201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20161011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20160809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20160607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20160405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20160203
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20161201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20151011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20150809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20150607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20150405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20150203
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20151201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20141011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20140809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20140607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20140405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20140203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20141201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20131011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20131201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20121011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20120809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20120607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20120405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20120203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20121201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20111011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20111201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20101011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20101201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20091011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008fall
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008summer
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2007spring
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2007fall
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2007summer
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008spring
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008catalog
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008winter
https://www.nxtbookmedia.com