Morningstar - Q3 2023 - 79

FUND FLOWS SPOTLIGHT
Historic Outflows From Large-Value Funds
Long-term U.S. mutual funds and exchangetraded
funds shed roughly $23 billion in May 2023,
continuing their lackluster start to the year.
The losses weren't across the board: Taxable-bond
funds collected over $18 billion. U.S. equity
funds, however, bled about $27 billion in May-
the seventh consecutive month of outflows.
The Large-Value Category's Organic Growth Rate
1.5%
1.0
0.5
-0.5
-1.0
-1.5
01/2009
Source: Morningstar Direct.
01/2011
01/2013
01/2015
01/2017
01/2019
01/2021
05/2023
Amid a resurgence in large-cap growth stock
performance, investors may be rethinking their
allocations to value funds in particular.
Large-value funds suffered their worst month
of flows on record in May, dropping $15.1 billion.
As a percentage of beginning assets, it was
their worst month since March 2009, a month
that marked the bottom of the market during
the financial crisis.
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.
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
33.7%
12.6
57.8%
16.9
12.2%
30.3
3-Year
50.4%
14.6
29.0%
14.6
82.9%
5.9
20 to 40%
> 40%
Index Returns (06/30/2023)
5-Year
29.4%
9.1
16.3%
12.3
72.1%
10.3
83.7%
7.8
36.7%
15.6
40.3%
19.6
44.2%
17.0
35.1%
15.0
62.1%
5.9
63.4%
6.3
19.3%
9.6
26.3%
10.0
74.0%
Value
7.9
4.4%
Core
15.6
28.6%
17.4
31.4%
Growth
Value
20.2
37.7%
Core
15.3
81.1%
2.4
57.7%
Growth
Value
4.7
40.0%
Core
morningstar.com/products/magazine
6.1
88.4%
3.9
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 - Q3 2023

Table of Contents for the Digital Edition of Morningstar - Q3 2023

Contents
Morningstar - Q3 2023 - Cover1
Morningstar - Q3 2023 - Cover2
Morningstar - Q3 2023 - Contents
Morningstar - Q3 2023 - 2
Morningstar - Q3 2023 - 3
Morningstar - Q3 2023 - 4
Morningstar - Q3 2023 - 5
Morningstar - Q3 2023 - 6
Morningstar - Q3 2023 - 7
Morningstar - Q3 2023 - 8
Morningstar - Q3 2023 - 9
Morningstar - Q3 2023 - 10
Morningstar - Q3 2023 - 11
Morningstar - Q3 2023 - 12
Morningstar - Q3 2023 - 13
Morningstar - Q3 2023 - 14
Morningstar - Q3 2023 - 15
Morningstar - Q3 2023 - 16
Morningstar - Q3 2023 - 17
Morningstar - Q3 2023 - 18
Morningstar - Q3 2023 - 19
Morningstar - Q3 2023 - 20
Morningstar - Q3 2023 - 21
Morningstar - Q3 2023 - 22
Morningstar - Q3 2023 - 23
Morningstar - Q3 2023 - 24
Morningstar - Q3 2023 - 25
Morningstar - Q3 2023 - 26
Morningstar - Q3 2023 - 27
Morningstar - Q3 2023 - 28
Morningstar - Q3 2023 - 29
Morningstar - Q3 2023 - 30
Morningstar - Q3 2023 - 31
Morningstar - Q3 2023 - 32
Morningstar - Q3 2023 - 33
Morningstar - Q3 2023 - 34
Morningstar - Q3 2023 - 35
Morningstar - Q3 2023 - 36
Morningstar - Q3 2023 - 37
Morningstar - Q3 2023 - 38
Morningstar - Q3 2023 - 39
Morningstar - Q3 2023 - 40
Morningstar - Q3 2023 - 41
Morningstar - Q3 2023 - 42
Morningstar - Q3 2023 - 43
Morningstar - Q3 2023 - 44
Morningstar - Q3 2023 - 45
Morningstar - Q3 2023 - 46
Morningstar - Q3 2023 - 47
Morningstar - Q3 2023 - 48
Morningstar - Q3 2023 - 49
Morningstar - Q3 2023 - 50
Morningstar - Q3 2023 - 51
Morningstar - Q3 2023 - 52
Morningstar - Q3 2023 - 53
Morningstar - Q3 2023 - 54
Morningstar - Q3 2023 - 55
Morningstar - Q3 2023 - 56
Morningstar - Q3 2023 - 57
Morningstar - Q3 2023 - 58
Morningstar - Q3 2023 - 59
Morningstar - Q3 2023 - 60
Morningstar - Q3 2023 - 61
Morningstar - Q3 2023 - 62
Morningstar - Q3 2023 - 63
Morningstar - Q3 2023 - 64
Morningstar - Q3 2023 - 65
Morningstar - Q3 2023 - 66
Morningstar - Q3 2023 - 67
Morningstar - Q3 2023 - 68
Morningstar - Q3 2023 - 69
Morningstar - Q3 2023 - 70
Morningstar - Q3 2023 - 71
Morningstar - Q3 2023 - 72
Morningstar - Q3 2023 - 73
Morningstar - Q3 2023 - 74
Morningstar - Q3 2023 - 75
Morningstar - Q3 2023 - 76
Morningstar - Q3 2023 - 77
Morningstar - Q3 2023 - 78
Morningstar - Q3 2023 - 79
Morningstar - Q3 2023 - 80
Morningstar - Q3 2023 - Cover3
Morningstar - Q3 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