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Morningstar Reports U.S. Mutual Fund Asset Flows Through December 2012

CHICAGO, Jan. 17, 2013 /PRNewswire/ -- Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, today reported estimated U.S. mutual fund asset flows through December 2012. Long-term open-end funds saw inflows of $243.2 billion in 2012. Money continued to flow out of actively managed stock funds and into all manner of bond funds, with yields across many fixed-income sectors either at or near all-time lows. Since the end of 2008, assets in taxable-bond funds have more than doubled, climbing from $1.1 trillion to $2.5 trillion, with approximately 65 percent of the increase attributable to net inflows. When municipal-bond funds are included, inflows for fixed-income funds have exceeded $1.0 trillion since the beginning of 2008.

Additional highlights from Morningstar's report on mutual fund flows:

  • 2012 outflows from actively managed U.S.-stock mutual funds surpassed those seen in 2008 despite the fact that the S&P 500 was up 16 percent for the year. Even when exchange-traded funds are included, large-cap U.S.-stock funds have seen net outflows over the trailing five-year period and in each of the last four years.
  • Intermediate-term bond funds attracted the greatest inflows of any Morningstar Category for the fourth year in a row, taking in $109.9 billion in 2012. This was almost three times the inflows of $37.5 billion seen by the runner-up, short-term bond.
  • Vanguard and PIMCO captured 61 percent of net inflows in 2012, compared with 30 percent in 2011 and 46 percent in 2009.
  • DoubleLine Total Return Bond, which has a Morningstar Analyst Rating of Neutral, tallied 2012 inflows of $19.6 billion to edge out Gold-rated PIMCO Total Return, which collected $18.0 billion, for the year's greatest open-end fund inflows. The inclusion of BOND, the ETF incarnation of PIMCO Total Return that saw inflows of $3.8 billion in 2012, would move Bill Gross into first place in terms of overall inflows.   

To view the complete report, please visit http://www.global.morningstar.com/decflows12. To view a video recapping December's U.S. asset flow trends, please visit http://bit.ly/dec2012flows. For more information about Morningstar Asset Flows, please visit http://global.morningstar.com/assetflows

The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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