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by Tom Roseen.
In 2018, equity mutual fund investors (including conventional funds and ETFs) were net redeemers of domestic equity funds (-$57.5 billion) but net purchasers of nondomestic equity funds (+$47.0 billion). Interestingly, though, mutual fund investors were actually net redeemers of domestic equity funds, redeeming a net $161.2 billion for 2018, while authorized participants (APs, those investors who actually create and redeem ETF shares) were net purchasers of domestic equity ETFs, injecting $103.7 billion for the year.
The roles have reversed for 2019, thus far. Through the Lipper fund-flows week ended February 6, 2019, fund investors injected a net $11.7 billion into domestic equity funds, while APs were net redeemers, pulling out $26.2 billion year-to-date. On the conventional fund side, investors padded the coffers of large-cap funds (+$8.3 billion) and small-cap funds (+$2.7 billion), while APs were net redeemers of large-cap funds, pulling out a net $19.9 billion.
On the conventional fund side of the business, we note the Fidelity 500 Index Fund (FXAIX) was the primary attractor of investor assets through the end of January, taking in some $5.2 billion, followed by the American Funds American Balanced Fund (ABALX), with the portfolio (that is all share classes) attracting $961.5 million. On the ETF side, we saw that while iShares Edge MSCI USA Quality Factor ETF (QUAL, +$1.8 billion), SPDR S&P Dividend ETF (SDY, +$1.2 billion), and iShares Edge MSCI Min Vol USA ETF (USMV, +1.1 billion) took in the largest draws of net new money of the domestic equity funds, four of the most popular domestic equity ETFs witnessed net redemptions: SPDR S&P 500 ETF Trust (SPY, -$12.2 billion), iShares Core S&P 500 ETF (IVV, -$6.8 billion), iShares Russell 1000 Value ETF (IWD, -$2.6 billion), and iShares Russell 2000 ETF (IWM, -$2.5 billion).
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The data in the article below is sourced from Lipper’s Global Fund Flows application. ...
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The data in the article below is sourced from Lipper’s Global Fund Flows application. ...