Investors were net purchasers of mutual fund assets for the fourth month in a row, injecting $45.8 billion into the conventional funds business (excluding ETFs, which are reviewed in the section below) for November. For the eighth month running, stock & mixed-assets funds experienced net outflows (-$43.1 billion). Despite the Treasury yield curve continuing to flatten for the month, the fixed income funds macro-group took in net new money for the nineteenth consecutive month, taking in $22.7 billion for November. Money market funds (+$66.3 billion) attracted net new money for the fourth straight month. Over the last 11 months, conventional stock & mixed-assets funds handed back $288.0 billion, while bond and money market funds attracted $457.2 billion and $279.4 billion, respectively, of net new money.
For the twenty-seventh straight month, ETFs witnessed net inflows, taking in $74.8 billion for November. Authorized participants (APs—those investors who actually create and redeem ETF shares) were net purchasers of stock & mixed-assets ETFs for the eighteenth consecutive month, injecting $60.7 billion into equity ETF coffers. And for the twentieth month in a row, they were net purchasers of bond ETFs—injecting $14.1 billion for the month. Once again, APs were net purchasers of all five equity-based ETF macro-classifications, padding the coffers of U.S. Diversified Equity ETFs (+$44.7 billion), World Equity ETFs (+$9.7 billion), Sector Equity ETFs (+$5.0 billion), Alternatives ETFs (+$890 million), and Mixed-Assets ETFs (+$293 million). Year to date, stock & mixed-assets ETFs took in $593.3 billion and bond ETFs attracted $190.2 billion of net new money.
In this report, I highlight the November 2021 fund-flows results and trends for both ETFs and conventional mutual funds.
Highlights:
- For the fourth consecutive month, mutual fund investors were net purchasers of fund assets, injecting $45.8 billion into conventional funds for November.
- Fixed income funds (+$22.7 billion for November) witnessed net inflows for the nineteenth month in a row, while money market funds (+$66.3 billion) experienced net inflows for the fourth consecutive month.
- For the eighth straight month, investors were net sellers of stock & mixed-assets funds (-$43.1 billion).
- APs were net purchasers of ETFs, injecting $74.8 billion for November, for their twenty-seventh month of consecutive inflows.
- And, for the twentieth month in a row, fixed income ETFs (+$14.1 billion for November) attracted net new money while investors padded the coffers of stock & mixed-assets ETFs (+$60.7 billion), their eighteenth straight month of net inflows.
- For the second month in a row, large-cap ETFs (+$13.6 billion) experienced the largest net inflows of the four capitalization groups.
Click here to download the November 2021 FundFlows Insight Report: Flows into ETFs Outpace Those to Conventional Funds in November.
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