Global GDP growth, strong corporate earnings, and a synchronized recovery further propped up international markets in Q4, keeping world equity issues at the top of the performance charts; the developed international markets funds macro-group witnessed the largest absolute increase (+$102.4 billion) in TNA for Q4, rising 4.64% to $2.3 trillion.

For the quarter to date through December 14, 2016, investors have collectively injected some $13.5 billion into mutual funds and exchange-traded funds (ETFs). The headline flows numbers are a bit misleading though; equity funds, taxable bond funds, and municipal bond funds have witnessed net outflows of $4.1 billion, $12.0 billion, and $12.8 billion, respectively, while money market funds have taken in $42.4 billion. Examining the quarter-to-date fund-flows figures even further shows a large dichotomy between conventional fund investors and authorized participants (APs, those institutional investors who contract with ETFs to create or redeem shares directly with a fund, and these

Watch Tom Roseen talk about this week's US Fund Flows.