US Mutual Funds Monthly Statistics (Including ETFs)

US Mutual Funds Monthly Statistics (Including ETFs) November, 215 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 48-664-1333 djohnson@ Please visit our sites at www. blog. thinking outside the box

Table Of Contents Table Of Contents Equity Funds Monthly Flows 1 Bond Funds Monthly Flows 2 Equity Funds Yearly Flows 3 Bond Funds Yearly Flows 4 Equity Cumulative Flows 5-6 Bond Cumulative Flows 7 US Equity Mutual Funds: Net 12-Month Inflows 8 Selected Mutual Funds 9 ETFS: Net Share Issuance 1 US Mutual Funds: Net 12-Month Inflows 11 November, 215 / Equity & Bond Funds www.

8 6 4 2 Figure 1. EQUITY MUTUAL FUNDS* (monthly net inflows, billion dollars) Equity Funds Monthly Flows 8 6 4 2-2 -4-6 -8 6 4 23 24 26 27 28 29 21 211 212 213 214 215 216 217 ETF EQUITY INDEX FUNDS (monthly net inflows, billion dollars) -2-4 -6-8 6 4 2 2-2 -2-4 1 1 75 5 - -5-75 23 24 26 27 28 29 21 211 212 213 214 215 216 217 EQUITY MUTUAL FUNDS* PLUS ETF EQUITY INDEX FUNDS (monthly net inflows, billion dollars) 23 24 26 27 28 29 21 211 212 213 214 215 216 217 * Net sales (including reinvested dividends) less redemptions plus the net results of fund switches. -4 1 1 75 5 - -5-75 Page 1 / November, 215 / Equity & Bond Funds www.

1 Figure 2. BOND MUTUAL FUNDS* (monthly net inflows, billion dollars) Bond Funds Monthly Flows 1 5 5-5 -5-1 2 23 24 26 27 28 29 21 211 212 213 214 215 216 ETF BOND INDEX FUNDS (monthly net inflows, billion dollars) -1 2 1 1-1 1 5 23 24 26 27 28 29 21 211 212 213 214 215 216 BOND MUTUAL FUNDS* PLUS ETF BOND INDEX FUNDS (monthly net inflows, billion dollars) -1 1 5-5 -5-1 23 24 26 27 28 29 21 211 212 213 214 215 216 * Net sales (including reinvested dividends) less redemptions plus the net results of fund switches. -1 Page 2 / November, 215 / Equity & Bond Funds www.

6 Figure 3. Equity Funds Yearly Flows EQUITY MUTUAL FUNDS* PLUS ETF EQUITY INDEX FUNDS (yearly net inflows, billion dollars) 6 4 4 2 2-2 4 3 23 24 26 27 28 29 21 211 212 213 214 215 216 EQUITY MUTUAL FUNDS* (yearly net inflows, billion dollars) -2 4 3 2 2 1 1-1 -1-2 4 23 24 26 27 28 29 21 211 212 213 214 215 216 ETF EQUITY INDEX FUNDS (yearly net inflows, billion dollars) -2 4 2 2-2 23 24 26 27 28 29 21 211 212 213 214 215 216 * Net sales (including reinvested dividends) less redemptions plus the net results of fund switches. -2 Page 3 / November, 215 / Equity & Bond Funds www.

6 5 Figure 4. BOND MUTUAL FUNDS* (yearly net inflows, billion dollars) Bond Funds Yearly Flows 6 5 4 4 3 3 2 2 1 1-1 8 7 6 5 4 3 2 1-1 6 5 4 23 24 26 27 28 29 21 211 212 213 214 215 216 ETF BOND INDEX FUNDS (yearly net inflows, billion dollars) 23 24 26 27 28 29 21 211 212 213 214 215 216 BOND MUTUAL FUNDS* PLUS ETF BOND INDEX FUNDS (yearly net inflows, billion dollars) -1 8 7 6 5 4 3 2 1-1 6 5 4 3 3 2 1 2 1-1 23 24 26 27 28 29 21 211 212 213 214 215 216 * Net sales (including reinvested dividends) less redemptions plus the net results of fund switches. -1 Page 4 / November, 215 / Equity & Bond Funds www.

9. 8.5 8. 7.5 7. 6.5 6. 5.5 5. 4.5 4. 3.5 3. 2.5 2. 1.5 1..5. Figure 5. EQUITY MUTUAL FUNDS (cumulative flows since 199, trillion dollars) Cumulative Flows Net Assets (8.2) Net Inflows (2.9) Capital Gains (5.3) 9 91 92 93 94 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 Equity Cumulative Flows 9. 8.5 8. 7.5 7. 6.5 6. 5.5 5. 4.5 4. 3.5 3. 2.5 2. 1.5 1..5. 1.8 1.7 1.6 1.5 1.4 1.3 1.2 1.1 1..9.8.7.6.5.4.3.2.1. -.1 -.2 -.3 Figure 6. ETF EQUITY INDEX FUNDS (cumulative flows since 21, trillion dollars) Cumulative Flows Net Assets (1.7) Net Inflows (1.4) Capital Gains (.3) 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 1.8 1.7 1.6 1.5 1.4 1.3 1.2 1.1 1..9.8.7.6.5.4.3.2.1. -.1 -.2 -.3 Page 5 / November, 215 / Equity & Bond Funds www.

Equity Cumulative Flows 1.8 1.6 Figure 7. NET INFLOWS INTO EQUITY MUTUAL FUNDS (cumulative flows since 2, trillion dollars) 1.8 1.6 1.4 1.2 Total (1.4) International* (1.1) Domestic (.3) 1.4 1.2 1. 1..8.8.6.6.4.4.2.2. 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217. * Includes Global & International, Emerging Markets, and Regional Funds. 1 Figure 8. NET INFLOWS INTO EQUITY MUTUAL FUNDS (cumulative flows since 2, percent of total) 1 8 8 6 6 4 4 Domestic (2.7) 2 International* (79.3) 2 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 * Includes Global & International, Emerging Markets, and Regional Funds. Page 6 / November, 215 / Equity & Bond Funds www.

Bond Cumulative Flows 3.5 Figure 9. BOND MUTUAL FUNDS (cumulative flows since 199, trillion dollars) 3.5 3. 3. 2.5 2.5 2. Cumulative Flows Net Assets (3.3) 2. 1.5 Net Inflows (2.8) Capital Gains (.4) 1.5 1. 1..5.5. 9 91 92 93 94 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17. 375 3 Figure 1. ETF BOND INDEX FUNDS (cumulative flows since 23, billion dollars) 375 3 275 Cumulative Flows Net Assets (341.) 275 2 Net Inflows (343.9) Capital Gains (-2.9) 2 175 175 1 1 75 75-23 24 26 27 28 29 21 211 212 213 214 215 216 217 - Page 7 / November, 215 / Equity & Bond Funds www.

9 7 5 3 1-1 -3 US Equity Mutual Funds: Net 12-Month Inflows Figure 11. SECTOR 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 GLOBAL & INTERNATIONAL 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 2 175 15 1 1 75 5 - -5-75 26 22 18 GROWTH EMERGING MARKETS 45 35 14 1 6 15 2-2 -6 5-5 -1 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17-15 2 REGIONAL 15 1 5-5 -1-15 -2 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 Page 8 / November, 215 / Equity & Bond Funds www.

Selected Mutual Funds 275 2 Figure 12. MUTUAL FUNDS (GLOBAL & INTERNATIONAL + EMERGING EQUITY + REGIONAL) + GLOBAL/INTERNATIONAL EQUITY INDEX FUNDS* (12-month net inflows, billion dollars) 275 2 2 2 175 175 15 15 1 1 1 1 75 75 5 5 - - -5-75 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217-5 -75 * Net sales (including reinvested dividends) less redemptions plus the net result of fund switches. Page 9 / November, 215 / Equity & Bond Funds www.

32 28 24 2 16 12 8 4 Figure 13. TOTAL ETFS (12-month net inflows, billion dollars) 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 ETFS: Net Share Issuance* EQUITY INDEX FUNDS 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 24 22 2 18 16 14 12 1 8 6 4 2 15 13 11 9 7 DOMESTIC EQUITY INDEX FUNDS DOMESTIC EQUITY INDEX FUNDS Broad Based 15 1 5 5 3 1-1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17-5 6 5 4 3 2 1 DOMESTIC EQUITY INDEX FUNDS Sector/Industry 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 GLOBAL/INTERNATIONAL EQUITY INDEX FUNDS 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 12 11 1 9 8 7 6 5 4 3 2 1 8 BOND INDEX FUNDS 6 4 2 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 * Gross share issuance minus gross share redemptions. Page 1 / November, 215 / Equity & Bond Funds www.

3 2 1 Figure 14. US Mutual Funds: Net 12-Month Inflows MONEY MARKET MUTUAL FUNDS HELD BY INDIVIDUALS (12-month change, billion dollars) 3 2 1-1 -2-3 8 7 6 5 4 3 2 1 75 6 45 3 15-15 12 1 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 SAVINGS DEPOSITS** (12-month change, billion dollars) 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 EQUITY + BOND MUTUAL FUNDS* (12-month net inflows, billion dollars) 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 MUTUAL FUNDS (EQUITY + BOND + RETAIL MONEY MARKET) + SAVINGS DEPOSITS (12-month net inflows, billion dollars) -1-2 -3 8 7 6 5 4 3 2 1 75 6 45 3 15-15 12 1 8 6 4 8 6 4 2 2 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 * Net sales (including reinvested dividends) less redemptions plus the net result of fund switches. ** Includes money market deposit accounts, but not small time deposits. Source: Board of Governors of the Federal Reserve System and Investment Company Institute. Page 11 / November, 215 / Equity & Bond Funds www.

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