U.S. mutual funds showed positive flows of $282 billion in 2013, Cerulli Associates said in its January issue of The Cerulli-Edge–U.S. Monthly Product Trends. Equity funds led the mutual fund field last year, capturing $232 billion in flows.
Last year, 10 investment managers garnered total inflows of $10 billion or more. With $74.7 billion, Vanguard added the most of net inflows of any mutual fund manager. Dimensional Fund Advisors followed with $22.5 billion, J.P. Morgan with $21 billion, MFS with $18 billion and and Oppenheimer Funds with $16.1 billion.
Among international funds, Vanguard’s Total International Stock Index Fund took in $17.9 billion, followed by Oakmark International Fund with $12.5 billion and Oppenheimer Developing Markets Fund with $6.7 billion.
Among index funds, the top three were Vanguard funds. Vanguard’s Total International Bond Index Fund took in $18.6 billion, the Total International Stock Index Fund, 17.9 billion and the Total Stock Market Index Fund, $17.5 billion.
Of the ten largest asset managers, PIMCO was the only one to show net outflows in 2013. PIMCO’s Total Return Fund saw outflows of $40.4 billion. Cerulli cited regulatory pressures on the fixed-income industry as the cause. Vanguard’s Inflation-Protected Securities and GNMA Fund experienced net outflows of $14.6 and $11.9 billion last year, respectively.
Among municipal bond funds, Vanguard’s Short Term Tax Exempt Fund had the highest inflows, with $1.2 billion, while its Intermediate-Term Tax-Exempt Fund had the highest outflows, at $3.9 billion.
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