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US mutual funds see USD314.1bn inflows year-to-date

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Total inflows into US mutual funds reached USD314.1bn in the year to end-October, far surpassing the USD154.2bn that investors pulled out of the market in 2008, with USD40.3m in inflows occurring during October, according to Morningstar.

Exchange-traded funds saw slightly more than USD8.0bn in net inflows in October, bringing the year-to-date total net inflows to USD63.9bn.

Industry-wide, assets under management as of 31 October 2009 fell to USD699.2bn, down slightly from the previous month because of market performance.

Dimensional Fund Advisors topped the list of firms with the greatest inflows, while American Funds remains the only firm among the largest five fund families to have outflows year to date.

US equity funds saw outflows of USD8.1bin in October, marking the second straight month that US stock funds lost assets while bond funds gained assets. Large-growth and large-value funds experienced the largest declines.

International equities have stopped bleeding and are now in positive territory. The group, bolstered by flows into world-allocation and diversified emerging markets, gathered USD5.1bn in assets in October.

Taxable-bond ETFs had roughly USD2.7bn in net inflows for the month, led by Treasury Inflation-Protected Securities as a hedge against inflation. iShares Barclays TIPS Bond TIP took in USD667.7m in new net assets in October and USD7.2bn year to date.

For the second consecutive month, US stock ETFs was the only category to see net redemptions, with approximately USD3.8bn in net outflows. The S&P 500-tracking SPDRs SPY, which had USD2.1bn in net outflows in October and has shed USD33.0bn in assets year to date, topped the list.

ETFs offering exposure to commodities or commodity-based strategies saw net inflows of USD567.0m in October after attracting more than USD1.4bn in September. In October, the bulk of the inflows, USD551.9m, went to gold bullion ETFs.

Amid the daily headlines touting the weakness of the US dollar, investors poured USD548.4bn into currency ETFs, or nearly 50 per cent of the category’s USD1.2bn in total year-to-date inflows.

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