- Pimco's Total Return Fund has made headlines for months over the fast pace of investor money exiting - a full $35B through the year ended February - but in percentage terms, writes Russel Kinnel, it places just 49% on the list of 12-month outflows from the Morningstar 500.
- Eighteen of the 500 posted outflows of at least 40% of assets, with 61% suffering 25% of more of exits, and 168 with 10% or more.
- If we were coming out a bad bear market, these sorts of redemptions would be expected, says Kinnel, but, in fact, they've occurred after a monster rally. Flowmageddon indeed.
- The simple answer: Low-cost ETFs have, for now, won the debate over active/passive, and even over index funds which offer similar cheap prices.
- Among the active managers monitoring: BEN, LM, JNS, IVZ, AB, AMG, FII, WDR, APAM, MN