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...— The extinction of American nuns (Baffler) — Morningstar looks back at 40 years of US mutual funds (Morningstar) — Exploring the mysterious alphabet of sperm whales (MIT News) — Stupidity is our destiny...
...Morningstar has put its 2023 active/passive barometer report outside the paywall....
...Flows to actively managed ETFs were boosted by the launch in January of 10 spot bitcoin ETFs, which are classed by Morningstar as active vehicles....
...“Another sign of concern is that this has been a period where growth equity strategies have outperformed value-focused peers,” Morningstar says....
...US mutual funds and ETFs brought in more than $188bn in the first three months of 2024, the most since August 2021, according to data from Morningstar....
...The manager insisted it was “laser-focused” on its ETF business, which was the ninth-largest in the US as of April 30, according to Morningstar....
...So it was interesting to see that Sustainalytics, the ratings company acquired by Morningstar, has started analysing corporate governance in a climate-focused way....
...That ETF accounts for 0.04 per cent of Invesco’s US ETF assets, Morningstar data shows....
...“I am delighted if that is what Morningstar is promoting as it will give other people like me the chance to outperform.”...
...Morningstar publishes its own estimates, which it admits are “conservative” and only include third-party model providers, not broker-dealers or wirehouses....
...JPMorgan’s $488.4bn mutual fund line, meanwhile, added just $6bn last year, according to Morningstar....
...“We’ve seen more product launches and product conversions in the passive space,” says Hortense Bioy, global head of sustainability research at Morningstar. “Passive is doing a killing.”...
...Recent launches from JPMorgan and State Street Global Advisors have all reached the $10bn threshold in about two years, according to Morningstar....
...Nearly 940 European ETFs cut their annual fees over the five years to the end of 2022, Morningstar data shows....
...For the first time on record, global sustainable funds experienced net quarterly outflows in the last three months of 2023, according to a report from Morningstar that published yesterday....
...“It’s likely performance prospects,” said Alyssa Stankiewicz, Morningstar associate director of sustainability research....
...But Bryan Armour, director of passive strategies research for North America at Morningstar, said that on closer inspection a slightly different picture emerged....
...The funds, known as covered call ETFs, have surged in popularity to contain roughly $59bn in combined assets, up from only $3bn three years ago, according to Morningstar Direct....
...Morningstar estimates that it is now tracked by over $4tn of assets, and serves as the benchmark for another $2.9tn of investment funds....
...“I think the prospect of a soft landing actually coming true really resonated with investors for the first time last month,” said Morningstar analyst Ryan Jackson....
...cent in late 2022 and was down more than 7 percentage points from the end of 2018, when the $9.1tn asset manager controlled nearly two out of every five dollars invested in US ETFs, according to data from Morningstar...
...However, the fund gained $226mn in net flows for the quarter ended October 31, Morningstar data shows....
...Earlier this month, Morningstar hammered that point home with a report exploring the gap between the average returns investors actually experience and the total returns of investment funds....
...Overall, cheap active funds succeed more often than expensive ones, Morningstar noted....
...This was followed closely by future mobility funds and vehicles targeting multiple technologies — a Morningstar grouping that includes the Ark Innovation ETF (ARKK)....
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