Global long-term mutual funds experienced aggregate net redemptions of US$31 billion during the month of November. Local Asia was the only region to post positive flows, with approximately US$20 billion in net deposits. Meanwhile, the U.S. saw the largest aggregate redemption of any region, with US$28 billion in net outflows, followed by Crossborder with $19 billion. Local Europe and Latin America suffered a combined US$5 billion in net redemptions.
Passively managed funds garnered US$83 billion in new investor money, while active funds experienced outflows of US$115 billion. Investors in the U.S. were the largest benefactors of passive funds, with approximately US$58 billion in aggregate contributions, however, this was offset by US$85 billion redeemed from active funds. Overall, equity funds was the best-selling asset class, with US$25 billion in net subscriptions.
BlackRock was the best-performing manager during the month, with US$26 billion in net new cash, followed by Vanguard, with US$11 billion in net inflows. BlackRock’s best-selling fund, the iShares Core MSCI Emerging Markets ETF, attracted approximately US$3 billion in new investor money. The fund has about US$50 billion in assets under management as of November 2018.