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1、 BofA Securities does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making the

2、ir investment decision.Refer to important disclosures on page 25 to 30.Analyst Certification on page 24.Price Objective Basis/Risk on page 23.12887063 Traditional Asset Managers The Bull:Industry flow backdrop better;Januss investment performance strong Industry Overview Last month:Active equity imp

3、roved while MMKT weaker In this monthly series,we gather and analyze data from multiple market data sources(Simfund,Morningstar,Lipper,and ICI)to monitor intra-quarter trends across the asset management industry.Last month,net outflows in active equities improved and inflows in passive equity and bo

4、nds increased.Meanwhile,active bond and money market inflows decelerated.YTD active ETFs and passive ETFs generated$201B/$340B of net inflows versus-$553M in active mutual funds.Early look at October:Flows stronger but equity still soft Equity flows are tracking softer MTD while bond and money marke

5、t flows are regaining strength.Money market flow acceleration is driven by retail strength particularly in government funds.Within bonds,taxable flows are still outperforming munis.On a manager basis,we monitored positive/improving net flow results from Amundi,BLK,CNS,DWS,FHI,Fidelity,IVZ,JHG,Jupite

6、r,JPM,M&G,MS,PFG,PIMCO,PRU,SCHW,TROW,Vanguard,and VCTR due to their ETF,fixed income and money market businesses.Given our LT industry flow thesis(reallocations into ETFs/fixed income/Alts),we rate BLK at Buy.We also rate VCTR(superior capital allocation strategy),JHG(positive net flow trajectory+in