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Commentary

Bond Funds and Vanguard Keep Taking in Cash

Investors continued to flock to fixed-income funds last month.

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Note: This is an excerpt from the Morningstar Direct U.S. Asset Flows Commentary for January 2020. Download the full report

Fixed-income funds continued to take in assets in January 2020, building upon a record 2019. Taxable-bond funds collected a record $63.6 billion for the month, surpassing the old record of $59.5 billion set the month before. Taxable-bond flows accounted for nearly 77% of the $82.8 billion that entered long-term funds in the period. Records fell for municipal-bond funds, too, as investors continued to hunt for sources of tax-free income.

Tony Thomas does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.