The Bull: Bond flows beating equities; BLK IQ can leverage models to win share

研报英文原文证据摘录

The Bull: Bond flows beating equities; BLK IQ can leverage models to win share

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Traditional Asset Managers

The Bull: Bond flows beating equities; BLK

IQQ can leverage models to win share

Industry Overview

Last month: ETF & MMF strong + fixed income accelerated 15 June 2026

In this monthly series, we gather and analyze data from multiple market data sources Equity

(Simfund, Morningstar, Lipper, and ICI) to monitor intra-quarter trends across the asset United States

management industry. Last month, ETF and money market flows were strong, and bond Asset Managers

flows broadly accelerated while passive equity slowed and active equity remained weak.

YTD passive ETF/active ETF flows are +$338B/+$181B versus -$307B for active funds.

Early look at June: Similar to May x-MMFs which declined

Markets were strong in April/May but pulled back in early June (with a VIX spike) and

then rebounded in mid-June on the information flow from Iran. Early June data shows

active equity fund outflows persisting while money market flows weakened MTD. The

positive trends in equity ETFs and bonds broadly continued in early June. CraigResearchSiegenthaler,Analyst CFA

BofAS

On a manager basis, we monitored positive/improving net flow results from +1 646 855 5004

craig.siegenthaler@bofa.com

BLK, FHI, Fidelity, IVZ, JPM, LAZ, PIMCO, PRU/PGIM, SCHW, Vanguard and WT

Ivory Gao

due mainly to their FI, money market and passive equity/ETF businesses. Given our LT Research Analyst

industry thesis (reallocations into ETFs/fixed income/Alts) and NT thesis of “flight to BofAS +1 646 855 5034

safety”, we rate BLK at Buy due to its secular growth businesses and don’t see any risk ivory.gao@bofa.com

from ETF rev shares (at BLK) and hear misinformation from recent investor calls. We Kareem Seif