Vanguard’s active mutual funds had their bloodiest first half ever, data indicates, even as its passive products enjoyed inflows.
Investors pulled $54.3bn from the firm’s 71 active mutual funds during the first six months of 2022, the most of any fund complex, according to Morningstar Direct, and the worst it has ever recorded on its database, which goes back to 1993. Vanguard active mutual funds had $1.2tn in assets at the end of June, a huge increase on the $77bn such vehicles held in 1993.
Around half of the manager’s first-half outflows came out of five mutual funds, the database shows, including from the $46bn International Bond Index Fund, which shed $24.1bn, and the $73.4bn Intermediate-Term Tax-Exempt Fund, which leaked $9.93bn.
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