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Mutual fund investors are moving away from costly investment products and into fixed income and more passive vehicles. As a result, bond and target-date funds are among the strategies gathering the largest inflows, along with international funds.

"A really disproportionate flow has gone into fixed income," explains Robert Johnson, the director of economic analysis at Morningstar. "Target-date funds have done better … because [clients] want one-step control. They don’t want to sit there and pick between 23 funds in a fund family. They would rather just have one picked for their age."

Scroll through to see the top 20 mutual funds with more than $1 billion in assets ranked by their net share class inflows over the last five years. The following flow data was last reported on Oct. 31 and returns on Nov. 4. All data is from Morningstar.
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DFA Five-Year Global Fixed-Income I (DFGBX)
Estimated 5-Yr. Net Flows (millions): $6,566
5-Yr. Return: 2.22%
Expense Ratio: 0.27%
Net Assets (millions): $12,653
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Vanguard Target Retirement 2040 Inv (VFORX)
Estimated 5-Yr. Net Flows (millions): $6,716
5-Yr. Return: 9.23%
Expense Ratio: 0.16%
Net Assets (millions): $17,170
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Strategic Advisers Core (FCSAX)
Estimated 5-Yr. Net Flows (millions): $6,861
5-Yr. Return: 12.13%
Expense Ratio: 0.56%
Net Assets (millions): $22,211
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DFA US Core Equity 1 I (DFEOX)
Estimated 5-Yr. Net Flows (millions): $6,965
5-Yr. Return: 12.66%
Expense Ratio: 0.19%
Net Assets (millions): $14,711
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Baird Aggregate Bond Inst (BAGIX)
Estimated 5-Yr. Net Flows (millions): $7,553
5-Yr. Return: 4.07%
Expense Ratio: 0.30%
Net Assets (millions): $10,296
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Vanguard Target Retirement 2020 Inv (VTWNX)
Estimated 5-Yr. Net Flows (millions): $7,653
5-Yr. Return: 7.53%
Expense Ratio: 0.14%
Net Assets (millions): $27,126
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AQR Managed Futures Strategy I (AQMIX)
Estimated 5-Yr. Net Flows (millions): $7,897
5-Yr. Return: 4.02%
Expense Ratio: 1.22%
Net Assets (millions): $13,964
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Baird Core Plus Bond Inst (BCOIX)
Estimated 5-Yr. Net Flows (millions): $8,487
5-Yr. Return: 4.08%
Expense Ratio: 0.30%
Net Assets (millions): $12,825
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Vanguard Target Retirement 2030 Inv (VTHRX)
Estimated 5-Yr. Net Flows (millions): $8,643
5-Yr. Return: 8.54%
Expense Ratio: 0.15%
Net Assets (millions): $24,659
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DFA International Core Equity I (DFIEX)
Estimated 5-Yr. Net Flows (millions): $9,500
5-Yr. Return: 6.06%
Expense Ratio: 0.38%
Net Assets (millions): $16,721
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Old Westbury Large Cap Strategies (OWLSX)
Estimated 5-Yr. Net Flows (millions): $9,500
5-Yr. Return: 8.87%
Expense Ratio: 1.15%
Net Assets (millions): $14,609
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T. Rowe Price New Income (PRCIX)
Estimated 5-Yr. Net Flows (millions): $10,690
5-Yr. Return: 3.01%
Expense Ratio: 0.54%
Net Assets (millions): $31,151
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DFA Emerging Markets Core Equity I (DFCEX)
Estimated 5-Yr. Net Flows (millions): $12,617
5-Yr. Return: 1.06%
Expense Ratio: 0.62%
Net Assets (millions): $18,216
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Oakmark International I (OAKIX)
Estimated 5-Yr. Net Flows (millions): $12,865
5-Yr. Return: 8.38%
Expense Ratio: 0.95%
Net Assets (millions): $23,881
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Vanguard Dividend Growth Inv (VDIGX)
Estimated 5-Yr. Net Flows (millions): $14,791
5-Yr. Return: 11.86%
Expense Ratio: 0.33%
Net Assets (millions): $30,146
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Dodge & Cox Income (DODIX)
Estimated 5-Yr. Net Flows (millions): $17,835
5-Yr. Return: 4.02%
Expense Ratio: 0.43%
Net Assets (millions): $47,068
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Strategic Advisers Core Income (FPCIX)
Estimated 5-Yr. Net Flows (millions): $18,680
5-Yr. Return: 3.60%
Expense Ratio: 0.48%
Net Assets (millions): $29,175
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Vanguard Total Bond Market II Idx Inv (VTBIX)
Estimated 5-Yr. Net Flows (millions): $25,657
5-Yr. Return: 2.70%
Expense Ratio: 0.09%
Net Assets (millions): $109,078
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DoubleLine Total Return Bond I (DBLTX)
Estimated 5-Yr. Net Flows (millions): $34,875
5-Yr. Return: 4.48%
Expense Ratio: 0.47%
Net Assets (millions): $61,518
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Vanguard Total Intl Stock Index Inv (VGTSX)
Estimated 5-Yr. Net Flows (millions): $48,636
5-Yr. Return: 4.03%
Expense Ratio: 0.19%
Net Assets (millions): $224,343