• Net outflows for equity strategies continue but some bright spots emerge. Despite experiencing significant net outflows of -$157.8bn in Q3 2024, equity strategies demonstrated resilience with gross inflows reaching +$262.9bn, the second highest in the past nine quarters. The win-rate across all equity products reached 33.2%, the highest in six quarters, but only +1.5 percentage points above the lowest win-rate over this period.
• Fixed income adds to an already strong 2024. Fixed income strategies continued their upward trajectory with Q3 2024 marking the third consecutive quarter of net inflows, bringing the YTD total to +$216.5bn. Both active and passive strategies contributed to this growth, with notable allocations to US Core Plus (+$14.7bn) and US Passive Core (+$13.7bn). Perhaps driven by continued relative attractiveness in US yields, sub-advised, defined contribution, union/multi-employer, and foundation & endowment accounts each allocated $1bn+ to US Core Plus, while $1bn+ in net new investments for US Passive Core came from both public funds and defined contribution plans.
• Global Core Equity shows high Interest, mixed sentiment. Global Core Equity strategies were among the most viewed by consultants and asset owners, reflecting high interest but potential scrutiny. Because this attention did not translate into broad-based positive flows, as evidenced by the substantial net outflows from Global All Cap Core Equity (-$41.1bn) and Global Large Cap Core Equity (-$6.2bn) in Q3.
• Multi-Asset Credit is the top positively trending universe. This universe achieved a win-rate of 71.9%, the highest in at least five years, and captured 1.2% of all long-only profile views from global asset owners and consultants, significantly higher than its proportion of constituents. This strong win-rate and increased viewership highlight a growing preference for diversified fixed income strategies that have the freedom to invest opportunistically across multiple credit sectors, such as high yield, bank/levered loans, convertibles, EM debt, and ABS.

*based on manager-reported asset data within the first 45 days after quarter end