Vanguard s Principles for Investing Success

Sources: Vanguard calculations, using data from Morningstar, Inc. 12-month rolling net equity ˜ows (USD billions) 12-month rolling equity return –60 80% 0 40 60 –20 20 –40 –150 $200 50 150 100 –100 –50 2005 2007 2009 2011 2013 2015 2017 2019 Rolling equity returns Rolling net equity ˜ows FIGURE 3 Mutual fund cash flows often ... ................
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