This is probably what it would be like if Secretariat charged 12b1 fees.

Research firm Morningstar released its estimated U.S. fund flow figures for March 2014, and the winner was, wait for it, Vanguard with $13.8 billion in flows for the period and $35.4 billion in flows for the quarter.

PIMCO, also no big surprise, saw the biggest outflows for the month with $7.4 for that period. and $15.5 billion for the quarter.

What's worth examining are the movements of the other top firms in both the loser and gainer categories.

Top in Positive Flows for March
1. Vanguard: $13.8 billion
2. Goldman Sachs: $2.6 billion
3. JP Morgan: $2.4 billion
4. Dimensional: $2.2 billion
5. T. Rowe: $2.09 billion

Top in Outflows
1. Pimco: $7.4 billion
2. Fidelity: $3.7 billion
3. Thornburg: $0.77 billion
4. Janus: $0.73 billion
5. Eaton Vance: $0.64 billion

In the March 2014 flows report,Morningstar analysts also took care to note that while most of Pimco's funds have experienced outflows, some actually saw some money come in. For example, during the first quarter or 2014, the bond giant's Income, Foreign Bond, Long-Term Credit, and Long Duration Total Return funds all so inflows. 

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