(Reuters) – Passive products from BlackRock Inc, Vanguard Group and others were rare cash recipients last year as U.S. mutual and exchange-traded funds suffered $370 billion in net withdrawals, their first annual outflows on record, researcher Morningstar Inc said.

Looking to track indexes, investors withdrew a net $926 billion from actively-managed funds in 2022, their worst year ever, Morningstar said on Tuesday in a year-end report that excluded money-market funds and covered data back to 1993.

Passive funds took in $556 billion last year, Morningstar said. Although the amount was about 42% lower than their net deposits in 2021, “investors appear to be buying passive funds in both good times and bad,” Morningstar said.

Among fund families, the largest net withdrawals were recorded at T. Rowe Price at $59.2 billion, followed by American Funds, $55.5 billion. Both are known as large active fund managers.

The biggest net deposits went into BlackRock’s iShares ETF product line at $166.7 billion, and $82.7 billion to Vanguard, in line with their global flow pattern.

(Reporting by Ross Kerber; Editing by Emelia Sithole-Matarise)