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Rating:DoubleLine, AB, and BlackRock Killed It In March Not Rated 5.0 Email Routing List Email & Route  Print Print
Thursday, April 14, 2016

DoubleLine, AB, and BlackRock Killed It In March

Reported by Neil Anderson, Managing Editor

For the second month in a row, DoubleLine [profile] and AB [profile] had the proportionately best inflows in the mutual fund business. And in absolute terms, Vanguard [profile] extended its streak on top to six months and counting.

Alina Lamy
Senior Analyst of Markets Research
Today Morningstar released the "Morningstar Direct U.S. Asset Flows Update" for March 2016, penned by markets research senior analyst Alina Lamy. The 17-page monthly report digs into Morningstar's estimates for net flows in the U.S. open-end mutual fund and ETF business.

Vanguard brought in $28.912 billion in net inflows last month, Morningstar estimates, more than any other fund firm. The other top five inflow winners were: BlackRock [profile], $16.408 billion; SSgA [profile], $4.298 billion; Invesco [profile], $2.314 billion; and DoubleLine, $2.003 billion.

Yet when you look at inflows as a percentage of AUM, it was DoubleLine that brought in the most bang for the buck, with estimated inflows equivalent to 2.86 percent of its AUM. The other top inflow winners, proportionately, were: AB, 2.00 percent; BlackRock, 1.54 percent; TCW's MetWest [profile], 1.19 percent, and Invesco, 1.01 percent.

On the flip side, the five fund firms with the most outflows last month were: Franklin Templeton [profile], $2.773 billion (down from $3.197 billion in February); GMO [profile], $1.784 billion; Pimco [profile], $1.031 billion; Harris Associates' Oakmark [profile], $1.016 billion; and Dodge & Cox [profile], $963 million.

Proportionately, the biggest net outflow sufferers in March were: GMO, 2.83 percent of AUM; Oakmark, 1.43 percent; Putnam [profile], 1.26 percent; Goldman Sachs [profile], 1.06 percent; and Voya [profile], 0.786 percent.

Industrywide, active funds were barely negative last month at $153 million in net outflows. Passive funds brought in $49.385 billion in net inflows. And money market funds suffered $14.979 billion in net outflows.

Breaking down the active fund flows, bond funds were in favor and stock funds were out of favor. Active U.S. equity funds suffered $13.395 billion in net outflows in March, $2.837 billion flowed out of international equity funds, $2.018 billion out of allocation funds, and $860 million out of sector equity funds. On the flip side, $12.084 billion net flowed into taxable bond funds, $5.451 billion into muni bond funds, $878 million into alternative funds, and $544 million into commodities funds. 

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