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Rating:Seven Months and Counting: Vanguard Is Still On Top Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, May 16, 2016

Seven Months and Counting: Vanguard Is Still On Top

Reported by Neil Anderson, Managing Editor

For the seventh month in a row, Vanguard [profile] continues to dominate mutual fund inflows. Meanwhile, arch rivals TCW [profile] and DoubleLine [profile] also had another strong month.

Frederick William McNabb III
The Vanguard Group, Inc.
Chief Executive Officer, President, Chairman of the Board of Directors
Today Morningstar released the "Morningstar Direct U.S. Asset Flows Update" report for April 2016. As per usual, the report was penned by Alina Lamy, senior analyst in markets research.

Vanguard brought in an estimated $21.323 billion in net flows last month. The other top inflow winners were: BlackRock [profile] (including iShares [profile]), $3.61 billion; Dimensional Fund Advisors (DFA [profile]), $2.034 billion; TCW, $1.715 billion; and TIAA [profile] (including Nuveen [profile]), $1.667 billion.

Proportionately, DoubleLine and TCW's MetWest were neck and neck; DoubleLine brought in $1.449 billion, M* estimates, which translates to 2.0408 percent of its AUM, while TCW's $1.715 billion amounts to 2.0417 percent of its AUM. The other top inflow winners proportionately were: TIAA, 1.06 percent ($1.667 billion); Eaton Vance [profile], 0.95 percent ($620 million); and Lord Abbett [profile], 0.76 percent ($765 million).

On the outflows side, April looks to be the first month since Pimco [profile] and co-founder Bill Gross parted ways in September 2014 that the fixed income titan was not in the top five outflow sufferers. This time around those were: Franklin Templeton [profile], $2.803 billion; Invesco [profile] (including PowerShares [profile]), $2.355 billion; Fidelity [profile], $1.872 billion; Goldman Sachs [profile], $1.288 billion; and Harris Associates' Oakmark [profile], $1.1 billion.

Proportionately, April's biggest sufferer was Goldman, as its $1.288 billion in outflows amounted to 1.55 percent of its AUM. Other big sufferers proportionately included: Oakmark, 1.53 percent ($1.1 billion); Putnam [profile], 1.42 percent ($909 million); GMO [profile], 1.40 percent ($867 million); and New York Life's MainStay [profile], 1.35 percent ($770 million).

Industrywide, M* estimates that long-term active mutual funds suffered $10.775 billion in net outflows in April. $26.45 billion in net flows went into long-term passive funds, while $41.223 billion net flowed out of money market funds.

Within long-term active funds, U.S. equity funds were the biggest sufferers in April with $20.3 billion in net outflows. Other outflow suffering categories of long-term active funds included: international equity, $3.994 billion in net outflows; allocation, $2.499 billion; sector equity, $1.623 billion; and alternative, $118 million. On the positive side, three categories of long-term active funds gained net inflows last month: taxable bond, $11.691 billion; municipal bond, $5.631 billion; and commodities, $438 million. 

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