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Rating:Only One Category of Active Funds Won In June Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, July 19, 2016

Only One Category of Active Funds Won In June

Reported by Neil Anderson, Managing Editor

For nine months straight and counting, Vanguard [profile] is on top of the mutual fund industry when it comes to inflows. Meanwhile, only one category of active mutual funds netted inflows last month.

Yesterday Morningstar released the "Morningstar Direct U.S. Asset Flows Update" for June 2016. Alina Lamy, senior analyst of markets research at M*, wrote the report.

Vanguard brought in $20.103 billion in net flows in June, M* estimates, down a bit from $21.781 billion in May. The other top inflow winners were: BlackRock [profile] (including iShares [profile]), $7.547 billion; TIAA [profile] (including Nuveen [profile]), $1.425 billion; Dimensional Fund advisors (DFA [profile]); and DoubleLine [profile], $720 million.

Proportionately, DoubleLine was again the biggest inflow winner among the big fund firms, with net inflows amounting to 0.97 percent of its AUM. June's other top inflow winners proportionately were: TIAA, 0.88 percent; BlackRock, 0.69 percent; Vanguard, 0.64 percent; and TCW [profile], 0.59 percent.

On the flip side, Franklin Templeton [profile] was the biggest sufferer last month, with an estimated $3.585 billion in net outflows. June's other top outflow sufferers were: GMO [profile], $2.09 billion; T. Rowe Price [profile], $2.037 billion; J.P. Morgan [profile], $1.937 billion; and Invesco [profile] (including PowerShares [profile]), $1.429 billion.

GMO was the biggest outflow sufferer last month, proportionately, thanks to estimated net outflows amounting to 3.54 percent of AUM. The other big outflow sufferers last month, proportionately, were: Harris Associates' Oakmark [profile], 1.85 percent; Thornburg [profile], 1.82 percent; Natixis [profile], 1.63 percent; and Goldman Sachs [profile], 1.31 percent.

Industrywide, M* estimates that long-term active mutual funds suffered $30.159 billion in net outflows, more than double May's outflows of $13.537 billion. Passive funds brought in $29.236 billion in net inflows in June, while money market funds suffered $13.011 billion in net outflows.

Municipal bond funds were the only long-term, actively managed mutual funds that brought in net inflows ($6.34 billion) overall last month.

Within long-term active funds, every category besides municipal bond funds suffered outflows. That includes $21.678 billion from U.S. equity funds, $8.362 billion from international equity funds, $2.767 billion from allocation funds, $2.02 billion from sector equity, $1.156 billion from alternative funds, $421 million from commodities funds, and $94 billion from taxable bond funds. 

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