For the first time in five months
, someone beat Vanguard
in net mutual fund flows last month.
| Marie A. Chandoha|
Charles Schwab Investment Management
President and CEO
Today Chicago-based investment research specialist Morningstar publicly released
its "Morningstar Direct Asset Flows Commentary: United States" report for April 2017. Alina Lamy
, senior analyst of quantitative research, penned the report. (An abridged version of the report is publicly accessible
, while the full report and appendices are available to Morningstar Direct users.)
, driven largely by its iShares
ETF business, came in first last month with $25.935 billion in net open-end mutual fund and ETF inflows, M* estimates. Yet low-cost mutual fund titan Vanguard was close behind with $25.08 billion in estimated net inflows. The other biggest net inflows winners last month were: Schwab
, $3.133 billion in net inflows; Capital Group's American Funds
, $2.953 billion; and DFA
, $2.764 billion.
Schwab led the big fund firm pack in April on a relative basis, bringing in estimated net inflows of 2.25 percent of its AUM. Close behind (in net inflows as a percentage of AUM) were BlackRock with 1.92 percent, and Guggenheim
with 1.82 percent. Rounding out the top five big fund firm winners on a relative basis were Lord Abbett
with 0.87 percent and DFA with 0.80 percent.
On the flip side, J.P. Morgan
suffered an estimated $9.026 billion in net outflows last month, more than any other fund firm. The other biggest sufferers in April were: SSgA
, $5.803 billion in net outflows; Fidelity
, $2.846 billion; T. Rowe Price
, $2.468 billion; and Franklin Templeton
, $2.386 billion.
J.P. Morgan's mutual fund flow pain topped the other big fund firms on a relative basis, too, with estimated net outflows amounting to 3.2 percent of its AUM. The other biggest sufferers proportionately, among big fund firms, were: Columbia Threadneedle
, estimated net outflows amounting to 1.3 percent of its AUM; Harbor
, 1.26 percent; SSgA, 1.08 percent; and Wells Fargo
, 0.77 percent.
Industrywide, long-term, active mutual fund outflows more than doubled
to $10.513 billion in April, M* estimates. Money market funds net outflows also rose slightly, to $20.405 billion. And passive funds' net inflows slipped to $53.518 billion.
Within long-term, active mutual funds, taxable bond funds brought in an estimated $10.39 billion in net inflows last month. International equity funds brought in $1.83 billion, alternative funds $879 million, and commodities funds $299 million.
Meanwhile, long-term, active U.S. equity mutual funds suffered an estimated $16.798 billion in April net outflows. $3.502 billion flowed out of muni bond funds, $2.024 billion out of allocation funds, and $1.587 billion out of sector equity funds.
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