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Rating:Bridge Builder Won Proportionately Last Year, But Not In December Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, January 29, 2019

Bridge Builder Won Proportionately Last Year, But Not In December

Reported by Neil Anderson, Managing Editor

A B-D's multi-manager mutual fund family won the race last year, proportionately.

Charles T. Akre
Akre Capital Management
Managing Member, CEO, Chief Investment Officer
This article draws from Morningstar Direct data on open-end mutual fund and ETF flows (excluding money market funds and funds of funds) from December 2018 and for the full year.

Edward Jones' Bridge Builder led the pack again last year, bringing in an estimated $1.98 billion in inflows per fund in 2018, up from $1.723 billion in 2017. Other big 2018 inflows winners included: Primecap, $1.162 billion per fund; Wealthfront, $825 million per fund; Blackstone, $443 million per fund; and Vanguard, $398 million per fund.

Yet the picture changes when you focus on last month alone. Akre Capital Management led the pack with $80 million per fund in net December inflows, up from $25 million per fund in November. Other big December inflows winners included: AAAMCO, $80 million per fund (up from $28 million per fund); Southeastern Asset Management's Longleaf, $67 million per fund (up from $171 million in net outflows per fund); TWM, $49 million per fund (up from $17 million per fund); and Blackstone, $48 million per fund (down from $191 million per fund).

On the flip side, last year was a rough one for Dodge & Cox, which suffered an estimated $1.581 billion in net 2018 outflows per fund, more than any other fund firm. Other big 2018 outflows sufferers included: Ruane Cunniff & Goldfarb's Sequoia, $538 million per fund; Tweedy Browne, $391 million per fund; FMI, $346 million per fund; and Robo Global, $331 million per fund.

Dodge & Cox also led the outflows pack proportionately last month, with estimated net December outflows of $719 million per fund, up from $230 million per fund in November. Other big net December outflows sufferers included: Harris' Oakmark, $173 million per fund (up from $90 million per fund); Chiron, $167 million per fund (up from $55 million per fund); Edgewood, $157 million per fund (up from $8 million per fund); and Old Westbury, $152 million (up from $14 million).

The whole mutual fund and ETF industry (excluding money market funds and funds of funds) brought in an estimated $3.89 million in net inflows per fund last year. Yet in December the industry suffered $1.98 million per fund in net outflows, up from $35,000 per fund in November. 

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