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Thursday, January 31, 2019

Who Gained Market Share In 2018?

Reported by Neil Anderson, Managing Editor

The big two fund firms continued to gain market share last year, though their gains slowed as industry AUM fell.

The market share data within this article draws from Morningstar Direct data on open-end mutual fund and ETF flows and AUM (excluding money market funds and funds of funds).

Vanguard saw its fund market share rise to 24.82 percent of industry AUM at the end of 2018, up 0.99 percent from 23.83 percent at the end of 2017. Other big 2018 market share gainers included: BlackRock, which ended 2018 with 9.41 percent of industry AUM (up from 8.82 percent at the end of 2017); Fidelity, 8.37 percent (from 8.1 percent); Schwab, 1.12 percent (from 0.97 percent); Pimco, 2.05 percent (from 1.94 percent); Edward Jones' Bridge Builder, 0.37 percent (from 0.28 percent); Capital Group's American Funds, 8.53 percent (from 8.44 percent); Lord Abbett, 0.76 percent (from 0.69 percent); First Trust, 0.35 percent (from 0.3 percent); and Morgan Stanley, 0.23 percent (from 0.19 percent).

On the flip side, Franklin Templeton was again the biggest market share sufferer, falling from 2.12 percent of industry AUM at the end of 2017 to 1.94 percent at the end of 2018. The other biggest sufferers were: Harbor, down from 0.38 percent at the end of 2017 to 0.25 percent at the end of 2018; Harris' Oakmark, down from 0.52 percent to 0.41 percent; Invesco, down from 1.9 percent to 1.8 percent; OppenheimerFunds, down from 1.12 percent to 1.03 percent; Dodge & Cox, down from 1.2 percent to 1.11 percent; First Eagle, down from 0.46 percent to 0.38 percent; John Hancock, down from 0.79 percent to 0.72 percent; Columbia Threadneedle, down from 0.86 percent to 0.79 percent; and SSgA, down from 3.56 percent to 3.49 percent.

Industrywide, fund AUM fell 6.13 percent last year, from $18.061 trillion at the end of 2017 to $16.953 trillion at the end of 2018 (not counting money market funds and funds of funds). Market share concentration rose, with the top 10 fund firms holding 65.86 percent of industry AUM at the end of 2018, up from 64.2 percent at the end of 2017. Yet the 1-percent-of-AUM club grew slightly, with 16 fund firms now having at least once percent of industry AUM each as of the end of 2018, up from 15 firms at the end of 2017.  

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