The house that Bogle built led both sides of the industry last month.

Mortimer J. Buckley Vanguard President, CEO

This article draws from Morningstar Direct data on open-end mutual fund and ETF flows (excluding money market funds and funds of funds) from February 2019.

As flows rebounded further last month, Vanguard took the lead on the active side of the industry, with estimated net February inflows of $3.571 billion, up from $2.044 billion in January. Other big active inflows winners in February include: Capital Group's American Funds, $3.273 billion (down from $4.651 billion); DFA, $2.914 billion (down from $4.258 billion); Pimco, $2.191 billion (up from $998 million); and BlackRock, $1.823 billion (up from $1.122 billion).

Vanguard led the passive side last month, too, with estimated net February passive inflows of $16.977 billion, down from $17.654 billion. Other big passive inflows winners in February include: Fidelity, $9.162 billion (down from $9.792 billion); BlackRock, $6.736 billion (up from $924 million); Charles Schwab, $2.676 billion (down from $3.526 billion); and Invesco, $2.172 billion (up from $92 million.

On the flip side, February was a rough month for John Hancock, which suffered estimated net active outflows of $2.046 billion, up from $1.408 billion in January. Other big outflows sufferers in February included: Dodge & Cox, $1.937 billion (down from $621 million in net inflows); OppenheimerFunds, $1.925 billion (up from $1.17 billion); Franklin Templeton, $1.302 billion (down from $1.861 billion); and Invesco, $851 million (down from $1.009 billion.

Among passive players, TIAA's Nuveen suffered an estimated $922 million in estimated net outflows for February, down from $977 million in net inflows in January. Other big February outflows sufferers include: Rafferty's Direxion, $307 million (down from $577 million); Axa, $299 million (down from $518 million); WisdomTree, $222 million (down from $209 million in net inflows); and Wells Fargo, $217 million (down from $336 million).

Industrywide, 722 active fund families (down from 726 in January) brought in a combined $11.48 billion in net inflows in February, down from $11.725 billion in January. Active funds accounted for 21.39 percent of net industry inflows last month, down from 30.11 percent in January.

152 passive fund families (down from 153 in January) brought in a combined $41.184 billion in net inflows in February, up from $27.216 billion in January. Passive funds accounted for 78.61 percent of net industry inflows last month, up from 69.89 percent. 

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