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Rating:A Focused Growth Shop Wins in September Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, October 18, 2019

A Focused Growth Shop Wins in September

Reported by Neil Anderson, Managing Editor

A focused growth shop based in New York City took the lead last month, pound for pound.

Alan W. Breed
Edgewood Management LLC
President, PM
This article draws from Morningstar Direct on open-end mutual fund and ETF flows, excluding money market funds and funds of funds, from September 2019.

Edgewood took the lead last month, with estimated net September inflows of $72 million per fund, up from $14 million per fund in August. Other big September winners included: WCM, $45 million per fund (up from $44 million per fund); SSgA, $44 million per fund (up from $36 million per fund in net outflows); Edward Jones' Bridge Builder, $40 million per fund (down from $53 million per fund); and Vanguard, $35 million per fund (up from $15 million per fund).

Year-to-date through the end of September, Bridge Builder led the pack with estimated net inflows of $522 million per fund. Other big winners in the first three quarters of 2019 included: Akre, $479 million per fund; Edgewood, $430 million per fund; Baird, $342 million per fund; and WCM, $341 million per fund.

On the flip side, last month was a rough one for Dodge & Cox, which suffered an estimated $195 million per fund in net September outflows, more than any other fund firm and up from $103 million per fund in August. Other big September sufferers included: Primecap, $154 million per fund (up from $153 million per fund); Harris' Oakmark, $43 million per fund (down from $51 million per fund); IVA, $31 million per fund (down from $38 million per fund); and T. Rowe Price, $19 million per fund (up from $2 million per fund).

Year-to-date through the end of September, Dodge & Cox also led the pack with an estimated $906 million per fund in net outflows. Other big sufferers in the first nine months of 2019 included: Primecap, $832 million per fund; Oakmark, $332 million per fund; Tweedy Browne, $279 million per fund; and Sequoia, $248 million per fund.

The whole mutual fund and ETF industry (excluding money market funds and funds of funds) brought in an estimated $962,000 per fund in net September inflows, up from $384,000 per fund in August outflows. YTD, the industry brought in an estimated $6.373 million per fund in net inflows. 

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