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Rating:While Active Outflows Vanish, BlackRock Three-Peats Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, December 12, 2019

While Active Outflows Vanish, BlackRock Three-Peats

Reported by Neil Anderson, Managing Editor

Passive inflows boomed last month, and active outflows evaporated. Meanwhile, a familiar titan kept the lead.

Laurence D. Fink
BlackRock
Chairman, CEO
This article draws from Morningstar Direct data on November 2019 mutual fund and ETF flows, excluding money market funds and funds of funds. More specifically, this article focuses on the 29 firms with more than $100 billion each in fund AUM. 19 of those firms gained net November inflows, up from 16 in October.

For the third month in a row, BlackRock led the large fund inflows pack last month, bringing in an estimated $19.598 billion in net November inflows, up from $13.78 billion in October. Other big November inflows winners included: Vanguard, $15.584 billion (up from $9.883 billion); SSgA, $7.756 billion (up from $1.163 billion in net outflows); Fidelity, $6.532 billion (down from $7.678 billion); and J.P. Morgan, $3.682 billion (up from $1.624 billion in net outflows).

Proportionately, Lord Abbett took the lead among the biggest fund firms, thanks to estimated net November inflows equivalent to 1.2 percent of its AUM, level with its October ratio. Other big November inflows winners included: SSgA, 1.1 percent (up from 0.2 percent in net outflows); JPMAM, 1.0 percent (up from 0.5 percent in net outflows); BlackRock, 1.0 percent (up from 0.7 percent); and PGIM, 0.99 percent (down from 1.6 percent).

On the flip side, November was a rough month for Capital Group (home of the American Funds), which suffered an estimated $3.581 billion in net outflows, more than any other big fund firm and down from $381 million in net October inflows. Other big November outflows sufferers included: Franklin Templeton, $2.838 billion (up from $1.675 billion); Dimensional Fund Advisors (DFA), $2.18 billion (up from $285 million); Dodge & Cox, $2.18 billion (up from $581 million); and John Hancock, $768 million (up from $424 million).

Franklin led the large fund firm outflows pack proportionately last month, with estimated net November outflows equivalent to 0.8 percent of its AUM, up from 0.5 percent in October. Other big November outflows sufferers included: DFA, 0.5 percent (up from 0.1 percent); SEI, 0.5 percent (down from 1.0 percent); Hancock, 0.5 percent (up from 0.3 percent); and American Century, 0.4 percent (up from 0.3 percent).

As a group, the 29 firms with more than $100 billion each in fund assets brought in an estimated $55.299 billion in net November inflows, equivalent to 0.33 percent of their combined AUM and up from $32.797 billion in October. Large fund firms accounted for 100.14 percent of net industry inflows in November, down from 113.19 percent in October.

Across the whole industry (M* tracked November flows from 766 firms, up from 765 in October), long-term mutual funds and ETFs brought in an estimated $55.224 billion in net November inflows, equivalent to about 0.27 percent of industry AUM (up from 0.15 percent). Passive funds brought in $55.119 billion in net November inflows (up from $38.42 billion), while active funds brought in $105 million in net inflows (up from $9.446 billion in net outflows). 

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