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Wednesday, January 22, 2020

Industry Inflows Proportionately Doubled In 2019

Reported by Neil Anderson, Managing Editor

Net industry inflows jumped 160 percent last year, pound for pound.

Mary Callahan Erdoes
J.P. Morgan
CEO of Asset and Wealth Management
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 2019.

J.P. Morgan's Six Circles led the pack last year, bringing in an estimated $1.555 billion in net inflows per fund in 2019. Other big 2019 inflows winners included: Edward Jones' Bridge Builder, $954 million per fund (down from $1.98 billion per fund in 2018); Akre, $550 million per fund (up from $170 million per fund); Edgewood, $495 million per fund (up from $322 million per fund); and Vanguard, $443 million per fund (up from $398 million per fund).

The picture changes when you focus on last month alone. Mercer led the pack with $146 million per fund in net December inflows, up from $43 million per fund in November. Other big December inflows winners included: Bridge Builder, $104 million per fund (down from $129 million per fund); SSgA, $58 million per fund (up from $30 million per fund); Vanguard, $54 million per fund (up from $38 million per fund); and Red Cedar, $53 million per fund (up from $50 million per fund).

On the flip side, last year was another rough one for Dodge & Cox, which suffered an estimated $1.355 billion per fund in net 2019 outflows, more than any other fund fund but down from $1.581 billion per fund in 2018. Other big 2018 outflows sufferers included: Primecap, $1.236 billion per fund (down from $1.162 billion per fund in net inflows); Independent Franchise Partners, $697 million per fund (up from $90 million per fund); Harris' Oakmark, $442 million per fund (up from $228 million per fund); and IVA, $388 million per fund (up from $302 million per fund).

Dodge & Cox also led the outflows pack proportionately last month, with estimated net December outflows of $224 million per fund, up from $128 million per fund in November. Other big December outflows sufferers included: Primecap, $203 million per fund (up from $133 million per fund); IVA, $73 million per fund (up from $29 million per fund); Ruane Cunniff & Goldfarb's Sequoia, $51 million per fund (up from $33 million per fund); and Osterweis, $43 million per fund (up from $15 million per fund).

The whole mutual fund and ETF industry, excluding money market funds and funds of funds, brought in an estimated $10.133 million in net inflows per fund last year, up from $3.89 million per fund in 2018. In December 2019 alone, the industry brought in an estimated $1.635 million in net inflows per fund, up from $1.333 million per fund in November. 

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