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Thursday, February 13, 2020

The $43B Month

Reported by Neil Anderson, Managing Editor

Vanguard nearly doubled its monthly inflows, widening its lead.

Mortimer J. "Tim" Buckley
Vanguard
President, CEO
This article draws from Morningstar Direct data on January 2020 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.

The low-cost leviathan brought in an estimated $42.801 billion in net January inflows, up from $22.304 billion in December. Other big January inflows winners included: BlackRock, $17.467 billion (down from $22.199 billion); Fidelity, $6.031 billion (down from $8.864 billion); J.P. Morgan (including the Six Circles funds), $3.509 billion; and Lord Abbett, $2.88 billion (down from $6.184 billion).

Proportionately, Goldman Sachs took the large fund firm lead last month, with estimated net January inflows equivalent to 2.3 percent of its AUM, up from 0.1 percent in net December outflows. Other big January inflows winners included: Lord Abbett, 1.8 percent (up from 0.9 percent); Legg Mason, 1.7 percent (up from 0.8 percent); PGIM, 1.6 percent (down from 2.5 percent); and TCW (including MetWest), 1.3 percent (up from 1 percent).

On the flip side, January was a rough month for Invesco, which suffered an estimated $2.758 billion in net outflows, more than any other fund firm, but down from $3.826 billion in December. Other big January outflows sufferers included: T. Rowe Price, $2.363 billion (down from $2.651 billion); SEI, $1.838 billion (up from $57 million); Franklin Templeton, $1.519 billion (down from $2.908 billion); and American Century, $1.508 billion (up from $589 million).

Proportionately, SEI suffered estimated January net outflows equivalent to 1.8 percent of its AUM, more than any other large fund firm and up from 0.1 percent in December. Other big January outflows sufferers included: American Century, 1.4 percent (up from 0.5 percent); John Hancock, 0.8 percent (up from 0.4 percent); Invesco, 0.5 percent (down from 0.7 percent); and Franklin, 0.4 percent (down from 0.8 percent).

As a group, the 29 fund firms with more than $100 billion each in mutual fund and ETF AUM brought in an estimated $77.276 billion in net January inflows, equivalent to 0.44 percent of their combined AUM (and accounting for 92.8 percent of net industry inflows). That's up from $73.243 billion and 0.42 percent in December.

Across the entire industry, the 767 fund firms tracked by the M* team brought in a combined $83.274 billion in net January inflows, equivalent to 0.4 percent of industry AUM and up from $67.673 billion in December. Passive funds brought in an estimated $65.959 billion in net inflows in January (down from $72.573 billion in December), while active funds brought in $17.315 billion in net inflows (up from $5.009 billion in net outflows. 

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