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Friday, February 21, 2020

Vanguard Leads Both Sides

Reported by Neil Anderson, Managing Editor

The low-cost leviathan dominated last month, leading both sides of the industry in net flows. And active flows swung back to positive.

Mortimer J. "Tim" Buckley
Vanguard
President, CEO
This article draws from Morningstar Direct data on January 2020 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds.

On the active side of the business, Vanguard took the lead last month, with estimated net January active inflows of $4.103 billion, up from $1.44 billion in December. Other big January active inflows winners included: J.P. Morgan (including Six Circles), $3.463 billion (down from $6.158 billion); BlackRock (including iShares), $3.259 billion (up from $2.66 billion); Lord Abbett, $2.88 billion (up from $1.395 billion); and Pimco, $2.426 billion (up from $121 million).

On the passive side of the business, Vanguard kept the lead last month, with estimated net January passive inflows of $38.698 billion, up from $20.864 billion in December. Other big January active inflows winners included: BlackRock, $14.209 billion (down from $19.539 billion); Fidelity, $7.687 billion (down from $9.567 billion); Schwab, $2.684 billion (down from $3.331 billion); and TIAA's Nuveen, $994 million (up from $906 million).

On the flip side, January was another rough month for Invesco, whose active suffered an estimated $2.234 billion in net outflows: again more than any other active fund firm, yet down from Invesco's $4.565 billion in December outflows. Other big January active outflows sufferers included: Franklin Templeton, $1.799 billion (down from $3.141 billion); Fidelity, $1.656 billion (up from $703 million); Harris' Oakmark, $1.612 billion (up from $1.219 billion); and T. Rowe Price, $1.56 billion (down from $1.765 billion).

T. Rowe also suffered an estimated $803 million in net passive outflows in January, more than any other passive fund family but down from $886 million in December. Other big January passive outflows sufferers included: SEI, $802 million (down from $100 million in net inflows); Invesco, $524 million (down from $740 million); Alps, $343 million (down from $72 million in net inflows); and DFA, $336 million (up from $31 million).

Industrywide, 714 active fund families (two fewer than in December) brought in an estimated $17.315 billion in combined net active inflows in January, accounting for 20.8 percent of net industry inflows and up from $5.01 billion in net December outflows. 345 of those families gained net active inflows in January.

146 passive fund families (three fewer than in December) brought in an estimated $65.959 billion in net January passive inflows, accounting for 79.2 percent of net industry inflows but down from $72.573 billion in December. 82 of those fund families gained net passive inflows in January. 

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