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Wednesday, April 15, 2020

$218B Flows Out of the Giants

Reported by Neil Anderson, Managing Editor

The biggest fund firms suffered more than $117 billion in net Q1 long-term outflows, thanks to more than $218 billion in outflows in March alone.

Cyrus Taraporevala
State Street Global Advisors
President, CEO
This article draws from Morningstar Direct data on March 2020 mutual fund and ETF flows, excluding money market funds and funds of funds. More specifically, this article focuses on the 25 firms (down from 28 in February) with more than $100 billion each in fund AUM.

Vanguard led the way in the first quarter of 2020, thanks to $25.541 billion in estimated net quarterly inflows. Other leading Q1 inflows winners included: Charles Schwab, $6.471 billion; BlackRock, $5.6 billion; PGIM, $3.295 billion; and MFS, $2.023 billion.

Proportionately, Schwab led the way in Q1, with estimated net quarterly inflows equivalent to three percent of its AUM, more than any other big fund firm. Other big Q1 inflows winners included: PGIM, 2.8 percent; MFS, 0.9 percent; Vanguard, 0.6 percent; and BlackRock, 0.3 percent.

Yet the picture changes dramatically when looking at March alone. Only two big fund firms gained net inflows last month: SSGA, with $23.142 billion (up from $27.26 billion in net February outflows), equivalent to 3.8 percent of its AUM (up from 4.4 percent in net outflows); and Schwab, with $1.616 billion (down from $2.257 billion), equivalent to 0.7 percent of its AUM (down from 0.9 percent).

On the flip side, Q1 2020 was a rough one for Fidelity, which suffered an estimated $28.528 billion in net long-term fund outflows, more than any other big fund firm. Other big Q1 outflows sufferers included: Pimco, $20.75 billion; Capital Group, $18.006 billion; Invesco, $17.339 billion; and T. Rowe Price, $16.726 billion.

Proportionately, Pimco had the roughest Q1 among big fund firms, with estimated net outflows equivalent to six percent of its AUM. Other big Q1 outflows sufferers included: Lord Abbett, 5.4 percent; Franklin Templeton, four percent; Invesco, four percent; and T. Rowe, 3.1 percent.

Fidelity also led the outflows pack in March alone, thanks to an estimated $39.346 billion in net long-term fund outflows (down from $6.841 billion in net February inflows). Other big March outflows sufferers included: Vanguard, $36.956 billion (down from $19.835 billion in net inflows); Pimco, $26.888 billion (down from $3.745 billion in net inflows); BlackRock, $22.983 billion (down from $12.821 billion in net inflows); and Capital Group, $15.578 billion (up from $2.484 billion).

Proportionately, Lord Abbett led the large fund firm outflows pack last month, with estimated net outflows equivalent to 9.1 percent of its AUM (down from 1.4 percent in net inflows). Other big March outflows sufferers included: Pimco, 7.8 percent (down from 0.9 percent net inflows); J.P. Morgan (including Six Circles), 4.6 percent (down from 1.5 percent in net inflows); TCW (including MetWest), 3.5 percent (down from 1.5 percent in net inflows); and TIAA's Nuveen, 3.3 percent (down from 0.9 percent in net inflows).

As a group, the 25 fund firms with more than $100 billion each in fund AUM suffered an estimated $117.482 billion in net Q1 outflows, equivalent to 0.84 percent of their combined AUM and accounting for 52.49 percent of the industry's net outflows. Only six of those 25 firms gained net inflows in Q1.

Those 25 large fund firms suffered an estimated $218.319 billion in net March outflows, equivalent to 1.56 percent of their combined AUM and accounting for 66.89 percent of net industry outflows. That's down from $27.108 billion in net February inflows.

Across the entire industry, the 770 fund firms (one more than in February) tracked by the M* team suffered a combined $223.83 billion in net Q1 outflows, equivalent to 1.31 percent of their combined AUM. 291 firms gained net Q1 inflows.

In March alone, the industry suffered an estimated $326.378 billion in net outflows, equivalent to 1.91 percent of its AUM and down from $25.459 billion in net February inflows. Active funds suffered an estimated $309.808 billion in net March outflows (down from $11.675 billion in February inflows), and even passive funds suffered an estimated $16.57 billion in net March outflows (down from $13.784 billion in February inflows).  

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