A $30.7-billion-AUM shop won in March, pound for pound.

Alan W. Breed Edgewood Management LLC President, PM

This article draws from Morningstar Direct data on open-end mutual fund and ETFs, excluding money market funds and funds of funds, from March and Q1 2020.

Edgewood took the lead in the first quarter, proportionately, with estimated net Q1 inflows of $319 million per fund. Other big Q1 inflows winners included: USCF, $265 million per fund; Spyglass, $225 million per fund; Grayscale, $167 million per fund; and WCM, $152 million per fund.

In March, USCF led with estimated net inflows of $191 million per fund, up from $11 million per fund in February. Other big March inflows winners included: Spyglass, $174 million per fund (up from $33 million per fund); SSGA, $124 million per fund (up from $104 million per fund in net outflows); Jensen, $92 million per fund (up from $1 million in net outflows); and Edgewood, $89 million (up from $13 million per fund.

On the flip side, Q1 was a rough one for Primecap, which suffered an estimated $807 million per fund in net outflows, more than any other fund firm. Other big Q1 outflows sufferers included: Dodge & Cox, $721 million per fund; FMI, $231 million per fund; Tocqueville, $222 million per fund; and Chiron, $205 million per fund.

In March, Dodge & Cox suffered the most, proportionately, with an estimated $572 million per fund in net outflows, up from $115 million per fund in February. Other big March outflows sufferers included: Primecap, $387 million per fund (up from $227 million per fund); Edward Jones' Bridge Builder, $278 million per fund (down from $106 million in net inflows); TWM, $204 million per fund (up from $2 million per fund); and FPA, $190 million per fund (down from $3 million per fund in net inflows).

The whole mutual fund and ETF industry, excluding money market funds and funds of funds, suffered an estimated $9.6 million per fund in net outflows in Q1. In March alone, the industry suffered an estimated $14 million per fund in net outflows, down from $1 million per fund in net February inflows. 

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