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Rating:Giants Start to Regain Their Flows Footing Not Rated 5.0 Email Routing List Email & Route  Print Print
Friday, May 15, 2020

Giants Start to Regain Their Flows Footing

Reported by Neil Anderson, Managing Editor

The biggest fund firms' net inflows swung back to positive territory last month, though at one-tenth the rate of their March outflows. Two titans led the way.

Cyrus Taraporevala
State Street Global Advisors
President, CEO
This article draws from Morningstar Direct data on April 2020 mutual fund and ETF flows, excluding money market funds and funds of funds. More specifically, this article focuses on the 26 firms (up from from 25 in March) with more than $100 billion each in fund AUM. 11 of those firms brought in net April inflows, up from two in March.

SSGA got out in front last month, thanks to $15.846 billion in estimated net April inflows, down from $23.142 billion in March. Other big April inflows winners included: BlackRock, $12.323 billion (up from $22.983 billion in net outflows); PGIM, $2.071 billion (up from $994 million in net outflows); J.P. Morgan, $1.887 billion (up from $14.577 billion in net outflows); and MFS, $1.606 billion (up from $1.455 billion in net outflows).

SSGA also led the pack proportionately, with estimated net April inflows equivalent to 2.3 percent of its AUM, down from 3.8 percent in March. Other big April inflows winners included: PGIM, 1.7 percent (up from 0.8 percent net outflows); Principal, 1.1 percent (up from 1.8 percent in net outflows); BlackRock, 0.7 percent (up from 1.4 percent in net outflows); and MFS, 0.6 percent (up from 0.6 percent in net outflows).

On the flip side, April was a tough month for DFA, which suffered an estimated in $3.149 billion in net outflows, dwon from $7.86 billion in March. Other big April outflows sufferers included: T. Rowe Price, $2.39 billion (down from $12.517 billion); Franklin Templeton, $2.335 billion (down from $8.143 billion); Invesco, $1.668 billion (down from $12.532 billion); and Dodge & Cox, $1.558 billion (down from $3.43 billion).

Proportionately, Hartford led the large fund firm outflows pack last month, with estimated net April outflows equivalent to one percent of its AUM, down from 1.9 percent in March. Other big April outflows sufferers included: DFA, 0.9 percent (down from 2.1 percent); Dodge & Cox, 0.9 percent (down from 2.1 percent); Franklin, 0.8 percent (down from 2.8 percent); and John Hancock, 0.7 percent (down from 1.4 percent).

As a group, large fund firms brought in an estimated $18.938 billion in net April inflows, equivalent to 0.12 percent of their combined AUM and accounting for 115.57 percent of net industry inflows. That's up from $218.319 billion in net March outflows.

Across the entire industry, the 763 fund firms (down seven from March) tracked by the M* team brought in a combined $16.388 billion in net inflows, equivalent to 0.09 percent of their combined AUM. That's up from $326.378 billion in net March outflows. In April, active funds suffered an estimated $21.202 billion in net outflows (down from $309.808 billion in March), while passive funds brought in an estimated $37.598 billion in net inflows (up from $16.57 billion in net outflows in March).

Editor's Note: A prior version of this story a wrong overall inflows figure (as a percentage of AUM) for April. Estimated industry net inflows were equivalent to 0.09 percent of industry AUM. 

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