Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:For the Second Time In Six Years ... Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, June 24, 2020

For the Second Time In Six Years ...

Reported by Neil Anderson, Managing Editor

The worm turned, though for how long is still TBD. For the first time in more than two years (since January 2018) and the second time in more than six years (since March 2014), active inflows beat passive ones last month.

Mary Callahan Erdoes
J.P. Morgan
CEO of Asset and Wealth Management
This article draws from Morningstar Direct data on May 2020 open-end mutual and ETF flows in the U.S., excluding money market funds and funds of funds.

"Active beat passive in May because much of the month's inflows went to taxable- and muni-bond funds ... About 65% of all taxable-bond fund assets — and 94% of muni-bond fund assets — are actively managed," writes Tony Thomas, senior analyst at M* and one of the authors of the firm's monthly report on U.S. mutual fund and ETF flows. "Meanwhile, passively managed equity funds had relatively strong redemptions in May, perhaps due to rebalancing away from equities as stocks rallied."

On the active side of the business, J.P. Morgan (including Six Circles) took the lead last month, with estimated net May active inflows of $6.086 billion, up from $1.669 billion in April. Other big May active inflows winners included: BlackRock, $4.581 billion (up from $3.469 billion); Vanguard, $3.478 billion (up from $170 million); Edward Jones' Bridge Builder, $4.001 billion (up from $747 million in net outflows); and Morgan Stanley, $2.977 billion (up from $1.571 billion).

On the passive side of the business, SSGA kept the lead again last month, thanks to estimated net May passive inflows of $6.992 billion, down from $15.887 billion in April. Other big May passive inflows winners included: Vanguard, $3.478 billion (up from $170 million); Invesco, $3.389 billion (up from $2.476 billion); Fidelity, $2.125 billion (up from $607 million); and VanEck, $1.265 billion (up from $1.121 billion in net outflows).

On the flip side, May was a rough month for DFA's active funds, which suffered an estimated $3.729 billion in net outflows, more than any other active fund firm and up from $3.225 billion in April. Other big May active outflows sufferers included: Invesco, $2.811 billion (down from $4.145 billion); Dodge & Cox, $2.103 billion (up from $1.558 billion); Franklin Templeton, $1.704 billion (down from $2.305 billion); and Harris' Oakmark, $1.404 billion (down from $2.317 billion).

< UBS led the passive outflows pack last month, suffering an estimated 2.433 billion in net May passive outflows, more than any other passive fund firm and up from $60 million in April. Other big May passive outflows sufferers included: T. Rowe Price, $1.314 billion (up from $725 million); Credit Suisse, $912 million (up from $396 million); KraneShares, $675 million (up from $127 million); and WisdomTree, $570 million (down from $829 million).

Industrywide, 712 active fund families (three fewer than in April) brought in an estimated $17.995 billion in net active inflows in May, up from $21.202 billion in net active outflows in April. 294 of those active fund families gained net active inflows in May, up from 289 in April.

141 passive fund families (down five from April) brought in an estimated $15.006 billion in net May passive inflows, down from $37.59 billion in April. 67 of those families gained net passive inflows in May, down from 75 in April. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


  1. WE PNW Seattle - Holiday Party, December 3
  2. WE Boston - Women's Initiative Joint Holiday Networking Reception, December 4
  3. WE South - Wine Wednesday Holiday Celebration, December 4
  4. IDC Foundations for Fund Directors, Dec 4-5
  5. Nicsa webinar - Post-Election Insights: Impact on Global Policies, Markets, and Regulations, December 4
  6. WE Denver - 2024 Annual Holiday Party, December 5
  7. WE Washington D.C. - 2024 Holiday Dinner Event, December 5
  8. MFDF webinar - BDC Board Service 101, December 10
  9. MFDF webinar - ETF Product Trends: Board Implications, December 11
  10. MFDF webinar - Visually Mapping Board Composition: Skills Matrices in Fund Board Rooms, December 18
  11. MFDF webinar - 2024 Fair Valuation Pricing Survey: Building and Strengthening the Valuation Operating Model, January 7, 2025
  12. MFDF webinar - 15(c) White Paper Webinar Series: Part 2 – Board Processes, January 9, 2025
  13. MFDF webinar - AI and Fund Compliance, January 21, 2025
  14. MFDF In Focus - In Focus: Small Boards' Use of Skills Matrices, January 22, 2025
  15. FSI OneVoice 2025, January 27 - 29, 2025
  16. MFDF 2025 Directors' Institute, January 27 - 29, 2025
  17. 2025 ICI Innovate, February 3 - 5, 2025
  18. MFDF Director Discussion Series - Open Forum, February 10, 2025
  19. MFDF Director Discussion Series - Open Forum, February 11, 2025
  20. MFDF 2025 Fund Governance & Regulatory Insights Conference, March 6 - 7, 2025
  21. MFDF Director Discussion Series - Open Forum, April 2, 2025
  22. MFDF Director Discussion Series - Open Forum, April 15, 2025
  23. The 36th Sub-Advised Funds Forum, April 29 - 30, 2025
  24. Morningstar Investment Conference 2025, June 25 - 26, 2025
  25. MFDF Director Discussion Series - Open Forum, July 9, 2025




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use