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Rating:Titans' Inflows Climb Another 85 Percent Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, July 16, 2020

Titans' Inflows Climb Another 85 Percent

Reported by Neil Anderson, Managing Editor

The biggest fund firms saw a big inflows jump last month, yet it wasn't enough to swing their net flows for positive for the first half of the year.

Mortimer J. "Tim" Buckley
Vanguard
President, CEO
This article draws from Morningstar Direct on June 2020 mutual fund and ETF flows, excluding money market funds and funds of funds. More specifically, this article focused on the 27 firms with more than $100 billion each in long-term fund AUM. 15 of those firms brought in net June inflows (down from 18 in May), 14 managed the feat for all of Q2 (up from just six in Q1), and 11 netted inflows for the first half of 2020.

Vanguard led for the first half of 2020, thanks to $54.006 billion in net inflows. Other big inflows winners YTD included: BlackRock, $45.25 billion; SSGA, $18.64 billion; J.P. Morgan, $11.109 billion; and PGIM, $10.953 billion.

Proportionately, PGIM led the pack in the first half of the year, thanks to estimated net inflows equivalent to 7.9 percent of its AUM. Other big inflows winners YTD included: J.P. Morgan, 2.9 percent; MFS, 2.8 percent; SSGA, 2.6 percent; and BlackRock, 2.4 percent.

Yet in Q2 alone, BlackRock led with an estimated $39.653 billion in net inflows, up from $5.6 billion in Q1. Other big Q2 inflows winners included: Vanguard, $28.479 billion (up from $25.541 billion); SSGA, $22.415 billion (up from $3.813 billion in net outflows); J.P. Morgan, $16.539 billion (up from $5.43 billion in net outflows); and Fidelity, $11.673 billion (up from $28.528 billion in net outflows).

Proportionately, PGIM led the way in Q2, thanks to estimated to net inflows equivalent to 5.6 percent of its AUM, up from 2.8 percent in Q1. Other big Q2 inflows winners included: J.P. Morgan, 4.4 percent (up from 1.7 percent in net outflows); Goldman Sachs, 3.7 percent (up from 1.5 percent in net outflows); SSGA, 3.1 percent (up from 0.6 percent in net outflows); and Lord Abbett, 2.3 percent (up from 5.4 percent in net outflows).

BlackRock also led the pack in June, thanks to estimated net inflows of $21.639 billion, up from $5.67 billion in May. Other big June inflows winners included: Vanguard, $20.591 billion (up from $7.526 billion); Fidelity, $10.645 billion (up from $1.073 billion); J.P. Morgan, $8.66 billion (up from $5.978 billion); and Pimco, $3.409 billion (up from $2.812 billion.

Proportionately, Goldman led the pack last month, thanks to estimated net June inflows equivalent of 2.4 percent of its AUM (up from 1.8 percent). Other big June inflows winners included: J.P. Morgan, 2.3 percent (up from 1.7 percent); PGIM, 2.3 percent (up from 1.9 percent); Lord Abbett, 1.3 percent (negligible change); and BlackRock, 1.1 percent (up from 0.3 percent).

On the flip side, the first six months of the year have been rough for Invesco, which has suffered an estimated $25.09 billion in net outflows, more than any other fund firm. Other big YTD outflows sufferers included: T. Rowe Price, $20.007 billion; Capital Group's American Funds, $19.091 billion; Franklin Templeton, $17.647 billion; and Fidelity, $16.859 billion.

Proportionately, Dodge & Cox suffered the most in the first half of 2020, thanks to estimated outflows equivalent to 5.9 percent of its AUM. Other big first half of 2020 outflows sufferers included: Franklin, 5.6 percent; Invesco, 4.9 percent; DFA, 4.5 percent; and Pimco, 4 percent.

DFA led the outflows pack last quarter, suffering $9.584 billion in net estimated Q2 outflows, up from $7.224 billion in Q1. Other big Q2 outflows sufferers included: Invesco, $7.676 billion (down from $17.339 billion); Dodge & Cox, $6.519 billion (up from $4.324 billion); Franklin Templeton, $6.135 billion (down from $11.508 billion); and T. Rowe, $3.415 billion (down from $16.726 billion).

Proportionately, Dodge & Cox led the outflows pack last quarter, with estimated net Q2 outflows equivalent to 3.6 percent of its AUM, up from 2.6 percent in Q1. Other big Q2 outflows sufferers included: DFA, 2.6 percent (up from 2.2 percent); Franklin, 2 percent (down from 4 percent); Invesco, 1.5 percent (down from 4 percent); and John Hancock, 1.3 percent (down from 2.7 percent).

In June alone, Invesco led the outflows pack, thanks to estimated net outflows of $6.482 billion, down from $578 million in net May inflows. Other big June outflows sufferers included: Dodge & Cox, $2.858 billion (up from $2.103 billion); DFA, $2.637 billion (down from $3.798 billion); Franklin, $2.039 billion (up from $1.762 billion); and Capital Group, $2.039 billion (down from $1.636 billion in net inflows).

Proportionately, Dodge & Cox led the June outflows pack, with estimated net outflows equivalent to 1.6 percent, up from 1.2 percent in May. Other big June outflows sufferers included: Invesco, 1.3 percent (down from 0.1 percent net inflows); Hartford, 0.7 percent (down from 0.5 percent in net inflows); DFA, 0.7 percent (down from 1 percent); and Franklin, 0.6 percent (roughly the same).

As a group, the 27 large fund firms suffered an estimated $12.375 billion in net outflows in the first half of 2020, equivalent to 0.07 percent of their combined AUM and accounting for 12.26 percent of net industry outflows.

In Q2, the large fund firms brought in $109.739 billion in estimated net inflows, equivalent to 0.66 percent of their combined AUM and accounting for 90.31 percent of net industry inflows. That's up from $117.482 billion in net Q1 outflows (when the coronavirus crisis ramped up in the U.S.), equivalent to 0.84 percent of their combined AUM and 52.49 percent of net industry outflows.

In June alone, the large fund firms brought in $58.881 billion in net inflows, equivalent to 0.36 percent of their combined AUM and accounting for 84.33 percent of net industry inflows. That's up from $31.779 billion in net May inflows, equivalent to 0.2 percent of their combined AUM and accounting for 96.3 percent of net inflows.

Across the entire industry, the 758 fund firms (down from 763 in May) tracked by the M* team suffered an estimated $100.974 billion in net outflows in the first half of 2020, equivalent to 0.51 percent of their combined AUM. Yet in Q2 the industry brought in an estimated $121.511 billion in net inflows, equivalent to 0.61 percent of industry AUM. That's up from $223.83 billion in net Q1 inflows, equivalent to 1.31 percent of net inflows.

In June alone, the industry brought in an estimated $69.822 billion in net inflows, equivalent to 0.35 percent of industry AUM (up from $33.001 billion and 0.17 percent in May). Active funds brought in an estimated $28.617 billion in net June inflows, while passive funds brought in an estimated $41.295 billion. 

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