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Thursday, July 23, 2020

Bridge Builder Maintains Speed

Reported by Neil Anderson, Managing Editor

Industry inflows doubled last month, pound for pound, as a big B-D's subadvised mutual fund shop kept up its pace.

Ryan Timothy Robson
Edward Jones / Olive Street Investment Advisers, LLC
Principal, Client Strategy Group / President
This article draws from Morningstar Direct data on U.S. open-end mutual fund and ETF flows, excluding money market funds and funds of funds, from June 2020.

Edgewood leads the pack proportionately year-to-date, with estimated net inflows of $1 billion per fund in the first half of 2020. Other big inflows winners in the first half of the year included: Edward Jones' Bridge Builder, $779 million per fund; Grayscale, $469 million per fund; Spyglass, $426 million per fund; and Ark, $423 million per fund.

In the second quarter, Bridge Builder led the way, thanks to an estimated $899 million per fund in net inflows. Other big Q2 inflows winners included: Edgewood, $681 million per fund; Axonic, $421 million per fund; Ark, $340 million per fund; and Grayscale, $302 million per fund.

Last month, Bridge Builder kept its lead, thanks to an estimated $492 million per fund in net June inflows, down from $500 million per fund in May. Other big June inflows winners included: Ark, $155 million per fund (up from $100 million per fund); Grayscale, $120 million per fund (up from $116 million per fund); Edgewood, $95 million per fund (down from $205 million per fund); and Axonic, $88 million per fund (down from $148 million per fund).

On the flip side, it's been a rough year so far for Primecap, at least proportionately, thanks to an estimated $1.916 billion in net outflows per fund in the first half of 2020, more than any other fund firm. Other big outflows sufferers in the first half of the year included: Dodge & Cox, $1.808 billion per fund; Blackstone, $403 million per fund; FMI, $368 million per fund; and IVA, $245 million per fund.

Primecap also led the outflows pack proportionately in Q2 alone, thanks to an estimated $1.109 billion per fund in net Q2 outflows. Other big Q2 outflows sufferers included: Dodge & Cox, $1.086 billion; Blackstone, $313 million per fund; IVA, $201 million per fund; and FMI, $188 million per fund.

Last month, it was Dodge & Cox that led the outflows pack proportionately, thanks to an estimated $476 million per fund in net June outflows, up from $351 million per fund in May. Other big June outflows sufferers included: Primecap, $217 million per fund (down from $465 million per fund); Blackstone, $126 million per fund (up from $62 million per fund); FMI, $71 million per fund (up from $59 million per fund); and IVA, $71 million per fund (up from $62 million per fund).

The whole U.S. mutual fund ETF industry, excluding money market funds and funds of funds, suffered an estimated $2.427 million per fund in net outflows in the first half of 2020. Yet in Q2, the industry brought in an estimated $2.921 million per fund in net inflows. And in June, the industry brought in an estimated $1.679 million per fund in net inflows, up from $796,000 per fund in May. 

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