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Friday, August 14, 2020

Inflows Fall 41 Percent

Reported by Neil Anderson, Managing Editor

Industry inflows fell 41 percent last month. And net industry flows year-to-date remain negative, though not for the titans.

Laurence D. Fink
BlackRock
Chairman, CEO
This article draws from Morningstar Direct data on July 2020 mutual fund and ETF flows, excluding money market funds and funds of funds. More specifically, this article focuses on the 28 firms (up from 27 in June) with more than $100 billion each in long-term fund AUM. 14 of those firms brought in net July inflows (down from 15 in June), and 11 have netted inflows year-to-date.

BlackRock kept the lead in July, thanks to estimated net inflows of $21.668 billion, up from $21.639 billion in June. Other big July inflows winners included: Vanguard, $10.158 billion (down from $20.591 billion); J.P. Morgan (including Six Circles), $5.075 billion (down from $8.66 billion); American Century, $3.133 billion (up from $263 million); and PGIM, $2.414 billion (down from $3.124 billion).

Proportionately, American Century led the pack last month, thanks to estimated net July inflows equivalent to 2.7 percent of its AUM, up from 0.2 percent in June. Other big July inflows winners included: PGIM, 1.7 percent (down from 2.3 percent); Goldman Sachs, 1.6 percent (down from 2.4 percent); TCW, 1.5 percent (up from 1.1 percent); and J.P. Morgan, 1.3 percent (down from 2.3 percent).

BlackRock also leads the pack for 2020 so far, with estimated net year-to-date inflows (as of the end of July) of $66.92 billion. Other big YTD inflows winners include: Vanguard, $64.163 billion; SSGA, $17.278 billion; J.P. Morgan, $16.184 billion; and PGIM, $13.248 billion.

Proportionately, PGIM leads the pack YTD, with estimated net inflows equivalent to 9.1 percent of its AUM. Other big YTD inflows winners included: J.P. Morgan, 4.1 percent; Goldman, 3.9 percent; BlackRock, 3.3 percent; and MFS, 2.9 percent.

On the flip side, July was a tough month for DFA, which suffered an estimated $3.402 billion in net outflows, more than any other fund firm and up from $2.637 billion in June. Other big July outflows sufferers included: Franklin Templeton, $2.112 billion (up from $2.039 billion); Capital Group's American Funds, $1.754 billion (up from $1.617 billion); SSGA, $1.362 billion (up from $234 million); and Victory, $1.108 billion (up from $933 million).

Proportionately, Victory led the July outflows pack, thanks to estimated net outflows equivalent to 1.1 percent of its AUM, up from 0.9 percent in June. Other big July outflows sufferers included: DFA, 0.9 percent (up from 0.7 percent); Franklin, 0.7 percent (up from 0.6 percent); Principal, 0.5 percent (up from negligible net outflows); and Janus Henderson, 0.4 percent (up from 0.3 percent).

Invesco leads the outflows pack in 2020, with an estimated $25.308 billion in net YTD outflows. Other big YTD outflows sufferers include: T. Rowe Price, $20.914 billion; American Funds, $20.846 billion; DFA, $20.209 billion; and Franklin, $19.443 billion.

Proportionately, Dodge & Cox leads the outflows pack, with estimated net YTD outflows equivalent to 6.1 percent of its AUM. Other big YTD outflows sufferers include: Victory, 6.1 percent; Franklin, 6 percent; DFA, 5.3 percent; and Invesco, 4.7 percent.

As a group, the 28 large fund firms brought in an estimated $38.015 billion in net July inflows, equivalent to 0.22 percent of their combined AUM and accounting for 91.96 percent of net industry inflows. That's down from $58.881 billion , 0.22 percent of AUM, and 84.33 of industry inflows in June. YTD, large fund firms have brought in an estimated $20.802 billion in net inflows, equivalent to 0.12 percent of their combined AUM.

Across the entire industry, the 757 fund firms (down from 758 in June) tracked by the M* team brought in an estimated $41.339 billion in net July inflows, equivalent to 0.2 percent of their combined AUM (down from $69.822 billion and 0.35 percent in June). Active funds brought in an estimated $12.052 billion in net July inflows (down from $28.617 billion in June), while passive funds brought in an estimated $29.831 billion (down from $41.295 billion). YTD, the industry has suffered an estimated $63.657 billion in net outflows, equivalent to 0.31 percent of industry AUM. 

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