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Friday, August 21, 2020

Active Inflows Fall 58 Percent

Reported by Neil Anderson, Managing Editor

Active funds' net inflows fell about 58 percent last month, while passive inflows slipped by about 29 percent.

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

On the active side of the business, J.P. Morgan (including Six Circles) regained the lead after a one-month gap, with estimated net July active inflows of $5.401 billion, up from $2.142 billion in June. Other big July active inflows winners included: Vanguard, $4.548 billion (down from $6.855 billion); American Century, $3.227 billion (up from $262 million); BlackRock, $3.136 billion (up from $2.38 billion); and PGIM, $2.427 billion (down from $3.127 billion).

On the passive side of the business, BlackRock kept the lead thanks to estimated net July passive inflows of $18.532 billion, down from $19.259 billion in June. Other big July passive inflows winners included: Vanguard, $5.61 billion (down from $13.736 billion); Fidelity, $3.31 billion (down from $5.037 billion); Invesco, $2.089 billion (up from $3.044 billion in net outflows); and DWS (including Xtrackers), $1.192 billion (up from $119 million in net outflows).

On the flip side, July was a rough month for Fidelity's active funds, which suffered an estimated $3.738 billion in net outflows, more than any other active fund firm and down from $5.608 billion in net inflows in June. Other big July active outflows sufferers included: DFA, $3.355 billion (up from $2.533 billion); Invesco, $2.307 billion (down from $3.438 billion); Franklin Templeton, $2.047 billion (up from $1.892 billion); and Capital Group's American Funds, $1.754 billion (up from $1.617 billion).

On the passive side, SSGA led the outflows pack last month, suffering an estimated $1.24 billion in net July passive outflows, up from $160 million in June. Other big July passive outflows sufferers included: Rafferty's Direxion, $1.026 billion (down from $126 million in net inflows); Credit Suisse, $884 million (down from $126 million in net inflows); USCF, $769 million (up from $589 million); and T. Rowe Price, $525 million (down from $890 million).

Industrywide, 708 active fund families (down from 710 in June) brought in an estimated $12.052 billion in net active inflows in July, down from $28.617 billion in June. 198 of those firms gained net active inflows in July, down from 306 in June.

141 passive fund families (up from 140 in June) brought in an estimated $29.381 billion in net passive inflows in July, down from $41.205 billion in June. 71 of those families gained net passive inflows in July, up from 67 in June. 

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