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Friday, November 27, 2020

Bridge Builder's Pace Sextuples

Reported by Neil Anderson, Managing Editor

A big B-D's subadvised mutual fund arm took the lead last month, pound for pound, as its proportional inflows sextupled.

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 October 2020.

Edward Jones' Bridger Builder took the lead last month, thanks to estimated net October inflows of $462 million per fund, up from $76 million per fund in September. Other big October inflows winners included: Ark, $300 million up from (up from $147 million per fund); Grayscale, $152 million per fund; Spyglass, $102 million per fund (up from $85 million per fund); and Baird, $62 million per fund (down from $71 million per fund).

The list looks pretty similar for all of 2020 so far, too. In the first ten months of the year, Bridge Builder led with an estimated $1.375 billion in inflows per fund. Other big year-to-date inflows winners included: Ark, $1.368 billion per fund; Edgewood, $1.131 billion per fund; Grayscale, $932 million per fund; and Spyglass, $733 million per fund.

On the flip side, October was another rough month for Dodge & Cox, which suffered an estimated $275 million per fund in net outflows, more than any other fund firm and up from $251 million per fund in September. Other big October outflows sufferers included: Primecap, $182 million per fund (down from $238 million per fund); Phaeacian, $115 million per fund; Aware, $50 million per fund (up from negligible outflows); and IVA, $43 million per fund (down from $60 million per fund).

YTD, as of the end of October, Primecap led the outflows pack, thanks to an estimated $2.813 billion per fund in net outflows. Other big YTD outflows sufferers included: Dodge & Cox, $2.535 billion per fund; IVA, $647 million per fund; Blackstone, $520 million per fund; and FMI, $497 million per fund.

The whole U.S. mutual fund and ETF industry, excluding money market funds and funds of funds, brought in an estimated $379,000 per fund in October, up from $257,000 per fund in September. YTD, the industry has brought in an estimated $390,000 per fund in net inflows. 

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