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Rating:For Four Months, JPM Keeps the Active Lead Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, November 30, 2020

For Four Months, JPM Keeps the Active Lead

Reported by Neil Anderson, Managing Editor

Active outflows plunged last month, while passive inflows slipped slightly.

This article draws from Morningstar Direct data on October 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) kept the lead for a fourth month in a row, with estimated net October active inflows of $4.973 billion, up from $4.618 billion in September. Other big October active inflows winners included: Edward Jones' Bridge Builder, $3.699 billion (up from $620 million); Vanguard, $2.721 billion (up from $2.482 billion); Morgan Stanley, $2.467 billion (up from $259 million); and Baird, $2.284 billion (down from $2.622 billion).

On the passive of the business, BlackRock regained the lead, thanks to an estimated $10.467 billion in net October passive inflows, up from $3.496 billion in September. Other big October passive inflows winners included: Vanguard, $10.101 billion (up from $9.204 billion); Fidelity, $6.866 billion (up from $1.913 billion); TIAA's Nuveen, $2.392 billion (up from $1.146 billion in net outflows); and Charles Schwab, $1.47 billion (down from $1.518 billion).

On the flip side, October was another rough month for Fidelity's active mutual funds, which suffered an estimated $3.881 billion in net outflows, more than any other active fund firm but down from $10.264 billion in September. Other big October active outflows sufferers included: T. Rowe Price, $3.654 billion (up from $1.285 billion); DFA, $3.48 billion (down from $3.836 billion); Capital Group's American Funds, $2.677 billion (up from $1.882 billion); and Franklin Templeton, $2.675 billion (up from $1.016 billion).

On the passive side, SSGA led the outflows pack again last month, suffering an estimated $7.017 billion in net October passive outflows, up from $1.382 billion in September. Other big October passive outflows sufferers included: Invesco, $2.991 billion (down from $2.656 billion in net inflows); Principal, $1.293 billion (up from $57 million); Rafferty's Direxion, $626 million (up from $168 million); and Jackson, $550 million (up from $344 million).

Industrywide, 699 active fund families (up from 695 in September) suffered an estimated $6.943 billion in net active outflows in October, down from $12.348 billion in September. 281 of those firms gained net active inflows in October, up from 275 in September.

142 passive fund families (up from 141 in September) brought in an estimated $22.583 billion in net passive inflows in October, down from $23.887 billion in September. 73 of those firms gained net passive inflows in October, down from 76 in September. 

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