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Rating:2020 Inflows Fell, But Giants' Dominance Grew Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, January 19, 2021

2020 Inflows Fell, But Giants' Dominance Grew

Reported by Neil Anderson, Managing Editor

The largest fund firms raked in a bigger slice of a shrunken inflows pie last year.

Mortimer J. "Tim" Buckley
Vanguard
President, CEO
This article draws from Morningstar Direct data for December 2020 mutual fund and ETF flows, excluding money market funds and funds of funds. More specifically, this article focuses on the 33 firms with more than $100 billion each in long-term fund AUM. 17 of those firms had net 2020 inflows, 22 had net Q4 inflows, and 24 of those had net December inflows (up from 21 in November).

Vanguard kept the lead last year, bringing in an estimated $140.622 billion in net 2020 inflows, down from $183.323 billion in 2019. Other big 2020 inflows winners included: BlackRock, $138.413 billion (up from $137.018 billion); J.P. Morgan (including Six Circles), $53.127 billion (up from $16.801 billion); SSGA, $34.66 billion (up from $22.576 billion); and PGIM, $22.63 billion (up from $15.586 billion).

Proportionately among the biggest fund firms, PGIM kept the lead last year, thanks to estimated 2020 inflows equivalent to 13.8 percent of its AUM. Other big 2020 inflows winners included: First Trust, 12.8 percent; Edward Jones' Bridge Builder, 11.5 percent; J.P. Morgan, 11.1 percent; and Goldman Sachs, 11.1 percent.

BlackRock led the flows race in the fourth quarter, with estimated net Q4 2020 inflows of $58.284 billion. Other big Q4 inflows winners included: Vanguard, $57.499 billion; Fidelity, $28.461 billion; J.P. Morgan, $23.34 billion; and SSGA, $16.203 billion.

Vanguard took the lead last month, thanks to estimated net December 2020 inflows of $25.205 billion, up from $19.486 billion in November. Other big December inflows winners included: BlackRock, $15.227 billion (down from $33.038 billion); Fidelity, $13.137 billion (up from $12.361 billion); J.P. Morgan, $12.439 billion (up from $5.908 billion); and Charles Schwab, $4.895 billion (up from $3 billion).

On the flip side, 2020 was a rough year for DFA, which suffered an estimated $37.007 billion in net outflows, more than any other giant fund firm and down from $4.66 billion in net 2019 inflows. Other big 2020 outflows sufferers included: T. Rowe Price, $33.268 billion (up from $16.055 billion); Capital Group's American Funds, $32.041 billion (down from $7.069 billion in net inflows); Franklin Templeton, $25.182 billion (up from $25.007 billion); and Invesco, $21.338 billion (down from $24.292 billion).

Proportionately among the biggest fund firms, Dodge & Cox suffered the most 2020 net outflows, equivalent to 8.8 percent of its AUM. Other big 2020 outflows sufferers included: DFA, 8.6 percent; Victory Capital, 7.9 percent; SEI, 5.2 percent; and Franklin Templeton, 4.9 percent.

DFA also led the large fund firm outflows pack last quarter, thanks to an estimated $9.979 billion in net Q4 outflows. Other big Q4 outflows sufferers included: Capital Group, $7.799 billion; T. Rowe, $7.112 billion; Franklin Templeton, $5.022 billion; and Dodge & Cox, $4.669 billion.

And DFA also led the outflows pack in December, thanks to an estimated $4.549 billion in net outflows, up from $1.863 billion in November. Other big December outflows sufferers included: Capital Group, $3.834 billion (up from $1.288 billion); T. Rowe, $2.189 billion (up from $1.701 billion); Dodge & Cox, $1.314 billion (down from $1.703 billion); and Franklin Templeton, $1.167 billion (up from $1.148 billion).

As a group, the 33 largest fund firms brought in an estimated $274.069 billion in net inflows in 2020, equivalent to 1.34 percent of their combined AUM and down from $452.216 billion in 2019. Large fund firms accounted for 124.45 percent of net industry inflows in 2020, up from 107.85 percent in 2019.

In Q4 2020, the largest fund firms brought in an estimated $192.98 billion in net inflows, equivalent to 0.94 percent of their combined AUM and accounting for 87.53 percent of net industry inflows.

In December 2020, the largest fund firms brought in an estimated $78.995 billion in net inflows, equivalent to 0.39 percent of their combined AUM (down from $104.267 billion and 0.5 percent in November). They accounted for 81.48 percent of net industry inflows in December, down from 93.07 percent in November.

Across the entire industry, the 751 fund firms tracked by M* (down from 773 at the end of 2019) brought in a combined $220.219 billion in net inflows in 2020, equivalent to 0.92 percent of industry AUM. That's down from $419.3 billion and 2.02 percent in 2019.

In Q4 2020, the industry brought in $220.481 billion in net long-term mutual fund and ETF inflows, equivalent to 0.92 percent of industry AUM.

In December 2020 alone, the industry brought in an estimated $96.953 billion, equivalent to 0.41 percent of industry AUM and down from $112.028 billion. Passive funds brought in an estimated $59.958 billion in December inflows (down from $95.171 billion in November), while active funds brought in $36.995 billion in December inflows (up from $16.857 billion in November). 

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