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Thursday, January 28, 2021

Inflows Fell Last Year, But They Still Beat 2018

Reported by Neil Anderson, Managing Editor

Despite a 48-percent drop in inflows last year, pound for pound, they were still 36 percent ahead of 2018.

Catherine "Cathie" Wood
ARK Investment Management, LLC
Founder, Chief Executive Officer
This article draws from Morningstar Direct data on open-end mutual fund and ETF flows, excluding money market funds and funds of funds, from December 2020.

Ark took the lead last year, bringing in an estimated $2.947 billion per fund in net 2020 inflows, up from $64 million in 2019. Other big 2020 inflows winners included: Grayscale, $1.848 billion per fund (up from $197 million); Edward Jones' Bridge Builder, $1.519 billion per fund (up from $954 million); Edgewood, $1.006 billion per fund (up from $495 million); and Spyglass Capital Management, $936 million per fund (up from $182 million).

Ark kept the lead last quarter, thanks to an estimated $1.879 billion per fund in net Q4 2020 inflows, up from $645 million in Q3. Other big Q4 inflows winners included: Grayscale, $1.067 billion per fund; Bridge Builder, $606 million per fund (up from $134 million); Spyglass, $305 million per fund (up from $205 million); and EMQQ, $250 million (up from $188 million).

And Ark kept the lead last month, too, thanks to an estimated $1.173 billion per fund in net December 2020 inflows, up from $406 million in November. Other big December inflows winners included: Grayscale, $550 million per fund (up from $366 million); EMQQ, $108 million per fund (up from $91 million); Spyglass, $103 million per fund (up from $100 million); and Logan Circle Partners, $99 million per fund (up from $1 million per fund).

On the flip side, last year was a rough one for Primecap, which suffered an estimated $3.308 billion per fund in net 2020 outflows, more than any other fund firm and up from $1.236 billion in 2019. Other big 2020 outflows sufferers included: Dodge & Cox, $3.038 billion per fund (up from $1.355 billion); IVA, $736 million per fund (up from $388 million); Blackstone, $627 million per fund (down from $272 million in net inflows); and FMI, $570 million per fund (up from $70 million).

Dodge & Cox led the outflows pack proportionately last quarter, with estimated net Q4 2020 outflows of $778 million per fund, up from $455 million per fund in Q3. Other big Q4 outflows sufferers included: Primecap, $677 million per fund (down from $715 million); Blackstone, $145 million per fund (up from $79 million); IVA, $132 million per fund (down frm $259 million); and Sequoia, $126 million per fund (up from $82 million).

Primecap took the outflows lead last month, suffering an estimated $305 million per fund in net December 2020 outflows, up from $190 million in November. Other big December outflows sufferers included: Dodge & Cox, $219 million per fund (down from $284 million); Edgewood, $206 million per fund (down from $81 million); Blackstone, $66 million per fund (up from $41 million); and IVA, $53 million per fund (up from $36 million).

The whole U.S. mutual fund and ETF industry, excluding money-market funds and funds-of-funds, brought in an estimated $5.289 million per fund in 2020 inflows, down from $10.132 million in 2019 (but still up from $3.89 million in 2018). In Q4 2020, the industry brought in $5.296 million per fund in long-term inflows, up from $2.252 million in Q3. And in December, the industry brought in $2.329 million per fund in long-term inflows, down from $2.712 million in November. 

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