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Monday, March 22, 2021

Inflows Proportionately Jump 52 Percent

Reported by Neil Anderson, Managing Editor

Long-term fund flows proportionately climbed 52 percent last month, and they've risen nearly sixfold year-over-year.

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 February 2021. (Other asset management products, like CITs and SMAs, are also not included.)

Ark kept the lead last month for the four month in a row, thanks to an estimated $1.135 billion per fund in net February 2021 inflows, down slightly month-over-month from $1.172 billion January 2021 but up YOY from $40 million in February 2020. Other big February 2021 inflows winners included: Grayscale, $263 million per fund (down MOM from $510 million but up YOY from $51 million); EMQQ, $202 million per fund (up YOY from $140 million and up MOM from $11 million); Edward Jones' Bridge Builder, $187 million per fund (up MOM from $83 million and up YOY from $106 million); and Spyglass Capital Management, $100 million per fund (up MOM from $88 million and up YOY from $33 million).

In the first two months of 2021, Ark led the inflows pack proportionately thanks to an estimated $2.308 billion in net YTD inflows per fund. Other big YTD inflows winners included: Grayscale, $773 million per fund; EMQQ, $342 million per fund; Bridge Builder, $270 million per fund; and Spyglass, $188 million per fund.

On the flip side, Dodge & Cox took the outflows lead proportionately last month, suffering an estimated $146 million per fund in net February 2021 outflows, up YOU from $20 million and up MOM from $115 million. Other big February 2021 outflows sufferers included: Akre, $136 million per fund (up MOM from $111 million and down YOY from $2 million in net inflows); Mercer, $126 million per fund (up MOM from $6 million and down YOY from $59 million in net inflows); Edgewood, $118 million per fund (up MOM from $91 million and down MOM from $13 million in net inflows); and Primecap, $97 million per fund (down MOM from $187 million and down YOY from $227 million).

YTD as of the end of February 2021, Primecap led the outflows pack proportionately, thanks to an estimated $248 million per fund in net outflows. Other big YTD outflows sufferers included: Akre, $246 million per fund; Edgewood, 209 million per fund; Dodge & Cox, $166 million per fund; and Mercer, $121 million per fund.

The whole long-term U.S. mutual fund and ETF industry (excluding money-market funds and funds of funds) brought in an estimated $3.5 million per fund in net February 2021 inflows. That's up from $2.3 million in January 2021 and up from $600,000 in February 2020.

As of the end of February 2021, long-term funds have brought in an estimated $5.8 million per fund in net YTD inflows. 

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