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Tuesday, March 23, 2021

MMF Inflows Return, Even As Other Inflows Jump

Reported by Neil Anderson, Managing Editor

Money funds returned to net inflows last month, even as other mutual funds' inflows boomed.

Laurence D. "Larry" Fink
BlackRock
Chairman, CEO
This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in February 2021.

Money funds account for 12.68 percent of all mutual fund and ETF AUM as of February 28, down from 12.71 percent on January 31. Five of the ten money fund firms tracked by the M* team brought in net inflows in February and year-to-date, up from four firms with money fund inflows in January.

BlackRock took the money market lead last month, thanks to an estiamted $34.792 billion in net money fund inflows in February 2021, up month-over-month from $9.673 billion in January 2021 money fund outflows. Other big February 2021 money fund inflows winners included: J.P. Morgan, $24.694 billion (up MOM from $9.176 billion); and BNY Mellon's Dreyfus, $11.024 billion (down MOM from $11.943 billion).

For the first two months of 2021, J.P. Morgan led the money fund pack, thanks to an estimated $33.87 billion in net, year-to-date inflows. Other big YTD money market inflows winners included: BlackRock, $25.119 billion; and Dreyfus, $22.967 billion.

On the flip side, February was a rough month for Fidelity's money funds, which led the pack with an estimated $10.268 billion in net money fund outflows, up MOM from $3.548 billion in January. Other big February money fund inflows winners included: Federated, $7.873 billion (down MOM from $9.354 billion); and Vanguard, $5.649 billion (up MOM from $4.491 billion).

As of the end of February, Federated led the money fund outflows pack thanks to an estimated $17.227 billion in net YTD money fund outflows. Other big YTD outflows sufferers included: Fidelity, $13.816 billion; and Charles Schwab, $8.483 billion.

Overall, money funds brought in an estimated $58.536 billion in net February inflows, equivalent to 1.67 percent of their combined AUM and accounting for 28.84 percent of overall mutual fund and ETF inflows. That's up from $5.44 billion in net money fund flows in January, equivalent to 0.16 percent of money fund AUM. (By comparison, non-money-market, i.e. long-term mutual funds and ETFs brought in $144.457 billion in net February inflows, up more than 50 percent from January.)

YTD, money funds have brought in an estimated $53.096 billion in net inflows, equivalent to 1.51 percent of money fund AUM. (By comparison, long-term funds and ETFs have brought in an estimated $239.71 billion YTD.) 

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