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Friday, May 21, 2021

Slipping Inflows Are Spreading Out

Reported by Neil Anderson, Managing Editor

Though both passive and active inflows fell last month, the inflows love was also spread out across more firms, even as a familiar titan led both sides of the pack.

Mortimer J. "Tim" Buckley
Vanguard
President, CEO
This article draws from Morningstar Direct data on April 2021 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. The data also excludes other asset management products, like SMAs and CITs.

Vanguard took the lead on the active side last month, with estimated net April 2021 active inflows of $5.061 billion, up month-over-month from $1.745 billion in March 2021 and up year-over-year from $176 million in April 2020. Other big April 2021 active inflows winners included: Capital Group's American Funds, $4.846 billion (down MOM from $5.748 billion, up YOY from $1.105 billion in net outflows); J.P. Morgan (including Six Circles), $3.74 billion (down MOM from $5.905 billion, up YOY from $1.669 billion); BlackRock, $3.184 billion (up MOM from $2.479 billion, down YOY from $3.469 billion); and Pimco, $1.868 billion (up MOM from $30 million, up YOY from $424 million in net outflows).

Vanguard also kept the lead on the passive side, thanks to an estimated $39.433 billion in net April 2021 passive inflows, down MOM from $40.406 billion in March 2021 but up YOY from $170 million in April 2020. Other big April 2021 passive inflows winners included: BlackRock, $16.35 billion (down MOM from $23.094 billion, up YOY from $8.855 billion); Jackson, $10.288 billion (up MOM from $33 million in net outflows, up YOY from $375 million); Fidelity, $9.337 billion (down MOM from $15.337 billion, up YOY from $607 million); and SSGA, $6.227 billion (down MOM from $17.653 billion, down YOY from $15.887 billion).

On the flip side, last month was a rough one for Jackson's active funds, which led the active outflows pack thanks to an estimated $6.493 billion net active April 2021 outflows, up MOM from $184 million in March 2021 and up YOY from $528 million in April 2020. Other big April 2021 active outflows sufferers included: Fidelity, $3.49 billion (down MOM from $5.16 billion in net inflows, up YOY from $658 million); Harbor, $892 million (up MOM from $255 million, down YOY from $113 million in net inflows); DoubleLine, $727 million (up MOM from $28 million, down YOY from $2.493 billion); and T. Rowe Price, $683 million (down MOM from $943 million, down YOY from $1.665 billion).

On the passive side, ProShares and ProShares took the outflows lead last month thanks to an estimated $795 million net passive April 2021 outflows, down MOM from $805 million in March 2021 inflows and down YOY from $4.654 billion in April 2020 inflows). Other big April 2021 passive outflows sufferers included: Rafferty's Direxion, $716 million (down MOM from $1.173 billion in inflows, down YOY from $1.802 billion in inflows); T. Rowe, $713 million (down MOM from $1.449 billion, down YOY from $725 million); SEI, $428 million (up MOM from $115 million, down YOY from $60 million in net inflows); and TIAA's Nuveen, $349 million (down MOM from $652 million in inflows, down YOY from $633 million in inflows).

Industrywide, the 699 active fund firms tracked by the M* team (up MOM from 694 in March 2021 but down YOY from 715 in April 2020) brought in an estimated $31.465 billion in net active inflows in April 2021, accounting for 25.04 percent of overall long-term inflows. That's down from $42.386 billion and 27.08 percent in March 2021 but up from $21.202 billion in outflows in April 2020. 432 firms gained net active inflows in April 2021, up MOM from 387 and up YOY from 289.

The 145 passive fund firms tracked by the M* team (up MOM from 144 but down YOY from 146) brought in an estimated $94.208 billion in net passive inflows in April 2021, accounting for 74.96 percent of overall long-term inflows. That's down MOM from $114.117 billion but up from 72.92 percent, and it's up YOY from $37.59 billion. 87 firms gained net passive inflows in April 2021, up MOM from 82 and up YOY from 75. 

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