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Monday, September 13, 2021

Inflows Jump By $20B, Despite a Titan's Slip

Reported by Neil Anderson, Managing Editor

Despite a big drop in a low-cost leviathan's inflows, industry inflows jumped by $20 billion last month, with other titans accounting for the increase.

This article draws from Morningstar Direct data for August 2021 mutual fund and ETF flows, excluding money market funds and funds of funds. (Other asset management products, like collective trust and SMAs, are also not included.***) More specifically, this article focuses on the nine firms with more than $500 billion each in long-term fund AUM.

Jumbo fund firms had $18.633 trillion in long-term fund AUM as of August 31, 2021, and they accounted for 68.57 percent of industry long-term AUM; that's up from $18.199 trillion and 67.66 percent in July. Six of those jumbo firms brought in net long-term fund inflows in August 2021, up from five in July.

Vanguard kept the lead last month in the jumbo pack, thanks to an estimated $24.021 billion in net August 2021 long-term fund inflows, down month-over-month from $36.429 billion in July 2021 but up year-over-yea from $7.252 billion in August 2020. Other big August 2021 inflows winners included: BlackRock (including iShares), $22.532 billion (up M/M from $9.848 billion, up Y/Y from $7.179 billion); and SSGA, $13.208 billion (up M/M from $1.504 billion in net outflows, up Y/Y from $2.635 billion).

As of August 31, Vanguard also led the year-to-date inflows pack, thanks to an estimated $288.555 billion in net YTD inflows. Other big YTD inflows winners included: BlackRock, $145.574 billion; and Fidelity, $95.721 billion.

For the 12-month period ending August 31, 2021, Vanguard also led the pack thanks to an estimated $357.894 billion in net inflows. Other big inflows winners included: BlackRock, $209.941 billion; and Fidelity, $125.933 billion.

On the flip side, Capital Group's American Funds led the jumbo fund firm outflows pack last month, thanks to an estimated $1.793 billion in net outflows, down M/M from $1.981 billion in net inflows but up Y/Y from $1.515 billion. The other two August 2021 outflows sufferers included: T. Rowe Price, $1.414 billion (down M/M from $2.526 billion, down Y/Y from $3.658 billion); and Franklin Templeton, $644 million (down M/M from $3.471 billion, down Y/Y from $1.091 billion).

YTD, only two jumbo fund firms suffered net outflows as of August 31, 2021: T. Rowe, with $17 billion; and Franklin, with $14.694 billion. And the same two firms were the only outflows sufferers in the group for the 12-month period ending August 31, 2021, with T. Rowe suffering $25.48 billion in net outflows and Franklin suffered $14.694 billion in net outflows.

As a group, the nine largest fund firms brought in an estimated $77.596 billion in net inflows in August 2021, equivalent to about 0.42 percent of their combined AUM and accounting for 79.62 billion of overall industry long-term inflows. That's up from $18.199 trillion in AUM, 0.27 percent of AUM, and 67.78 percent of overall industry inflows in July.

In the first eight months of 2021, jumbo fund firms brought in an estimated $648.635 billion in net inflows, equivalent to 3.48 percent of their combined AUM and accounting for 72.7 percent of industry inflows. And in the 12 months ending August 31, 2021, jumbo firms brought in an estimated $833.571 billion in net inflows, equivalent to 4.47 percent of AUM and accounting for 72.73 percent of industry inflows.

Across the entire industry, the 776 fund firms (up from 774 in July 2021 and 752 in August 2020) tracked by the M* team brought in a combined $97.458 billion in net long-term inflows in August 2021, equivalent to 0.35 percent of industry long-term AUM of $27.175 trillion. That compares with $77.077 billion and $26.898 trillion in July 2021 and $41.403 billion and $21.561 trillion in August 2020.

Active funds brought in an estimated $19.829 billion in net August 2021 inflows, up M/M from $14.693 billion in July 2021 but down Y/Y from $25.255 billion in August 2020. Passive funds brought in an estimated $77.739 billion in August 2021 inflows, up M/M from $57.431 billion and up Y/Y from $16.178 billion.

In the first eight months of 2021, long-term funds brought in an estimated $892.153 billion in net inflows, equivalent to 3.28 percent of long-term fund AUM. And in the 12-month period ending August 31, 2021, long-term funds brought in $1.146073 trillion in net inflows, equivalent to 4.225 of their AUM. 

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