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Rating:Large Firms Account For All the Industry's 2022 Net Outflows Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, July 20, 2022

Large Firms Account For All the Industry's 2022 Net Outflows

Reported by Neil Anderson, Managing Editor

Large fund firms accounted for all of the mutual fund industry's net 2022 outflows after the first six months of the year.

This article draws from Morningstar Direct data for June 2022 mutual fund and ETF flows, excluding money market funds and funds of funds. (Other asset management products, like collective trusts and SMAs, are also not included.) More specifically, this article focuses on the 22 firms with between $100 billion and $500 billion each in long-term fund AUM (down from 24 firms in May 2022 and June 2021).

Large fund firms had a combined $4.431 trillion in long-term fund AUM as of June 30, 2022, and they accounted for 19.43 percent of overall industry long-term fund AUM. That compares with $5.006 trillion and 20.41 percent on May 31, 2022, and with $5.042 trillion on June 30, 2021.

Four large fund firms brought in net long-term inflows last month, the same as in May 2022 but down from 18 in June 2021.

Charles Schwab leads the 2022 inflows pack so far, thanks to an estimated $18.075 billion in net year-to-date inflows as of June 30. Other big YTD inflows winners included: Edward Jones' Bridge Builder, $7.361 billion; and First Trust, $5.663 billion.

Schwab also led the inflows pack in the second quarter of 2022, thanks to an estimated $6.164 billion in net inflows. Other big Q2 2022 inflows winners included: Bridge Builder, $2.078 billion; and American Century (including Avantis), $1.256 billion.

And Schwab also kept the lead last month, thanks to an estimated $1.4 billion in net June 2022 inflows, down month-over-month from $2.226 billion in May 2022 and down year-over-year from $3.978 billion in June 2021. The only other June 2022 inflows winners were: American Century, $362 million (down M/M from $622 million, up Y/Y from $107 million); Bridge Builder, $243 million (up M/M from $69 million in net outflows, down Y/Y from $1.039 billion); and DFA, $127 million (down M/M from $1.118 billion, up Y/Y from $1.934 billion in net outflows).

On the flip side, Allianz's Pimco leads the 2022 outflows pack so far, thanks to an estimated in $29 billion in net YTD outflows as of June 30. Other big outflows sufferers included: Franklin Templeton, $24.905 billion; and Lord Abbett, $14.867 billion.

Pimco also led the outflows pack in Q2 2022, thanks to an estimated $17.765 billion in net outflows. Other big outflows sufferers included: Franklin, $16.333 billion; and Lord Abbett, $10.156 billion.

And Pimco also took the outflows lead last month, thanks to an estimated $7.087 billion in net June 2022 outflows, up M/M from $5.785 billion in May 2022 and down Y/Y from $955 million in net June 2021 inflows. Other big June 2022 outflows sufferers included: Franklin, $5.347 billion (down M/M from $6.54 billion, down Y/Y from $512 million in net inflows; Lord Abbett, $3.135 billion (down M/M from $3.969 billion, down Y/Y from $1.847 billion in net inflows); MFS, $2.725 billion (down M/M from $2.731 billion, down Y/Y from $69 million in net inflows); and Morgan Stanley (including Eaton Vance and Calvert), $2.555 billion (up M/M from $2.001 billion, up Y/Y from $448 million.

As a group, large fund firms have suffered an estimated $109.444 billion in net 2022 inflows YTD as of June 30, equivalent to 2.47 percent of their combined AUM and accounting for 100.78 percent of overall industry outflows. And large fund firms suffered an estimated $87.274 billion in Q2 2022 outflows, equivalent to 1.97 percent of their AUM and accounting for 44.56 percent of industry outflows.

Last month alone, large fund firms suffered an estimated $29.598 billion in net outflows, equivalent to 0.67 percent of their combined AUM and accounting for 48.28 percent of overall industry outflows. That compares with $36.173 billion, 0.72 percent of AUM, and 92.51 percent of industry outflows in May 2022, and with $12.807 billion in net inflows, 0.25 percent of AUM, and 12.14 percent of industry inflows in June 2021.

Across the entire industry, the 791 firms tracked by the M* team (up M/M from 787 and up Y/Y from 768) have suffered an estimated $108.602 billion in net 2022 outflows as of June 30, equivalent to 0.48 percent of their combined $22.808 trillion in AUM. And in Q2 2022 alone, fund firms suffered an estimated $195.869 billion in net outflows, equivalent to 0.86 percent of their combined AUM.

In June 2022 alone, long-term funds and ETFs suffered $61.306 billion in net outflows, equivalent to 0.27 percent of their combined AUM. That's up M/M from $39.103 billion and 0.16 percent in May 2022, but down Y/Y from $105.503 billion in net inflows and 0.4 percent in June 2021.

Active funds suffered an estimated $90.45 billion in net June 2022 outflows, down M/M from $109.837 billion and down Y/Y from $24.578 billion in net inflows. Yet passive funds brought in $29.219 billion in June 2022 inflows, down M/M from $70.729 billion and down Y/Y from $80.917 billion. 

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