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Friday, August 12, 2022

Outflows Fall By $48B

Reported by Neil Anderson, Managing Editor

Industry outflows fell by more than $48 billion last month, thanks to both rising passive inflows and falling passive outflows. And the biggest fund firms returned to net inflows, too.

Laurence D. "Larry" Fink
BlackRock
Chairman, CEO
This article draws from Morningstar Direct data for July 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 eight firms with more than $500 billion each in long-term fund and ETF AUM (the same as in June 2022 but down from nine in July 2021).

Jumbo fund firms had $16.25 trillion in long-term fund AUM as of July 31, 2022, and they accounted for 67.24 percent of overall industry long-term AUM. That compares with $15.247 trillion and 66.85 percent on June 30, 2022, and with $18.199 trillion and 67.66 percent on July 31, 2021.

Four of those jumbo firms brought in net inflows in July 2022, up from two in June 2022 but down from five in July 2021.

BlackRock (including iShares) kept the lead last month, thanks to an estimated $16.855 billion in net July 2022 inflows, up month-over-month from $12.269 billion in June 2022 and up year-over-year from $9.848 billion in July 2021. Other big July 2022 inflows winners included: Vanguard, $9.605 billion (up M/M from $3.774 billion, down Y/Y from $36.429 billion); and Fidelity, $755 million (up M/M from $2.703 billion in net outflows, down Y/Y from $7.56 billion).

BlackRock also still leads the 2022 jumbo fund firm inflows pack so far, thanks to an estimated $80.221 billion in net year-to-date inflows as of July 31. The only other YTD winners so far were: Vanguard, $61.565 billion; and Fidelity, $15.632 billion.

On the flip side, T. Rowe Price took the jumbo outflows lead last month, thanks to an estimated $7.053 billion in net July 2022 outflows, up M/M from $6.167 billion in June 2022 and up Y/Y from $2.526 billion in July 2021. Other big July 2022 outflows sufferers included: SSGA, $4.757 billion (down M/M from $6.971 billion, up Y/Y from $1.504 billion); and Capital Group's American Funds, $3.11 billion (down M/M from $5.877 billion, down Y/Y from $1.981 billion).

T. Rowe still leads the jumbo outflows pack so far in 2022, thanks to an estimated $33.831 billion in net outflows YTD as of July 31. Other big outflows sufferers included: Capital Group, $17.807 billion; and SSGA, $5.41 billion.

As a group, the eight largest fund firms brought in an estimated $11.751 billion in net July 2022 inflows, equivalent to 0.07 percent of their combined AUM. That's up M/M from $11.526 billion in net outflows and 0.08 percent of AUM but down Y/Y from $48.852 billion in net net inflows and 0.27 percent of AUM.

Jumbo fund firms brought in a combined $98.484 billion in net inflows in the first seven months of 2022, equivalent to 0.61 percent of their combined AUM.

Across the entire industry, the 784 firms tracked by the M* team (down M/M from 791 but up Y/Y from 774) suffered an estimated $12.991 billion in net July 2022 outflows, equivalent to 0.05 percent of their combined $24.166 trillion in AUM. That's down M/M from $61.306 billion and 0.27 percent of AUM and down Y/Y from $77.077 billion in net inflows and 0.27 percent of AUM.

Active funds suffered an estimated $58.766 billion in net July 2022 outflows, down M/M from $90.45 billion and down Y/Y from $14.693 billion in net inflows. Yet passive funds brought in $45.732 billion in net July 2022 inflows, up M/M from $29.219 billion but down Y/Y from $57.431 billion.

So far in 2022, as of July 31, long-term funds and ETFs have suffered $123.051 billion in net outflows. That's equivalent to 0.51 percent of their combined AUM.

***This caveat is particularly important for jumbo fund firms, many of which are big players in the 401(k) business, where collective investment trusts (CITs) are a commonly used alternative to traditional mutual funds. For example, as the T. Rowe team revealed on Wednesday, in July 2022 their clients transferred about $1.5 billion out of T. Rowe mutual funds and into other T. Rowe products like CITs and SMAs. And T. Rowe is a big retirement plan provider and DC I-O asset manager, especially in the target-date fund (TDF) space. 

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