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Rating:Active Outflows Surpass Passive Inflows By $13B Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, August 22, 2022

Active Outflows Surpass Passive Inflows By $13B

Reported by Neil Anderson, Managing Editor

Flows on both the passive and active side both noticeably improved last month, though active outflows still surpassed passive inflows by more than $13 billion.

This article draws from Morningstar Direct data on July 2022 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.

DFA took the lead last month on the active side, thanks to an estimated $797 million in net July 2022 active inflows, up month-over-month from $158 million in June 2022 and up year-over-year from $197 million in outflows in July 2021. Other big July 2022 active inflows winners included: First Trust, $531 million (up M/M from $97 million, up Y/Y from $410 million); Ark, $433 million (up M/M from $160 million in net outflows, up Y/Y from $1.535 billion in net outflows); Thornburg, $357 million (up M/M from $608 million in net outflows, up Y/Y from $336 million in net outflows); and Innovator, $340 million (down M/M from $412 million, up Y/Y from $213 million).

BlackRock (including iShares) kept the lead on the passive side for a third month in a row, thanks to an estimated $18.019 billion in net July 2022 passive inflows, up M/M from $15.821 billion in June 2022 and up Y/Y from $6.824 billion in July 2021. Other big July 2022 inflows winners included: Vangaurd, $14.38 billion (up M/M from $12.189 billion, down Y/Y from $34.197 billion); Fidelity, $6.484 billion (up M/M from $4.752 billion, down Y/Y from $11.076 billion); Charles Schwab, $5.642 billion (up M/M from $1.427 billion, up Y/Y from $3.593 billion); and Invesco, $2.969 billion (up M/M from $284 million, up Y/Y from $2.149 billion in net outflows).

On the flip side last month was a rough one for T. Rowe Price's active funds, which took the active outflows lead thanks to an estiamted $6.916 billion in net July 2022 active outflows, up M/M from $5.374 billion in June 2022 and up Y/Y from $2.344 billion in July 2021. Other big July 2022 active outflows sufferers included: Fidelity, $5.729 billion (down M/M from $7.456 billion, up Y/Y from $3.516 billion); Vanguard, $4.776 billion (down M/M from $8.415 billion, down Y/Y from $2.232 billion in net inflows); Capital Group's American Funds, $3.11 billion (down M/M from $5.877 billion, down Y/Y from $1.981 billion in net inflows); and Invesco, $2.82 billion (down M/M from $3.34 billion, up Y/Y from $878 million).

SSGA kept the outflows lead on the passive side for a second month in a row, thanks to an estimated $4.441 billion in net July 2022 passive outflows, down M/M from $5.996 billion in June 2022 but up Y/Y from $1.66 billion in July 2021. Other big July 2022 passive outflows sufferers included: USCF, $547 million (down M/M from $62 million in net inflows, up Y/Y from $371 million in net outflows); First Trust, $542 million (down M/M from $695 million, down Y/Y from $669 million in net inflows); VanEck, $518 million (down M/M from $1.606 billion, down Y/Y from $466 million in net inflows); and KraneShares, $369 million (down M/M from $1.289 billion in net inflows, down Y/Y from $1.91 billion in net inflows).

Overall, the 728 active fund firms tracked by the M* team (down M/M from 731 but up Y/Y from 709) suffered an estimated $58.766 billion in net July 2022 outflows, down M/M from $90.45 billion in June 2022 and down Y/Y from $14.693 billion in net inflows. 288 firms gained net inflows in July 2022, up M/M from 257 but down Y/Y from 389.

The 157 passive fund firms tracked by the M* team (down M/M from 159, up Y/Y from 149) brought in an estimated $45.732 billion in net July 2022 inflows, up M/M from $29.219 billion in June 2022 but down Y/Y from $57.431 billion in July 2021. 72 firms gained net passive inflows last month, down M/M from 74 and down Y/Y from 77. 

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