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Monday, October 17, 2022

Only One Titan Wins As Industry Outflows Jump

Reported by Neil Anderson, Managing Editor

Only one of the mutual fund industry's titans netted inflows last month as overall industry outflows rose almost 16-fold.

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

Jumbo fund firms had $13.948 trillion in long-term fund AUM as of September 30, 2022, and they accounted for 64.81 percent of overall industry long-term fund AUM. That compares with $15.71 trillion and 67.04 percent on August 31, 2022, and with $18.018 trillion and 67.65 percent on September 30, 2021.

Only one of those jumbo fund firms brought in net inflows in September 2022, down from four in August 2022 and down from five in September 2021.

BlackRock was the sole inflows winners last month, thanks to an estiamted $4.824 billion in net September 2022 inflows, up month-over-month from $3.667 billion in August 2022 but down year-over-year from $10.727 billion in September 2021.

BlackRock also led the jumbo fund firm inflows pack in the third quarter of 2022, thanks to an estimated $25.708 billion in Q3 2022 inflows. The other other Q3 2022 inflows winner was Vanguard, with $23.899 billion.

And BlackRock still leads the 2022 jumbo fund firm inflows pack so far, thanks to an estimated $89.073 billion in net year-to-date inflows as of September 30. The only other YTD inflows winners so far were: Vanguard, $75.859 billion; and Fidelity, $10.3 billion.

On the flip side, Invesco took the jumbo firm outflows lead last month, thanks to an estimated $4.646 billion in September 2022 outflows, up M/M from $1.599 billion in August 2022 and up Y/Y from $2.373 billion in September 2021. Other big September 2022 outflows sufferers included: T. Rowe Price, $4.645 billion (down M/M from $4.761 billion, up Y/Y from $3.411 billion); and Capital Group's American Funds, $4.419 billion (up M/M from $1.616 billion, down Y/Y from $453 million in net inflows).

T. Rowe led the Q3 2022 jumbo firm outflows pack, thanks to an estimated $16.455 billion in net Q3 outflows. Other big Q3 outflows sufferers included: Capital Group, $9.057 billion; and Invesco, $6.096 billion.

And T. Rowe also still leads the 2022 jumbo firm outflows pack so far, thanks to an estimated $43.232 billion in net outflows YTD as of September 30. Other big outflows sufferers included: Capital Group, $23.754 billion; and Invesco, $7.041 billion.

As a group, the seven largest fund firms suffered $16.655 billion in net September 2022 outflows, equivalent to 0.12 percent of their combined AUM and accounting for 21.69 percent of overall industry outflows. That's down M/M from $15.262 billion in net inflows, 0.1 percent of AUM, and 316.9 percent of industry inflows in August 2022, and from $34.511 billion in net inflows, 0.19 percent of AUM, and 60.47 percent of industry inflows in September 2021.

Jumbo fund firms brought in an estimated $10.685 billion in Q3 2022, equivalent to about 0.08 percent of their combined AUM. And they brought in $97.965 billion in net inflows in the first nine months of 2022, equivalent to 0.7 percent of their combined AUM.

Across the entire industry, the 781 firms tracked by the M* team (down M/M from 784 but up Y/Y from 777) suffered an estimated $76.784 billion in net September 2022 outflows, equivalent to 0.36 percent of their combined $21.521 trillion in AUM. That's down M/M from $4.816 billion in net inflows and 0.02 percent AUM, and down Y/Y from $57.068 billion in net inflows and 0.22 percent of AUM.

Active funds suffered an estimated $97.389 billion in net September 2022 outflows, up M/M from $33.062 billion but down Y/Y from $9.916 billion in net inflows. Passive funds brought in $20.732 billion in net September 2022 inflows, down M/M from $37.485 billion and down Y/Y from $47.828 billion.

In Q3 2022, long-term funds and ETFs suffered an estimated $85.333 billion in net outflows. That's equivalent to 0.4 percent of their combined AUM.

And as of September 30, long-term funds and ETFs have suffered $197.566 billion in net 2022 outflows. That's equivalent to 0.92 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 last Wednesday, in September 2022 their clients transferred about $300 million 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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