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Monday, November 14, 2022

A $45B Reversal

Reported by Neil Anderson, Managing Editor

The largest fund firm's net inflows improved by more than $45 billion last month, and overall industry outflows fell by nearly $55 billion.

Cyrus Taraporevala
State Street Global Advisors
Outgoing President, CEO
This article draws from Morningstar Direct data for October 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 in long-term fund and ETF AUM (up month-over-month from seven firms in September 2022 but down year-over-year from nine in October 2021).

Jumbo fund firms had $15.209 trillion in long-term fund AUM as of October 31, 2022, and they accounted for 67.43 percent of overall industry long-term fund AUM. That compares with $13.948 trillion and 64.81 percent on September 30, 2022, and with $18.86 trillion and 67.85 percent on October 31, 2021.

Four of those jumbo fund firms brought in net inflows in October 2022, up from one in September 2022 but down from seven in October 2021.

SSGA took the jumbo firm inflows lead last month, thanks to an estimated $27.598 billion in net October 2022 inflows, up M/M from $964 million in September 2022 outflows and up Y/Y from $11.788 billion in October 2021 inflows. Other big October 2022 inflows winners included: BlackRock (including iShares), $26.08 billion (up M/M from $4.824 billion, up Y/Y from $22.539 billion); and Vanguard, $347 million (up M/M from $3.201 billion in net outflows, down Y/Y from $19.685 billion in net inflows).

BlackRock also still leads the jumbo fund firm inflows so far in 2022, thanks to an estimated $112.256 billion in net year-to-date inflows as of October 31. Other big YTD inflows winners included: Vanguard, $76.206 billion; and SSGA, $24.358 billion.

On the flip side, Capital Group's American Funds took the jumbo firm outflows lead last month, thanks to an estimated $8.906 billion in October 2022 outflows, up M/M from $4.419 billion in September 2022 and down Y/Y from $1.095 billion in October 2021 inflows. Other big October 2022 outflows sufferers included: Fidelity, $8.26 billion (up M/M from $3.605 billion, down Y/Y from $5.633 billion in net inflows); and T. Rowe Price, $4.511 billion (down M/M from $4.645 billion, up Y/Y from $3.169 billion).

T. Rowe also still leads the 2022 jumbo firm outflows pack so far, thanks to an estimated $47.741 billion in net outflows YTD as of October 31. Other big outflows sufferers included: Capital Group, $35.161 billion; and Invesco, $10.892 billion.

As a group, the eight largest fund firms brought in $28.764 billion in net October 2022 inflows, equivalent to 0.19 percent of their combined AUM. That's up M/M from $16.655 billion in September 2022 outflows and 0.12 percent of AUM, and down Y/Y from $68.585 billion in October 2021 inflows and 0.36 percent of AUM.

Jumbo fund firms brought in $120.597 billion in net inflows over the first ten months of 2022, equivalent to 0.79 percent of their combined AUM.

Across the entire industry, the 787 firms tracked by the M* team (up M/M and Y/Y from 781) suffered an esetimated $21.911 billion in net October 2022 outflows, equivalent to 0.1 percent of their combined $22.554 trillion in AUM. That's down M/M from $76.784 billion and 0.36 percent, and down Y/Y from $83.864 billion in net inflows and 0.3 percent of AUM.

Active funds suffered an estimated $101.864 billion in net October 2022 outflows, up M/M from $97.398 billion but down Y/Y from $5.324 billion in net inflows. Passive funds brought in $79.909 billion in net October 2022 inflows, up M/M from $20.732 billion and up Y/Y from $78.71 billion.

As of October 31, long-term funds and ETFs have suffered $231.047 billion in net 2022 outflows. That's equivalent to 1.02 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 Price team revealed last Thursday, in October 2022 their clients transferred about $700 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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