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Friday, April 28, 2023

One Month, $362B In Inflows

Reported by Neil Anderson, Managing Editor

One side of the mutual fund industry septupled its inflows last month.

This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in March 2023.

The 73 money market fund families tracked by the M* team had $5.234 trillion in combined AUM across 2,085 funds as of March 31, 2023. That compares with $4.861 trillion on February 28, 2023.

54 of those money fund firms brought in net inflows last month, up month-over-month from 36 in February.

Fidelity led the way last quarter, thanks to an estimated $121.105 billion in net money fund inflows for the first quarter of 2023. Other big Q1 2023 money fund inflows winners included: J.P. Morgan, $89.742 billion; Schwab, $76.034 billion; Goldman Sachs, $45.197 billion; and Vanguard, $30.346 billion.

RBC Global Asset Management led last quarter by a different measure, thanks to estimated net Q1 2023 money fund inflows equivalent to 41.2 percent of its money fund AUM. Other big winners included: Pimco, 33.5 percent; and Gabelli, 30.9 percent.

Vanguard led by a third measure, thanks to an estimated $2.529 billion in net inflows per money fund. Other big winners included: Schwab, $1.901 billion per money fund; and Fidelity, $1.153 billion per money fund.

J.P. Morgan took the lead last month, thanks to an estimated $74.126 billion in net money fund inflows in March 2023, up month-over-month from $1.335 billion in net outflows per fund in February 2023 and up year-over-year from $3.893 billion in net inflows per fund in March 2022. Other big March 2023 money fund inflows winners included: Fidelity, $63.792 billion (up M/M from $30.56 billion, up Y/Y from $471 million); and Goldman Sachs, $48.454 billion (up M/M from $4.98 billion, up Y/Y form $10.803 billion).

On the flip side, SSGA led the money fund outflows pack last quarter, thanks to an estimated $8.078 billion in net Q1 2023 outflows. Other big outflows sufferers included: HSBC, $6.306 billion; DWS, $4.184 billion; BNY Mellon's Dreyfus, $2.989 billion; and Allspring, $2.721 billion.

Guggenheim's Rydex led by a different measure last quarter, thanks to estimated net Q1 2023 inflows equivalent to 33.5 percent of Rydex's money fund AUM. Other inflows winners last quarter included: HSBC, 17.5 percent; and Davis, 14 percent.

And Edward Jones led by a third measure last quarter, thanks to an estimated $845 million per money fund in net Q1 2023 outflows. Other big outflows sufferers included: SSGA, $184 million per fund; and HSBC, $143 million per fund.

Dreyfus took the outflows lead last month, thanks to an estimated $13.84 billion in net March 2023 money fund outflows, up M/M from $6.7 billion in February 2023 and up Y/Y from $4.876 billion in March 2022. Other big March 2023 outflows sufferers included: Invesco, $2.739 billion (down M/M from $3.028 billion in net inflows); and Franklin Templeton, $1.568 billion (down M/M from $2.126 billion).

As a group, money fund firms brought in $438.738 billion in net money fund inflows in Q1 2023. That's equivalent to 8.38 percent of their combined AUM and $210.426 million in net inflows per fund.

In March alone, money fund firms brought in $362.133 billion in net money fund assets, equivalent to 6.92 percent of their combined AUM and translating into $173.685 million in net inflows per fund. That compares with $51.442 billion in net inflows, 1.06 percent of AUM, and $24.672 million in inflows per fund in February 2023. 

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