The world's largest asset manager and a money center bank's asset management arm led the inflows packs yet again last month on the passive and active sides of the mutual fund business, respectively, according to the latest data from the folks at a publicly traded investment research company.

Mary Callahan Erdoes J.P. Morgan CEO of Asset and Wealth Management

This article draws from Morningstar Direct data on July 2023 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. The data also excludes other asset management products, like CITs and SMAs.

J.P. Morgan (including Six Circles) led the active inflows pack for a third month running, thanks to an estimated $1.952 billion in net July 2023 active inflows, down month-over-month from $7.507 billion in June 2023 but up year-over-year from $1.264 billion in net outflows in July 2022. Other big July 2023 active inflows winners included: Baird (including Strategas), $1.502 billion (down M/M from $1.924 billion, up Y/Y from $690 million in net outflows); Fidelity, $1.18 billion (up M/M from $3.815 billion in net outflows, up Y/Y from $5.729 billion in net outflows); Allianz's Pimco, $717 million (up M/M from $380 million, up Y/Y from $1.202 billion in net outflows); and DFA, $696 million (up M/M from $326 million, down Y/Y from $797 million).

BlackRock (including iShares) led on the passive side for a second month running, thanks to an estimated $19.517 billion in net July 2023 passive inflows, down M/M from $20.556 billion in June 2023 but up Y/Y from $18.019 billion. Other big July 2023 passive inflows winners included: Vanguard, $16.78 billion (down M/M from $19.973 billion, up Y/Y from $14.38 billion); Fidelity, $8.363 billion (up M/M from $6.242 billion, up Y/Y from $6.484 billion); Invesco, $5.866 billion (down M/M from $7.947 billion, up Y/Y from $2.969 billion); and SSGA, $2.385 billion (down M/M from $5.948 billion, up Y/Y from $4.441 billion 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 estimated $5.106 billion in net July 2023 active outflows, up M/M from $4.659 billion in June 2023 but down Y/Y from $6.916 billion in July 2022. Other big July 2023 active outflows sufferers included: Vanguard, $4.888 billion (down M/M from $7.495 billion, up Y/Y from $4.776 billion); Capital Group (home of American Funds), $2.892 billion (up M/M from $2.688 billion, down Y/Y from $3.11 billion); Manulife's John Hancock, $2.771 billion (up M/M from $112 million, up Y/Y from $208 million); and BlackRock, $2.433 billion (down M/M from $2.779 billion, up Y/Y from $1.164 billion).

J.P. Morgan took the outflows lead last month among passive fund firms, thanks to an estimated $1.304 billion in net July 2023 passive outflows, down M/M from $179 million in June 2023 inflows and down Y/Y from $529 million in July 2022 inflows. Other big July 2023 passive outflows sufferers included: ProShares and ProFunds, $1.113 billion (down M/M from $700 million in net inflows, down Y/Y from $2.861 billion in net inflows); USCF, $283 million (up M/M from $272 million, down Y/Y from $547 million); T. Rowe Price, $273 million (up M/M from $4 million, up Y/Y from $138 million); and SEI, $229 million (up M/M from $29 million, up Y/Y from $131 million).

Overall, the 713 active fund firms tracked by the M* team (down M/M from 714, down Y/Y from 728) suffered an estimated $24.413 billion in net active outflows in July 2023, down M/M from $31.238 billion in June 2023 and down Y/Y from $58.766 billion in July 2022. 275 of those firms (38.6 percent) brought in net active inflows last month, up M/M from 260 (36.4 percent) but down Y/Y from 288 (39.6 percent).

The 145 passive firms tracked by the M* team (down M/M from 146, down Y/Y from 157) brought in an estimated $56.803 billion in net July 2023 passive inflows, down M/M from $67.267 billion in June 2023 but up Y/Y from $45.732 billion in July 2022. 64 of those firms (44.1 percent) gained net passive inflows last month, up M/M from 63 (43.2 percent) but down Y/Y from 72 (45.9 percent). 

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