A B-D's subadvised mutual fund arm is dominating inflows proportionately so far this year, according to the latest data from the folks at a publicly traded investment research firm.

Ryan Timothy Robson Edward Jones / Olive Street Investment Advisers, LLC Principal, Client Strategy Group / President

This article draws from Morningstar Direct data on September 2023 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. Other asset management products, like CITs and SMAs, are also not included.

Edward Jones' Bridge Builder leads the way so far in 2023, thanks to an estimated $681 million per fund in net year-to-date inflows as of September 30. Other big YTD inflows winners included: Neos, $347 million per fund; Dodge & Cox, $277 million per fund; Baird (including Strategas), $234 million per fund; and Axonic, $191 million per fund.

Neos led the pack last quarter, thanks to an estimated $225 million per fund in net inflows in the third quarter of 2023. Other big Q3 2023 inflows winners included: Dodge & Cox, $155 million per fund; and Bridge Builder, $126 million per fund.

Newcomer Bushido took the lead last month, thanks to an estimated $122 million per fund in net September 2023 inflows. Other big inflows winners included: Dodge & Cox, $101 million per fund (up month-over-month from $42 million per fund in August 2023 and up year-over-year from $87 million per fund in net outflows in September 2022; and Neos, $68 million per fund (down M/M from $70 million per fund, up Y/Y from negligible inflows).

On the flip side, Edgewood still leads the 2023 outflows pack proportionately, thanks to an estimated $841 million per fund in net YTD outflows as of September 30. Other big outflows sufferers included: Primecap, $592 million per fund; Ruane Cunniff & Goldfarb's Sequoia, $420 million per fund; Akre, $393 million per fund; and Core Alternative Capital, $165 million per fund.

Edgewood also led the outflows pack last quarter, thanks to an estimated $359 million per fund in net Q3 2023 outflows. Other big outflows sufferers included: Sequoia, $203 million per fund; and Primecap, $165 million per fund.

Sequoia took the lead last month, thanks to an estimated $120 million per fund in net September 2023 outflows, up M/M from $48 million per fund in August 2023 and up Y/Y from $18 million per fund in September 2022. Other big September 2023 outflows sufferers included: Primecap, $56 million per fund (up M/M from $40 million per fund, down Y/Y from $69 million per fund); and Edgewood, $53 million per fund (down M/M from $102 million per fund, down Y/Y from $302 million per fund.

Over the first nine months of 2023, the whole long-term mutual fund and ETF industry brought in $849,000 per fund in net inflows. That also translates into about 0.15 percent of the industry's long-term fund AUM.

In Q3 2023, the industry suffered an estimated $91,000 per fund in net outflows. That translates into 0.02 percent of industry long-term fund AUM.

In September 2023 alone, the industry suffered an estimated $290,000 per fund in net outflows (which also translates into 0.05 percent of industry long-term fund AUM). That's down M/M from $579 million per fund and down Y/Y from $1.82 million per fund. 

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