Passive inflows grew by nearly $32 billion last month, even as active outflows grew by nearly $8 billion, according to the latest data from the folks at a publicly traded investment research company.

This article draws from Morningstar Direct data on December 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.

SSGA took the lead on the passive side, thanks to an estimated $45.317 billion in net December 2023 passive inflows, up month-over-month from $16.33 billion in November 2023 and up year-over-year from $430 million in net outflows in December 2022. Other big December 2023 passive inflows winners included: BlackRock (including iShares), $27.275 billion (down M/M from $32.785 billion, up Y/Y from $13.833 billion); Vanguard, $22.249 billion (up M/M from $17.855 billion, up Y/Y from $15.672 billion); Fidelity, $9.463 billion (up M/M from $4.912 billion, up Y/Y from $4.425 billion); and Invesco, $8.317 billion (up M/M from $5.414 billion, up Y/Y from $1.795 billion in net outflows).

Fidelity took the active inflows lead last month, thanks to an estimated $1.881 billion in net December 2023 active inflows, up M/M from $1.872 billion in November 2023 active outflows, up Y/Y from $6.73 billion in December 2022 outflows. Other big December 2023 active inflows winners included: Baird (including Strategas), $1.487 billion (up M/M from $667 million, up Y/Y from $220 million in net outflows); J.P. Morgan (including Six Circles), $874 million (up M/M from $699 million, down Y/Y from $4.633 billion); American Century (including Avantis), $838 million (up M/M from $103 million, down Y/Y from $1.266 billion); and Allianz's Pimco, $747 million (up M/M from $719 million, up Y/Y from $7.211 billion in net outflows).

On the flip side, last month was rough for ProShares and ProFunds, which led the passive outflows pack thanks to an estimated $1.802 billion in net December 2023 passive outflows, down M/M from $2.416 billion in net November 2023 inflows and down Y/Y from $498 million in net December 2022 inflows. Other big December 2023 passive outflows sufferers included: Rafferty's Direxion, $858 million (up M/M from $44 million, up Y/Y from $215 million); WisdomTree, $459 million (up M/M from $15 million, down Y/Y from $974 million in net inflows); Jackson, $353 million (up M/M from $163 million, up Y/Y from $284 million); and Allspring, $322 million (up M/M from $33 million, down Y/Y from $41 million in net inflows).

Vanguard led the active outflows pack for a fourth consecutive month, thanks to an estimated $10.628 billion in net December 2023 active outflows, up M/M from $7.478 billion in November 2023 but down Y/Y from $13.273 billion in December 2022. Other big December 2023 active outflows sufferers included: Capital Group (home of American Funds), $9.576 billion (up M/M from $5.781 billion, down Y/Y from $10.65 billion); T. Rowe Price, $5.232 billion (up M/M from $3.098 billion, down Y/Y from $7.238 billion); Franklin Templeton (including Royce), $4.261 billion (up M/M from $4.328 billion, down Y/Y from $6.275 billion); and BlackRock, $3.942 billion (up M/M from $2.804 billion, down Y/Y from $5.356 billion).

Overall, the 141 passive fund firms tracked by the M* team (up M/M from 140, down Y/Y from 157) brought in an estimated $118.097 billion in net passive inflows in December 2023, up M/M from $86.145 billion and up Y/Y from $35.056 billion. 42.5 percent (60) of those firms brought in net passive inflows last month, compared with 42.1 percent (59) in November 2023 and 46.5 percent (73) in December 2022.

The 720 active fund firms (up M/M from 717, down Y/Y from 732) tracked by the M* team suffered an estimated $60.999 billion in net December 2023 active outflows, up M/M from $53.05 billion but down Y/Y from $121.317 billion. 38.1 percent (274) of those firms brought in net active inflows last month, up M/M from 36.1 percent (260) and up Y/Y from 31.6 percent (231). 

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