The Low-Cost Leviathan regained the inflows lead last month among large fund firms, according to the latest data from the folks at a publicly traded investment research firm.

Salim Ramji Vanguard CEO, Board Member

This article draws from Morningstar Direct data on August 2024 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.***) More specifically, this article focuses on the 65 firms (down by two month-over-month from July 2024) with between 100 and 999 long-term funds and ETFs each.

Vanguard pulled ahead again, thanks to an estimated $14.174 billion in net August 2024 inflows, down by $3.269 billon M/M from July 2024 but up by $9.418 billion year-over-year from August 2023. Other big August 2024 inflows winners included: Schwab, $6.146 billion (up by $3.124 billion M/M, up by $4.148 billion Y/Y); VanEck, $1.191 billion (down by $213 million M/M, up by $1.004 billion Y/Y); Goldman Sachs, $1.141 billion (down by $316 million M/M, up by $745 million Y/Y); and First Trust, $1.138 billion (down by $333 million M/M, up by $848 million Y/Y).

For the tailing twelve months ending on August 31, 2024, Vanguard dominates, thanks to $148.925 billion in net inflows. Other big TTM inflows winners included: State Street's SSGA, $76.346 billon; and Schwab, $35.618 billion.

On the flip side, T. Rowe Price led the large firm outflows pack for a second month in a row, thanks to an estimated $6.204 billion in August 2024 outflows, up by $2.642 billion M/M from July 2024 and up by $3.045 billion Y/Y from August 2023. Other big August 2024 outflows sufferers included: Capital Group (home of American Funds), $4.087 billion (up by $2.01 billion M/M, down by $2.585 billion Y/Y); SSGA, $4.057 billion (a $19.348-billion net inflows drop M/M, down by $8.027 billion Y/Y); Jackson, $2.333 billion (up by $286 million M/M, up by $1.27 billon Y/Y); and TCW, $1.294 billion (down by $681 million M/M, up by $1.023 billion Y/Y).

As of August 31, 2024, Cap Group leads the TTM outflows pack, thanks to an estimated $59.73 billion in net outflows. Other big outflows sufferers included: T. Rowe, $42.38 billion; and TCW, $23.028 billion.

As a group, large fund firms brought in $1.369 billion in net August 2024 inflows, ending the month with $19.105 trillion in AUM across 24,100 funds. That compares with $34.277 billion in net inflows, $18.669 trillion in AUM, and 24,161 funds in July 2024.

In August 2024, large fund firms accounted for 64 percent of industry AUM, 56.2 percent of industry funds, and 5.2 percent of industry inflows.

As of August 31, large fund firms brought in $35.158 billion in net TTM inflows. That accounted for 8.8 percent of industry inflows.

Across the whole industry, the 791 firms (down by four M/M but up by 11 Y/Y) tracked by the M* team brought in about $26.099 billion in net August 2024 inflows, and the industry ended the month with $29.993 trillion in AUM across 42,891 funds. That compares with $82.936 billion in net inflows, $29.447 trillion in AUM, and 43,102 funds in July 2024, and with $24.468 billion in net outflows, $25.211 trillion in AUM, and 42,226 funds in August 2023.

As of August 31, 2024, the industry brought in $398.051 billion in net TTM inflows into long-term funds.

***This caveat is particularly important for large fund firms, many of which are big players in the 401(k) business, where collective investment trusts (CITs) and separately managed accounts (SMAs) are commonly used alternatives to traditional mutual funds. 

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