The largest fund firm's net inflows evaporated last month, even as their combined AUM jumped by $938 billion thanks to market gains.

This article draws from Morningstar Direct data for November 2022 mutual fund and ETF flows, excluding money-market funds and funds of funds. (Other asset management products, like collective trusts and SMAs, are also not included.***) More specifically, this article focuses on the eight firms with more than $500 billion each in long-term fund and ETF AUM (down year-over-year from nine in November 2021).

Jumbo fund firms had $16.147 trillion in long-term fund AUM as of November 30, 2022, and they accounted for 67.73 percent of overall industry long-term fund AUM. That compares with $15.209 trillion and 67.43 percent on October 31, 2022, and with $18.608 trillion and 68.19 percent on November 31, 2021.

Four of those jumbo fund firms brought in net inflows in November 2022, the same as in October 2022 but down from seven in November 2021.

BlackRock (including iShares) regained the jumbo firm inflows lead last month, thanks to an estimated $14.885 billion in net November 2022 inflows, down month-over-month from $26.08 billion in October 2022 and down Y/Y from $30.69 billion in November 2021. Other big November 2022 inflows winners included: Vanguard, $4.118 billion (up M/M from $347 million, down Y/Y from $29.289 billion); and Invesco, $3.608 billion (up M/M from $3.852 billion in net outflows, up Y/Y from $3.129 billion in net inflows).

BlackRock also still leads the jumbo firm inflows pack so far in 2022, thanks to an estimated $127.147 billion in net year-to-date inflows as of November 30. Other big YTD inflows winners included: Vanguard, $80.325 billion; and SSGA, $22.859 billion.

On the flip side, Fidelity took the jumbo firm outflows lead last month, thanks to an estimated $10.775 billion in November 2022 outflows, up M/M from $8.26 billion in October 2022 but down Y/Y from $1.359 billion in November 2021 inflows. Other big November 2022 outflows sufferers included: Capital Group's American Funds, $7.839 billion (down M/M from $8.326 billion, down Y/Y from $1.202 billion in net inflows); and T. Rowe Price, $4.242 billion (down M/M from $4.511 billion, up Y/Y from $4.06 billion).

T. Rowe still leads the 2022 jumbo firm outflows pack so far, thanks to an estimated $51.98 billion in net outflows YTD as of November 30. Other big outflows sufferers included: Capital Group, $39.919 billion; and Fidelity, $9.829 billion.

As a group, the eight largest fund firms suffered $47 million in net November 2022 outflows, equivalent to 0.0003 percent of their combined AUM and accounting for 0.09 percent of overall industry outflows. That compares with $28.764 billion in net inflows and 0.19 percent of AUM in October 2022, and with $67.301 billion in net inflows, 0.36 percent of AUM, and 83.13 percent of industry inflows in November 2021.

Jumbo fund firms brought in $120.597 billion in net inflows over the first 11 months of 2022, equivalent to 0.76 percent of their combined AUM.

Across the entire industry, the 788 firms tracked by the M* team (up M/M from 787, up Y/Y from 781) suffered an estimated $52.733 billion in net November 2022 outflows, equivalent to 0.22 percent of their combined $23.842 trillion in AUM. That's up M/M from $21.911 billion and 0.1 percent, and down Y/Y from $80.955 billion in net inflows and 0.3 percent.

Active funds suffered an estimated $95.552 billion in net November 2022 outflows, down M/M from $101.864 billion and up Y/Y from $2.051 billion. Passive funds brought in $42.638 billion in net November 2022 inflows, down M/M from $79.909 billion and down Y/Y from $83.006 billion.

As of November 30, long-term funds and ETFs have suffered $282.45 billion in net 2022 outflows. That's equivalent to 1.18 percent of their combined AUM.

***This caveat is particularly important for jumbo fund firms, many of which are big players in the 401(k) business, where collective investment trusts (CITs) are a commonly used alternative to traditional mutual funds. For example, as the T. Rowe Price team revealed on Monday, in November 2022 their clients transferred about $700 million out of T. Rowe mutual funds and into other T. Rowe products like CITs and SMAs. And T. Rowe is a big retirement plan provider and DC I-O asset manager, especially in the target-date fund (TDF) space. 

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