Five firms accounted for more than 90 percent of all passive inflows last month among fund firms.

Laurence D. "Larry" Fink BlackRock Chairman, CEO

This article draws from Morningstar Direct data on June 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 second month in a row, thanks to an estimated $7.507 billion in June 2023 active inflows, up month-over-month from $5.508 billion in May 2023 and up year-over-year from $240 million in June 2022. Other big June 2023 active inflows winners included: Baird (including Strategas), $1.924 billion (up M/M from $951 million, up Y/Y from $360 million in net outflows); Empower, $605 million (up M/M from $90 million); Guggenheim (including Rydex), $591 million (up M/M from $473 million, up Y/Y from $1.558 billion in net outflows); and Simplify, $543 million (up M/M from $52 million, up Y/Y from $2 million in net outflows).

BlackRock (including iShares) took the lead on the passive side last month, thanks to an estimated $20.556 billion in net June 2023 passive inflows, up M/M from $513 million in May 2023 passive outflows and up Y/Y from $15.812 billion in June 2022 passive inflows. Other big June 2023 passive inflows winners included: Vanguard, $19.973 billion (up M/M from $1.964 billion in net outflows, up Y/Y from $12.189 billion in net inflows); Invesco, $7.947 billion (up M/M from $601 million, up Y/Y from $284 million); Fidelity, $6.242 billion (up M/M from $5.21 billion, up Y/Y from $4.752 billion); and SSGA, $5.948 billion (down M/M from $16.237 billion, up Y/Y from $5.996 billion in net outflows).

On the flip side, last month was another rough one for Vanguard's active funds, which led the active outflows pack for a second month in a row thanks to an estimated $7.495 billion in net June 2023 active outflows, down M/M from $8.574 billion in May 2023 outflows and down Y/Y from $8.415 billion in June 2022. Other big June 2023 active outflows sufferers included: T. Rowe Price, $4.659 billion (down M/M from $5.133 billion, down Y/Y from $5.347 billion); Fidelity, $3.815 billion (down M/M from $5.354 billion, down Y/Y from $7.456 billion); BlackRock, $2.779 billion (down M/M from $4.118 billion, up Y/Y from $3.543 billion); and Capital Group (home of American Funds), $2.688 billion (down M/M from $5.419 billion, down Y/Y from $5.877 billion).

Empower took the outflows lead last month among passive fund firms, thanks to an estimated $386 million in net June 2023 oassive outflows, down M/M from $100 million in May 2023 inflows. Other big June 2023 passive outflows sufferers included: DWS (including Xtrackers), $297 million (up M/M from $66 million, down Y/Y from $981 million in net outflows): USCF, $272 million (down M/M from $166 million in net inflows, down Y/Y from $62 million in net inflows); Voya, $263 million (down M/M from $249 million in net inflows, up Y/Y from $240 million in net outflows); and Northern Trust (including Flexshares), $240 million (down M/M from $243 million, up Y/Y from $116 million).

Overall, the 714 active fund firms tracked by the M* team (down M/M from 717, down Y/Y from 731) suffered an estimated $31.238 billion in net active outflows in June 2023, down M/M from $44.016 billion in May 2023 and down Y/Y from $90.45 billion in June 2022. 260 of those firms (36.4 percent) brought in net active inflows last month, up M/M from 236 (32.9 percent) and up Y/Y from 257 (35.2 percent).

The 146 passive firms tracked by the M* team (down M/M from 147, down Y/Y from 159) brought in an estimated $67.267 billion in net June 2023 passive inflows, up M/M from $21.046 billion in May 2023 and up Y/Y from $29.219 billion in June 2022. 63 of those firms (43.2 percent) gained net passive inflows last month, up M/M from 59 (40.1 percent) but down Y/Y from 74 (46.5 percent). 

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