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

This article draws from Morningstar Direct data on May 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 month-over-month from 66 in April 2024) with between 100 and 999 long-term mutual funds and ETFs each.

Vanguard led the large fund firm pack again, thanks to an estimated $14.957 billion in net May 2024 inflows, up by $2.793 billion M/M from April 2024 and up by $25.495 billion year-over-year from May 2023. Other big May 2024 inflows winners included: State Street's SSGA, $13.261 billion (up by $23.867 billion M/M, down by $2.293 billion Y/Y); Schwab, $3.472 billion (up by $1.063 billion M/M, up by $2.312 billion Y/Y); Allianz's Pimco, $1.376 billion (down by $1.074 billion M/M, up by $307 million Y/Y); and Mirae's Global X, $1.333 billion (up by $351 million M/M, up by $658 million Y/Y).

Vanguard also led the way for the trailing twelve months ending on May 31, 2024, thanks to $144.32 billion in net inflows. Other big TTM inflows winners included: SSGA, $65.511 billion; and Schwab, $28.574 billion.

On the flip side, Capital Group's American Funds took the outflows lead last month, thanks to an estimated $4.595 billion in net May 2024 outflows, a $2.762-billion drop M/M from April 2024 and a $824-million drop Y/Y from May 2023. Other big May 2024 outflows sufferers included: Rafferty's Direxion, $2.448 billion (a $3.82-billion M/M net flows drop, and a $2.552-billion Y/Y net flows drop); Sun Life's MFS, $1.98 billion (up by $250 million M/M, up by $811 million Y/Y); T. Rowe Price, $1.894 billion (down by $4.677 billion M/M, down by $3.266 billion Y/Y); and TCW (including MetWest), $1.873 billion (down by $893 million M/M, up by $1.621 billion Y/Y).

Cap Group also led the outflows pack for the TTM ending May 30, 2024, thanks to an estimated $60.784 billion in net outflows. Other big outflows sufferers included: T. Rowe, $43.204 billion; and TCW, $19.155 billion.

As a group, large fund firms brought in an estimated $16.134 billion in net May 2024 inflows, ending the month with $18.079 trillion in AUM across 23,942 funds. That compares with $18.24 billion in net April 2024 outflows and $17.466 trillion in AUM and 24,073 funds on April 30, 2024.

As of May 31, 2024, large fund firms accounted for 63.9 percent of industry long-term fund AUM and 56.1 percent of long-term funds. In May 2024, large fund firms accounted for 27.7 percent of industry inflows.

For the TTM ending May 31, 2024, large fund firms brought in $5.037 billion in net inflows.

Across the whole industry, the 791 firms (up by two M/M and up by 11 Y/Y) tracked by the M* team brought in $58.35 billion in net May 2024 inflows, up by $67.359 billion M/M and up by $81.319 billion Y/Y. The industry ended May 2024 with $28.273 trillion in AUM across 42,674 funds. (That's up by $767 billion M/M and up by $4.373 trillion Y/Y).

For the TTM ending May 31, 2024, the industry brought in $291.264 billion in net inflows.

***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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