The Low-Cost Leviathan kept the inflows lead last quarter among large fund firms, even as the group's overall flows swung negative, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on June 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 (same as in May 2024 but up by one quarter-over-quarter from March 2024) with between 100 and 999 long-term mutual funds and ETFs each.

Vanguard led the way for a second quarter in a row, thanks to an estimated $30.03 billion in net inflows for the first quarter of 2024, down by $40.16 billion Q/Q from Q1 2024 but up by $18.838 billion year-over-year from Q2 2023. Other big Q2 2024 inflows winners included: Schwab, $8.893 billion (up by $1.279 billion Q/Q, up by $4.385 billion Y/Y); Allianz's Pimco, $4.237 billion (down by $4.594 billion Q/Q, up by $2.915 billion Y/Y); Mirae's Global X, $3.755 billion (up by $1.595 billion Q/Q, up by $2.088 billion Y/Y); and Goldman Sachs, $3 billion (down by $476 million Q/Q, up by $3.552 billion Y/Y).

Schwab took the inflows lead last month, though, thanks to an estimated $3.102 billion in June 2024 inflows. Other big inflows winners include: Vanguard, $2.939 billion; and Nationwide, $1.939 billion.

On the flip side, Capital Group (home of American Funds) kept the outflows lead last quarter, thanks to an estimated $16.597 billion in net Q2 2024 outflows, up by $4.974 billion Q/Q and up by $3.303 billion Y/Y. Other big Q2 2024 outflows sufferers included: T. Rowe Price, $11.7378 billion (up by $2.779 billion Q/Q, down by $1.936 billion Y/Y); TCW, $6.576 billion (up by $1.885 billion Q/Q, up by $5.159 billion Y/Y); Jackson, $5.664 billion (up by $868 million Q/Q, up by $3.095 billion Y/Y); and Sun Life's MFS, $4.702 billion (up by $312 million Q/Q, up by $2.442 billion Y/Y).

Cap Group also led the outflows pack last month for a second month in a row, thanks to an estimated $5.432 billion in June 2024 outflows. Other big outflows sufferers included: T. Rowe, $3.273 billion; and State Street's SSGA, $2.604 billion.

As a group, large fund firms suffered an estimated $15.278 billion in net June 2024 inflows, ending the month with $18.333 trillion in AUM across 24,057 funds. That compares with $16.134 billion in net May 2024 inflows, $18.079 trillion in AUM, and 23,942 funds on May 31, 2024.

As of June 30, 2024, large fund firms accounted for 63.8 percent of industry long-term fund AUM and 56.2 percent of long-term funds.

In Q2 2024, large fund firms suffered $16.67 billion in net long-term outflows.

Across the whole industry, the 793 firms (up by two M/M and up by 11 Q/Q) tracked by the M* team brought in about $43.761 billion in net June 2024 inflows. The industry ended June 2024 with $28.728 trillion in AUM across 42,814 funds. (That's up by $455 billion and 140 funds M/M, up by $300 billion and 228 funds Q/Q, and up by $3.3 trillion and 760 Y/Y.

In Q2 2024, the industry brought in $91.375 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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