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Monday, August 19, 2019|
Active Outflows Disappear As Passive Inflows Fall
Active funds swung to slight net inflows last month, while passive funds' net inflows fell. And for the first time since February, a certain low-cost leviathan led both sides of the pack.
On the active side of the mutual fund business, Vanguard regained the lead last month, with estimated net July active inflows of $3.186 billion, up from $1.506 billion in net active outflows in June. Other big July winners included: Pimco, $2.839 billion (up from $2.186 billion); Lord Abbett, $1.476 billion (up from $941 million); Morgan Stanley, $1.451 billion (up from $1.113 billion); and Baird, $1.439 billion (up from $906 million).
Vanguard also regained its lead on the passive last month, with estimated net July passive inflows of $11.704 billion, down from $14.634 billion in June. Other big July winners included: SSgA, $8.156 billion; Fidelity, $4.644 billion (up from $2.327 billion); Schwab, $2.828 billion (up from $2.377 billion); and Invesco, $1.622 billion (up from $1.403 billion).
On the flip side, July was a rough month for Invesco's active funds, which suffered estimated net outflows of $4.122 billion, more than any other active fund firm and up from $3.173 billion in June. Other big July sufferers included: Fidelity, $2.299 billion (up from $984 million); Franklin Templeton, $1.484 billion (down from $1.961 billion); Harris' Oakmark, $1.206 billion (down from $1.448 billion); and John Hancock, $929 million (up from $872 million).
BlackRock suffered an estimated $3.41 billion in net passive outflows in July, more than any other passive fund family and down from $34.404 billion in net June inflows. Other big July sufferers included: Milleis Investissments Funds, $718 million (down from $187 million in net inflows); Rafferty's Direxion, $570 million (down from $1.063 billion); UBS, $478 million (down from $21 million in net inflows); and Voya, $307 million (from $42 million).
Industrywide, 719 active fund families (the same as in June) brought in an estimated $158 million in combined net inflows in July, up from $22.349 billion in net June outflows. 311 of those 719 fund families gained net active inflows in July.
142 passive fund families (down four from June) brought in a combined $26.54 billion in net estimated July inflows, down from $68.599 billion in June. 74 of those 142 families gained net passive inflows in July.
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