MutualFundWire.com: JPMAM Takes the Lead As Titans' Inflows Slip Again

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Tuesday, September 15, 2020

JPMAM Takes the Lead As Titans' Inflows Slip Again

Industry inflows held steady last month, yet they slipped 10 percent for the titans.

Mary Callahan Erdoes
J.P. Morgan
CEO of Asset and Wealth Management

This article draws from Morningstar Direct data on August 2020 mutual fund and ETF flows, excluding money market funds and funds of funds. More specifically, this article focuses on the 29 firms (up from 28 in July) with more than $100 billion each in long-term fund AUm. 16 of those firms brought in net August inflows (up from 14 in July), and 12 have netted inflows year-to-date.

J.P. Morgan (including Six Circles) took the lead in August, thanks to estimated net inflows of $9.044 billion, up from $5.075 billion in July. Other big August inflows winners included: Vanguard, $7.252 billion (down from $10.158 billion); BlackRock, $7.179 billion (down from $21.668 billion); American Century, $5.384 billion (up from $3.133 billion); and MFS, $3.697 billion (up from $588 million).

Proportionately, American Century kept the lead last month, thanks to estimated net August inflows equivalent to 4.2 percent of its AUM, up from 2.7 percent in July. Other big August inflows winners included: Goldman Sachs, 2.3 percent (up from 1.6 percent); J.P. Morgan, 2.2 percent (up from 1.3 percent); PGIM, 1.7 percent (roughly unchanged); and MFS, 1.3 percent (up from 0.2 percent).

BlackRock still leads the pack so far in 2020, with estimated net year-to-date inflows (as of the end of August) of $74.099 billion. Other big YTD inflows winners include: Vanguard, $71.415 billion; J.P. Morgan, $25.229 billion; SSGA, $19.913 billion; and PGIM, $15.813 billion.

Proportionately, PGIM still leads the pack YTD, with estimated net inflows equivalent to 10.5 percent of its AUM. Other big YTD inflows winners include: J.P. Morgan, 6 percent; Goldman, 6 percent; MFS, 4 percent; and American Century, 3.9 percent.

On the flip side, August was a rough month for T. Rowe Price's long-term mutual funds, which suffered an estimated $3.658 billion in net outflows, up from $907 million in July. Other big August outflows sufferers included: Fidelity, $3.465 billion (up from $428 million); DFA, $2.818 billion (down from $3.402 billion); Capital Group's American Funds, $1.515 billion (down from $1.754 billion); and Franklin Templeton (including freshly acquired Legg Mason), $1.091 billion (down from $2.112 billion).

Proportionately, Victory led the outflows pack again last month, thanks estimated net August outflows equivalent to 0.9 percent of its AUM, down from 1.1 percent in July. Other big August outflows sufferers included: DFA, 0.7 percent (down from 0.9 percent); Principal, 0.6 percent (up from 0.5 percent); Hartford, 0.6 percent (up from 0.3 percent); and T. Rowe, 0.5 percent (up from 0.1 percent.

T. Rowe now leads the outflows pack in 2020, with an estimated $24.572 billion in net YTD outflows. Other big YTD outflows sufferers include: Invesco, $23.257 billion; DFA, $23.028 billion; Capital Group, $22.361 billion; and Fidelity, $20.72 billion.

Proportionately, Victory now leads the outflows pack in 2020, with estimated net YTD outflows equivalent to 6.8 percent of its AUM. Other big YTD outflows sufferers include: Dodge & Cox, 6.3 percent; DFA, 5.8 percent; SEI, 4.5 percent; and Invesco, 4.1 percent.

As a group, the 29 large fund firms brought in an estimated $34.123 billion in net August inflows, equivalent to 0.19 percent of their combined AUm and accounting for 82.42 percent of net industry inflows. That's down from $38.015 billion, 0.22 percent of AUM, and 91.96 percent of industry inflows in July. YTD, large fund firms have brought in an estimated $50.694 billion in net inflows, equivalent to 0.28 percent of their combined AUM.

Across the entire industry, the 752 fund firms (down from 757 in July) tracked by the M* team brought in an estimated $41.403 billion in net August inflows, equivalent to 0.19 percent of their combined AUM (up from $41.339 billion but down from 0.2 percent in July). Active funds brought in an estimated $25.225 billion in net August inflows (up from $12.052 billion in July), while passive funds brought in an estimated $16.196 billion (down from $29.831 billion). YTD, the industry has suffered an estimated $17.515 billion in net outflows, equivalent to 0.08 percent of industry AUM.

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