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Thursday, October 22, 2020|
Passive Returns to the Lead
After active funds' second one-month victory of the year (and their third in more than six years), passive funds regained the lead last month in terms of inflows.
This article draws from Morningstar Direct data on September 2020 open-end mutual fund and ETF flows in the U.S., excluding money market funds and funds of funds.
On the active side of the business, J.P. Morgan (including Six Circles) kept the lead for a third month in a row, with estimated net September active inflows of $4.618 billion, down from $8.959 billion in August. Other big September active inflows winners included: Baird, $2.622 billion (up from $1.592 billion); Vanguard, $2.482 billion (down from $6.684 billion); PGIM, $1.868 billion (down from $2.638 billion); and TCW (including MetWest), $1.545 billion (up from $1.319 billion).
On the passive side of the business, Vanguard regained the lead, thanks to an estimated $9.204 billion in net September passive inflows, up from $387 million in August. Other big September passive inflows winners included: Fidelity, $7.124 billion (up from $2.079 billion); BlackRock, $3.496 billion (down from $4.622 billion); Invesco, $2.656 billion (down from $4.22 billion); and Schwab, $1.518 billion (up from $1.193 billion).
On the flip side, September was another rough month for Fidelity's active mutual funds, which suffered an estimated $10.264 billion in outflows, more than any other active fund firm and up from $5.543 billion in August. Other big September active outflows sufferers included: DFA, $3.836 billion (up from $2.64 billion); Principal, $2.234 billion (up from $856 million); Old Westbury, $2.165 billion (up from $32 million); and Invesco, $2.02 billion (down from $2.168 billion).
On the passive side, SSGA led the outflows pack last month, suffering an estimated $1.382 billion in net September passive outflows, down from $2.663 billion in August. Other big September passive outflows sufferers included: TIAA's Nuveen, $1.146 billion (up from $143 million); Jackson, $344 million (up from $54 million); Credit Suisse, $270 million (up from $137 million); and T. Rowe Price, $200 million (down from $548 million).
Industrywide, 695 active fund families (down from 702 in August) suffered an estimated $12.348 billion in net active outflows in September, down from $25.225 billion in August inflows. 275 of those firms gained net inflows in September, down from 306 in August.
141 passive families (up from 139 in August) brought in an estimated $23.887 billion in net passive inflows in September, up from $16.178 billion last month. 76 of those firms gained net passive inflows in September, the same number that did so in August.
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