MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, April 27, 2023 Active Outflows Jump By $51B, But ... Active mutual fund and ETF outflows jumped up by $51 billion last month, yet they're still down $12 billion year-over-year. This article draws from Morningstar Direct data on March 2023 open-end mutual fund and ETF flows, excluding money market funds and funds of funds. The data also excludes other asset management products, like CITs and SMAs. J.P. Morgan (including Six Circles) led the active pack for a fifth month in a row last month, thanks to an estimated $3.172 billion in net March 2023 active inflows, down month-over-month from $6.483 billion in February 2023 but up Y/Y from $3.625 billion in net outflows in March 2022. Other big March 2023 active inflows winners included: Edward Jones' Bridge Builder, $2.35 billion (up M/M from $466 million, down Y/Y from $3.624 billion); DFA, $887 million (down M/M from $1.236 billion, up Y/Y from $21 million); American Century (including Avantis), $599 million (down M/M from $638 million, up Y/Y from $80 million); and Baird (including Strategas), $589 million (down M/M from $1.227 billion, up Y/Y from $1.135 billion in net outflows). BlackRock (including iShares) regained the lead on the passive side last month, thanks to an estimated $9.945 billion in net March 2023 passive inflows, up M/M from $15.436 billion in February 2023 outflows but down Y/Y from $25.588 billion in March 2022 inflows. Other big March 2023 passive inflows winners included: Fidelity, $7.607 billion (up M/M from $3.111 billion, down Y/Y from $8.862 billion); Vanguard, $6.772 billion (down M/M from $14.749 billion, down Y/Y from $22.656 billion); Schwab, $3.48 billion (up M/M from $2.126 billion, up Y/Y from $2.963 billion); and WisdomTree, $1.925 billion (up M/M from $562 million, up Y/Y from $831 million). On the flip side, last month was another rough one for Fidelity's active funds, which led the active outflows pack for a second month in a row, thanks to an estimated $6.826 billion in net March 2023 active outflows, up M/M from $4.197 billion in February 2023 and up Y/Y from $3.781 billion in March 2022. Other big March 2023 active outflows sufferers included: Vanguard, $6.731 billion (up M/M from $485 million, down Y/Y from $9.366 billion); T. Rowe Price, $5.095 billion (up M/M from $3.269 billion, up Y/Y from $1.973 billion); Capital Group (home of American Funds), $4.655 billion (up M/M from $48 million, up Y/Y from $496 million); and BlackRock, $3.263 billion (up M/M from $3.231 billion, up Y/Y from $1.257 billion). TIAA's Nuveen took the passive outflows lead last month, thanks to an estimated $542 million in March 2023 outflows, down M/M from $577 million in February 2023 inflows and down Y/Y from $1.118 billion in March 2022 inflows. Other big March 2023 passive outflows sufferers included: Voya, $401 million (down M/M from $1.13 billion in net inflows, up Y/Y from $105 million in net outflows); First Trust, $386 million (down M/M from $407 million in net inflows, down Y/Y from $971 million in net inflows); KraneShares, $333 million (down M/M from $571 million, up Y/Y from $47 million); and Jackson, $311 million (up M/M from $126 million, down Y/Y from $360 million). Overall, the 739 active fund firms tracked by the M* team (up M/M from 737, up Y/Y from 732) suffered an estimated $58.306 billion in net active outflows in March 2023, up M/M from $7.297 billion in February 2023 but down Y/Y from $70.411 billion in March 2022. 256 of those firms (34.6 percent) brought in net active inflows last month, down M/M from 348 (47.2 percent) and down Y/Y from 311 (42.5%). The 154 passive firms tracked by the M* team (down M/M from 155, down Y/Y from 160) brought in an estimated $32.778 billion in net March 2023 inflows, up M/M from $4.034 billion in February 2023 but down Y/y from $101.064 billion in March 2022. 61 of those firms (39.6 percent) gained net passive inflows last month, down M.M from 77 (49.7 percent) and down Y/Y from 83 (51.9 percent). Printed from: MFWire.com/story.asp?s=65893 Copyright 2023, InvestmentWires, Inc. All Rights Reserved |