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Tuesday, May 16, 2023|
DFA Leads As Large Firms' Flows Improve By $20.6B
A Texas mutual firm took the lead last month among large fund firms, and the group's flows improved by $20.62 billion from a year earlier.
Large fund firms had a combined $4.686 trillion in total long-term fund AUM across 14,924 funds as of April 30, 2023, and they accounted for 19.42 percent of overall industry long-term fund AUM. That compares with $4.658 trillion, 14,915 funds, and 19.43 percent on March 31, 2023, and with $5.012 trillion and 20.39 percent on April 30, 2022.
Six large fund firms brought in net inflows last month. That's up month-over-month from five in March 2023 and up Y/Y from three in April 2022.
Dimensional Fund Advisors (DFA) took the inflows lead last month, thanks to an estimated $1.01 billion in net April 2023 inflows, up M/M from $783 million in March 2023 and up Y/Y from $188 million in net April 2022 outflows. Other big April 2023 inflows winners included: Schwab, $757 million (down M/M from $3.391 billion, down Y/Y from $2.538 billion); Edward Jones' Bridge Builder, $697 million (down M/M from $2.35 billion, down Y/Y from $1.871 billion); MFS, $646 million (up M/M from $567 million in net outflows, up Y/Y from $802 million in net outflows); and AllianceBernstein, $418 million (up M/M from $242 million in net outflows, up Y/Y from $360 million in net outflows).
Schwab leads the 2023 large firm inflows pack so far, thanks to an estimated $11.285 billion in net year-to-date inflows as of April 30. Other big YTD inflows winners include: DFA, $5.095 billion; and Bridge Builder, $4.021 billion.
On the flip side, last month was another rough one for Franklin Templeton (including Royce), which led the outflows pack for a third month in a row, this time thanks to an estimated $2.016 billion in net April 2023 outflows, down M/M from $2.936 billion in March 2023 and down Y/Y from $4.444 billion in April 2022. Other big April 2023 outflows sufferers included: Lord Abbett, $1.434 billion (down M/M from $1.73 billion, down Y/Y from $2.787 billion); Ameriprise's Columbia Threadneedle, $1.1 billion (down M/M from $1.137 billion, down Y/Y from $2.17 billion); Morgan Stanley (including Calvert and Eaton Vance), $839 million (down M/M from $2.246 billion, down Y/Y from $2.558 billion); and John Hancock, $785 million (up M/M from $96 million, down Y/Y from $964 million).
Franklin also leads the 2023 large firm outflows pack so far, thanks to an estimated $6.882 billion in net YTD outflows as of April 30. Other big YTD outflows sufferers include: Lord Abbett, $4.253 billion; and Jackson, $3.419 billion.
As a group, large fund firms suffered $6.053 billion in net April 2023 outflows, equivalent to 0.13 percent of their combined AUM. That's down M/M from $10.801 billion and 0.23 percent, and down Y/Y from $26.673 billion and 0.53 percent.
Across the industry, the 776 firms tracked by the M* team (down M/M from 785, down Y/Y from 796), brought in $6.565 billion in net inflows in April 2023, equivalent to 0.03 percent of their combined $24.131 trillion in AUM across 42,060 funds. That compares with $25.527 billion in net outflows, 0.11 percent of AUM, $23.968 trillion in AUM, and 42,221 funds in March 2023, and with $89.224 billion in net outflows, 0.36 percent of AUM, and $24.585 trillion in AUM in April 2022.
Active funds suffered an estimated $30.68 billion in net outflows in April 2023, down M/M from $58.306 billion and down Y/Y from $86.386 billion. On the flip side, passive funds brought in $37.244 billion in net April 2023 inflows, up M/M from $32.778 billion and up Y/Y from $2.838 billion in net outflows.
So far in 2023, the industry has brought in $22.844 billion in net inflows as of April 30. That's equivalent to 0.09 percent of overall industry AUM.
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