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 |
|
Wednesday, September 27, 2023 Active Outflows Climb 41 Percent In a Month, And ... Inflows into passive funds shrunk by 82.6 percent last month, even as outflows from active funds grew by 40.7 percent, according to the latest data from the folks at a publicly traded investment research company. This article draws from Morningstar Direct data on August 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 inflows pack for a fourth month running, thanks to an estimated $2.296 billion in net August 2023 active inflows, up month-over-month from $1.952 billion in July 2023 but down year-over-year from $3.751 billion in August 2022. Other big August 2023 active inflows winners included: Prudential's PGIM, $1.878 billion (up M/M from $137 million, up Y/Y from $1.349 billion in net outflows); Allianz's Pimco, $1.473 billion (up M/M from $717 million, up Y/Y from $1.289 billion in net outflows); Edward Jones' Bridge Builder, $597 million (up M/M from $595 million, up Y/Y from $408 million); and Baird (including Strategas), $569 million (down M/M from $1.502 billion, down Y/Y from $1.25 billion). Vanguard took the lead on the passive side last month, thanks to an estimated $11.055 billion in net August 2023 passive inflows, down M/M from $16.78 billion in July 2023 and down Y/Y from $19.914 billion in August 2022. Other big August 2023 passive inflows winners included: Fidelity, $8.494 billion (up M/M from $8.363 billion, up Y/Y from $1.436 billion); Schwab, $2.082 billion (up M/M from $632 million, down Y/Y from $2.924 billion); WisdomTree, $1.413 billion (up M/M from $899 million, up Y/Y from $768 million); and Rafferty's Direxion, $1.214 billion (up M/M from $89 million in net outflows, up Y/Y from $502 million in net inflows). On the flip side, last month was a rough one for Capital Group (home of American Funds), which took the active outflows lead thanks to an estimated $6.672 billion in net August 2023 active outflows, up M/M from $2.892 billion in July 2023 and up Y/Y from $1.616 billion in August 2022. Other big August 2023 active outflows sufferers included: Vanguard, $6.299 billion (up M/M from $4.888 billion, up Y/Y from $2.42 billion); BlackRock (including iShares), $3.345 billion (up M/M from $2.433 billion, up Y/Y from $2.73 billion); Franklin Templeton (including Royce), $3.261 billion (up M/M from $1.965 billion, down Y/Y from $4.311 billion); and T. Rowe Price, $3.016 billion (down M/M from $5.106 billion, down Y/Y from $4.465 billion). SSGA took the outflows lead last month among passive fund firms, thanks to an estimated $12.194 billion in net August 2023 passive outflows, down M/M from $2.385 billion in July 2023 inflows and down Y/Y from $3.661 billion in August 2022 inflows. Other big August 2023 passive outflows sufferers included: BlackRock, $3.314 billion (down M/M from $19.517 billion in net inflows, down Y/Y from $6.397 billion in net inflows); ProShares and ProFunds, $610 million (down M/M from $1.113 billion, down Y/Y from $1.439 billion in net inflows); Jackson, $304 million (up M/M from $135 million, down Y/Y from $53 million in net inflows); and DWS (including Xtrackers), $279 million (down M/M from $13 million in net inflows, down Y/Y from $424 million in net outflows). Overall, the 714 active fund firms tracked by the M* team (up M/M from 713, down Y/Y from 729) suffered an estimated $34.337 billion in net active outflows in August 2023, up M/M from $24.413 billion and up Y/Y from $30.062 billion. 38.9 percent of those firms (278) brought in net active inflows last month, up M/M from 38.6 percent but down Y/Y from 42.8 percent. The 146 passive firms tracked by the M* team (up M/M from 145, down Y/Y from 158) brought in an estimated $9.869 billion in net August 2023 passive inflows, down M/M from $56.803 billion and down Y/Y from $37.845 billion. 45.9 percent of those firms (67) gained net passive inflows last month, up M/M from 44.1 percent but down Y/Y from 46.8 percent. Printed from: MFWire.com/story.asp?s=66489 Copyright 2023, InvestmentWires, Inc. All Rights Reserved |