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 |
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Thursday, October 26, 2023 Vanguard and JPM Repeat Their Flows Victories The low-cost mutual fund titan and a money center bank's asset management arm led the passive and active flows packs again last month, respectively, according to the latest data from the folks at a publicly traded investment research company. This article draws from Morningstar Direct data on September 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. Vanguard led the passive inflows pack for a second consecutive month, thanks to an estimated $8.444 billion in net September 2023 passive inflows, down month-over-month from $11.055 billion in August 2023 but up year-over-year from $5.778 billion in September 2022. Other big September 2023 passive inflows winners included: SSGA, $7.339 billion (up M/M from $12.194 billion in net outflows, up Y/Y from $86 million in net inflows); Fidelity $6.11 billion (down M/M from $8.494 billion, up Y/Y from $3.443 billion); Invesco, $3.374 billion (up M/M from $380 million, up Y/Y from $1.129 billion in net outflows); and Schwab, $2.15 billion (up M/M from $2.082 billion, down Y/Y from $3.149 billion). J.P. Morgan (including Six Circles) led the active inflows pack for a fifth month running, thanks to an estimated $2.676 billion in net September 2023 inflows, up M/M from $2.296 billion in August 2023 and up Y/Y from $887 million in net outflows in September 2022. Other big September 2023 active inflows winners included: Dodge & Cox, $1.312 billion (up M/M from $542 million, up Y/Y from $1.135 billion in net outflows); Prudential's PGIM (including Advanced Series Trust), $766 million (down M/M from $1.878 billion, up $199 million in net outflows); Baird (including Strategas), $575 million (up M/M from $569 million, up Y/Y from $491 million in net outflows); and Innovator, $363 million (up M/M from $306 million, down Y/Y from $473 million. On the flip side, last month was a rough one for ProShares and ProFunds, which took the passive outflows lead thanks to $1.196 billion in net September 2023 passive outflows, up M/M from $610 million in August 2023 and up Y/Y from $1.112 billion in September 2022. Other big September 2023 passive outflows sufferers included: BlackRock (including iShares), $693 million, (down M/M from $3.314 billion, down Y/Y from $8.508 billion in net inflows); First Trust, $334 million, up M/M from $97 million, down Y/Y from $514 million; Jackson, $313 million (up M/M from $304 million, down Y/Y from $339 million); and Victory, $286 million (up M/M from $191 million, down Y/Y from $41 million in net outflows). Vanguard took the active outflows lead last month, thanks to an estimated $6.189 billion in net September 2023 active outflows, down M/M from $6.299 billion in August 2023 and down Y/Y from $8.979 billion in September 2022. Other big September 2023 active outflows sufferers included: Capital Group (home of American Funds), $6.01 billion (down M/M from $6.672 billion, up Y/Y from $4.419 billion); Franklin Templeton, $2.533 billion (down M/M from $3.345 billion, up Y/Y from $3.685 billion); BlackRock, $2.455 billion (down M/M from $3.345 billion, down Y/Y from $3.685 billion); and T. Rowe Price, $2.266 billion (down M/M from $3.016 billion, down Y/Y from $4.619 billion). Overall, the 145 passive fund firms tracked by the M* team (down M/M from 146, down Y/Y from 155) brought in an estimated $29.31 billion in net passive inflows in September 2023, up M/M from $9.869 billion and up Y/Y from $20.732 billion. 37.9 percent of those firms (55) brought in net passive inflows last month, down M/M from 45.9 percent (down 67) and down Y/Y from 40.6 percent (63). The 711 active fund firms (down M/M from 714, down Y/Y from 727) suffered an estimated $41.556 billion in net September 2023 active outflows, up M/M from $34.337 billion but down Y/Y from $97.389 billion. 33.5 percent (238) of those firms brought in net active inflows last month, down M/M from 38.9 percent (278) and down Y/Y from 251 (34.5 percent). Editor's Note: A prior version of this story gave the wrong number of passive fund firms tracked by Morningstar in August 2023 and September 2022. Printed from: MFWire.com/story.asp?s=66613 Copyright 2023, InvestmentWires, Inc. All Rights Reserved |