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 |
|
Tuesday, November 28, 2023 Active Outflows Grow By $23.4B, But ... Active outflows grew by more than $23.4 billion last month, even as passive inflows shrunk by about $13.6 billion, according to the latest data from the folks at a publicly traded investment research company. This article draws from Morningstar Direct data on October 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. BlackRock took the lead on the passive side, thanks to an estimated $7.724 billion in net October 2023 passive inflows, up month-over-month from $693 million in net outflows in September 2023 but down year-over-year from $29.889 billion in net inflows in October 2022. Other big October 2023 passive inflows winners included: Fidelity, $2.803 billion (down M/M from $6.11 billion, up Y/Y from $1.381 billion); Invesco, $1.812 billion (down M/M from $3.374 billion, up Y/Y from $310 million in net outflows); Schwab, $1.744 billion (down M/M from $2.15 billion, down Y/Y from $2.98 billion); and Pacer, $1.483 billion (up M/M from $1.037 billion, up Y/Y from $1.193 billion). Edward Jones' Bridge Builder took the lead last month on the active side, thanks to an estimated $2.184 billion in net October 2023 active inflows, up M/M from $315 million in September 2023 and up Y/Y from $938 million in October 2022. Other big October 2023 active inflows winners included: J.P. Morgan (including Six Circles), $1.795 billion (down M/M from $2.676 billion, up Y/Y from $117 million in net outflows); First Trust, $822 million (up M/M from $263 million, up Y/Y from $368 million); Innovator, $767 million (up M/M from $363 million, down Y/Y from $817 million); and Baird (including Strategas), $765 million (up M/M from $575 million, up Y/Y from $782 million in net outflows). On the flip side, last month was another rough one for ProShares and ProFunds, which led the passive outflows pack for a second month in a row thanks to an estimated $2.752 billion in net October 2023 outflows, up M/M from $1.196 billion in September 2023 and up Y/Y from $771 million in October 2022. Other big October 2023 passive outflows sufferers included: First Trust, $1.63 billion (up M/M from $334 million, up Y/Y from $389 million); DWS (including Xtrackers), $400 million (up M/M from $195 million, up Y/Y from $155 million); Principal, $313 million (down M/M from $17 million in net inflows, up Y/Y from $13 million in net outflows); and Jackson, $296 million (down M/M from $313 million, up Y/Y from $40 million). Vanguard led the active outflows pack for a second consecutive month thanks to an estimated $9.31 billion in net October 2023 active outflows, up M/M from $6.189 billion in September 2023 but down Y/Y from $12.32 billion in October 2022. Other big October 2023 active outflows sufferers included: Capital Group (home of American Funds), $6.916 billion (up M/M from $6.01 billion, down Y/Y from $8.326 billion); Fidelity, $5.766 billion (up M/M from $1.3 billion, down Y/Y from $9.64 billion); TCW (including MetWest), $4.285 billion (up M/M from $851 million, up Y/Y from $1.399 billion); and Franklin Templeton (including Royce), $4.038 billion (up M/M from $2.533 billion, down Y/Y from $4.126 billion). Overall, the 144 passive fund firms tracked by the M* team (down M/M from 145, down Y/Y from 158) brought in an estimated $15.765 billion in net passive inflows in October 2023, down M/M from $29.31 billion and down Y/Y from $79.909 billion. 41.7 percent (60) of those firms brought in net passive inflows last month, up M/M from 37.9 percent (55) but down Y/Y from 41.8 percent (66). The 716 active fund firms (up M/M from 711, down Y/Y from 735) suffered an estimated $65.002 billion in net October 2023 active outflows, up M/M from $41.556 billion but down Y/Y from $101.864 billion. 31.4 percent (225) of those firms brought in net active inflows last month, down M/M from 33.5 percent (238) and down Y/Y from 32.2 percent (237). Printed from: MFWire.com/story.asp?s=66743 Copyright 2023, InvestmentWires, Inc. All Rights Reserved |