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 |
|
Monday, May 20, 2024 Passive Flows Plunge By $70B Net flows into the passive side of the mutual fund industry fell by more than $70 billion last month, and active funds broke a two-month inflows streak, according to the latest data from the folks at a publicly traded investment research company. This article draws from Morningstar Direct data on April 2024 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 side for a fourth consecutive month, thanks to an estimated $16.808 billion in April 2024 passive inflows, down by $11.57 billion month-over-month from March 2024 but up by $2.425 billion year-over-year from April 2023. Other big April 2024 passive inflows winners included: Invesco, $4.285 billion (down by $2.853 billion M/M, up by $2.621 billion Y/Y); Schwab, $2.418 billion (down by $776 million M/M, up by $1.589 bilion Y/Y); Fidelity, $1.912 billion (down by $4.812 billion M/M, down by $3.353 billion Y/Y); and Pacer, $1.74 billion (up by $376 million M/M, up by $1.297 billion Y/Y). Fidelity led the active side for a third month in a row, thanks to an estimated $6.091 billion in net April 2024 active inflows, up by $451 million M/M, up by $4.69 billion Y/Y. Other big April 2024 active inflows winners included: Allianz's Pimco, $2.457 billion (up by $826 million M/M, down by $2.35 billion Y/Y); Baird (including Strategas), $2.313 billion (up by $811 million M/M, up by $1.232 billion Y/Y); J.P. Morgan (including Six Circles), $2.259 billion (down by $3.125 billion M/M, up by $1.176 billion Y/Y); and Goldman Sachs, $1.444 billion (up by $779 million M/M, up by $1.654 billion Y/Y). On the flip side, State Street's SSGA took the outflows lead last month among passive fund firms, suffering an estimated $10.853 billion in net April 2024 passive outflows, a $29.483-billion net flows drop M/M and a $15.574-billion net flows drop Y/Y. Other big April 2024 passive outflows sufferers included: Grayscale, $2.452 billion (down by $3.933 billion M/M, up by $2.452 billion Y/Y); ProShares and ProFunds, $1.1 billion (a $1.267-billion net flows drop M/M, and a $1.811-billion net flows drop Y/Y); VanEck, $932 million (a $3.123-billion net flows drop M/M, and up by $231 million Y/Y); and Jackson, $453 million (up by $76 million M/M, up by $313 million Y/Y). Capital Group (home of America Funds) led the active outflows pack for a fourth consecutive month, thanks to an estimated $7.357 billion in net April 2024 active outflows, up by $3.856 billion M/M and up by $2.171 billion Y/Y. Other big April 2024 active outflows sufferers included: T. Rowe Price, $6.549 billion (up by $3.335 billion M/M, up by $2.446 billion Y/Y); Vanguard, $4.644 billion (up by $1.218 billion M/M, down by $487 million Y/Y); Franklin Templeton (including Putnam), $3.289 billion up by $764 million M/M, up by $1.132 billion Y/Y); and TCW (including MetWest), $2.769 billion (up by $1.702 billion M/M, up by $2.701 billion Y/Y). The 153 passive fund firms (up M/M by 7, up Y/Y by 6) tracked by the M* team brought in an estimated $16.707 billion in April 2024, down by $70.134 billion M/M and down by $20.537 billion Y/Y. 47.1 percent (72) of those firms brought in net passive inflows last year, compared with 47.3 percent in March 2024 and 42.2 percent in April 2023. The 743 active fund firms (up by 2 M/M, up by 24 Y/Y) tracked by the M* team, suffered $25.807 billion in in net April 2024 active outflows, the industry's first week of active outflows in three months, a $28.515-billion net flows drop M/M and down by $4.873 billion Y/Y. 44.7 percent (332) of those firms brought in net active inflows last month, up M/M from 44.3 percent and up Y/Y from 37 percent. ***This caveat is particularly important for jumbo fund firms, many of which are big players in the 401(k) business, where collective investment trusts (CITs) and separately managed accounts (SMAs) are commonly used alternatives to traditional mutual funds. Printed from: MFWire.com/story.asp?s=67443 Copyright 2024, InvestmentWires, Inc. All Rights Reserved |