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, August 28, 2024 Passive Inflows Jump By $33B, & Active Outflows Fall Last month, net flows improved by billions on both the actively managed and index fund sides of the industry, according to the latest data from the folks at a publicly traded investment research company. This article draws from Morningstar Direct data on July 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.*** BlackRock (including iShares) kept the lead on the passive for a second month in a row, thanks to an estimated $33.181 billion in July 2024 passive inflows, down by $7.95 billion month-over-month from June 2024 but up by $13.664 billion year-over-year from July 2023. Other big July 2024 passive inflows winners included: Vanguard, $24.307 billion (up by $16.936 billion M/M, up by $7.527 billion Y/Y); State Street's SSGA, $17.265 billion (a $19.573-billion net inflows improvement M/M, up by $14.88 billion Y/Y); Invesco, $8.14 billion (up by $1.631 billion M/M, up by $2.274 billion Y/Y); and Fidelity, $5.761 billion (down by $2.695 billion M/M, down by $2.602 billion Y/Y). J.P. Morgan (including Six Circles) led the way for a third consecutive month on the active side, thanks to an estimated $6.71 billion in net July 2024 active inflows, up by $2.264 billion M/M from June 2024 and up by $4.758 billion Y/Y from July 2023). Other big July 2024 active inflows winners included: DFA, $1.861 billion (up by $1.487 billion M/M, up by $1.165 billion Y/Y); Baird (including Strategas), $1.394 billion (up by $382 million M/M, down by $108 million Y/Y); Goldman Sachs, $1.354 billion (up by $355 million M/M, up by $913 million Y/Y); and Prudential's PGIM (including Advanced Series Trust), $1.056 billion (up by $516 million M/M, up by $919 million Y/Y). On the flip side, Grayscale took the outflows lead last month among passive fund firms, suffering an estimated $2.158 billion in net July 2024 passive outflows, up by $1.557 billion M/M from June 2024 and up by $2.158 billion Y/Y from July 2023. Other big July 2024 passive outflows sufferers included: J.P. Morgan, $1.854 billion (a $2.352-billion net flows drop M/M, up by $550 million Y/Y); Jackson, $602 million (up by $56 million M/M, up by $467 million Y/Y); WisdomTree, $259 million (a $370-million net flows drop M/M, and a $1.158-billion net flows drop Y/Y); and Voya, $245 million (up by $98 million M/M, up by $32 million Y/Y). Vanguard took the active outflows lead last month, thanks to an estimated $6.864 billion in net active July 2024 outflows, up by $2.432 billion M/M from June 2024 and up by $1.976 billion Y/Y from July 2023. Other big July 2204 active outflows sufferers included: T. Rowe Price, $3.468 billion (up by $481 million M/M, down by $1.638 billion Y/Y); Franklin Templeton, $2.203 billion (down by $853 million M/M, up by $238 million Y/Y); Capital Group (home of American Funds), $2.077 billion (down by $3.355 billion M/M, down by $815 million Y/Y); and Invesco, $1.997 billion (up by $416 million M/M, up by $680 million Y/Y). The 150 passive fund firms tracked by the M* team brought in an estimated $94.701 billion in net July 2024 passive inflows, and 53.3 percent (80) of those firms brought in net passive inflows. That compares with $61.87 billion in net inflows and 42.4 percent of firms in June 2024, and with $56.803 billion in net inflows and 44.1 percent of firms in July 2023. The 750 active fund firms tracked by the M* team suffered $11.765 billion in net July 2024 active outflows, and 47.1 percent (353) of those firms brought in net active inflows. That compares with $18.109 billion in net outflows and 40.7 percent of firms in June 2024 and with $24.413 billion in net outflows and 38.6 percent of firms in July 2023. ***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=67843 Copyright 2024, InvestmentWires, Inc. All Rights Reserved |