A B-D's multi-manaer mutual fund arm kept the inflows lead proportionately again last month, even as the industry's overall outflows returned.

Ryan Timothy Robson Edward Jones / Olive Street Investment Advisers, LLC Principal, Client Strategy Group / President

This article draws from Morningstar Direct data on May 2023 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. (Other asset management products, like CITs and SMAs, are also not included.)

Edward Jones' Bridge Builder led the pack for a third month in a row, thanks to an estimated $178 million per fund in net May 2023 inflows, up month-over-month from $58 million per fund in April 2023 and up year-over-year from $6 million per fund in net outflows in May 2022. Other big May 2023 inflows winners included: SSGA, $59 million per fund (up M/M from $17 million per fund, up Y/Y from $27 million per fund); Independent Franchise Partners, $50 million per fund (up M/M from $1 million per fund, up Y/Y from $18 million per fund); Axonic, $33 million per fund (up M/M from $7 million per fund, up Y/Y from $20 million per fund); and Standpoint Asset Management, $29 million per fund (up M/M from $5 million per fund, down Y/Y from $37 million per fund).

Bridge Builder also still leads the 2023 proportional inflows pack so far, thanks to estimated net year-to-date inflows of $514 million per fund as of May 31. Other big YTD inflows winners include: Kovitz, $154 million per fund; and Baird (including Strategas), $117 million per fund.

On the flip side, Edgewood took the outflows lead last month, thanks to an estimated $86 million per fund in net May 2023 outflows, up M/M from $49 million per fund in April 2023 but down Y/Y from $147 million per fund in May 2022. Other big May 2023 outflows sufferers included: Primecap, $66 million per fund (up M/M from $40 million per fund, down Y/Y from $189 million per fund); Akre, $58 million per fund (up M/M from $46 million per fund, down Y/Y from $83 million per fund); Ruane Cunniff & Goldfarb's Sequoia, $51 million per fund (up M/M from $34 million per fund, up Y/Y from $37 million per fund); and Core Alternative Capital, $37 million per fund (up M/M from $12 million per fund, down Y/Y from $9 million per fund in net inflows).

Edgewood still leads the 2023 proportional outflows pack so far, thanks to an estimated $321 million per fund in YTD outflows as of May 31. Other big outflows sufferers include: PGIM, $314 million per fund; and Primecap, $296 million per fund.

The whole long-term U.S. mutual fund and ETF industry suffered $552,000 per fund in net May 2023 outflows. That's down M/M from $156,000 per fund in April 2023 inflows and down Y/Y from $930,000 per fund in May 2022 outflows.

So far in 2023, the industry has suffered $5,000 per fund in net outflows. 

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