Passive inflows jumped fivefold last month and more than doubled year-over-year, even as active outflows dipped, according to the latest data from the folks at a publicly traded investment research company.

Laurence D. "Larry" Fink BlackRock Chairman, CEO

This article draws from Morningstar Direct data on November 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 led the way on the passive side for a second month in a row, thanks to an estimated $32.785 billion in net November 2023 passive inflows, up month-over-month from $7.724 billion in October 2023 and up year-over-year from $21.016 billion in November 2022. Other big November 2023 passive inflows winners included: Vanguard, $17.855 billion (up M/M from $1.464 billion, up Y/Y from $13.906 billion); SSGA, $16.33 billion (up M/M from $1.094 billion, up Y/Y from $1.546 billion in net outflows); Invesco, $5.414 billion (up M/M from $1.812 billion, down Y/Y from $6.584 billion); and Fidelity, $4.912 billion (up M/M from $2.803 billion, up Y/Y from $4.62 billion in net outflows).

Edward Jones' Bridge Builder led the active pack for a second consecutive month, thanks to an estimated $1.525 billion in net November 2023 active inflows, down M/M from $2.1848 billion in October 2023 and up Y/Y from $362 million in November 2022. Other big active November 2023 inflows winners included: First Trust, $831 million (up M/M from $822 million, up Y/Y from $600 million); Dodge & Cox, $802 million (up M/M from $622 million in net outflows, up Y/Y from $1.478 billion in net outflows); Pimco, $719 million (up M/M from $1.171 billion in net outflows, down Y/Y from $2.682 billion in net inflows); and J.P. Morgan (including Six Circles), $699 million (down M/M from $1.795 billion, down Y/Y from $2 billion).

On the flip side, last month was a rough one for First Trust's passive funds, which led the passive outflows pack thanks to an estimated $802 million in net November 2023 outflows, down M/M from $1.63 billion, down Y/Y from $656 million in net inflows. Other big November 2023 passive outflows sufferers included: VALIC, $301 million (up M/M from $85 million, up Y/Y from $97 million); Goldman Sachs, $300 million (up M/M from $151 million, down Y/Y from $650 million); Voya, $194 million (down M/M from $277 million, up Y/Y from $157 million); and T. Rowe Price, $175 million (down M/M from $369 million in net inflows, down Y/Y from $185 million in net outflows).

Vanguard led the active outflows pack for a third month running thanks to an estimated $7.478 billion in net November 2023 active outflows, down M/M from $9.31 billion in October 2023 and down Y/Y from $9.788 billion in November 2022. Other big November 2023 active outflows sufferers included: Capital Group (home of American Funds), $5.781 billion (down M/M from $6.916 billion, down Y/Y from $7.839 billion); Franklin Templeton (including Royce), $4.328 billion (up M/M from $4.038 billion, up Y/Y from $4.174 billion); T. Rowe, $3.098 billion (up M/M from $2.516 billion, down Y/Y from $4.057 billion); and BlackRock, $2.804 billion (down M/M from $3.395 billion, down Y/Y from $6.132 billion).

Overall, the 140 passive funds tracked by the M* team (down M/M from 144, down Y/Y from 159) brought in an estimated $86.145 billion in net passive inflows in November 2023, up M/M from $15.765 billion and up Y/Y from $42.638 billion. 42.1 percent (59) of those firms brought in net passive inflows last month, compared with 41.7 percent (60) in October 2023 and with 39.6 percent (63) in November 2022.

The 717 active fund firms (up M/M from 716, down Y/Y from 740) suffered an estimated $53.05 billion in net November 2023 active outflows, down M/M from $65.002 billion and down Y/Y from $95.552 billion. 36.1 percent (260) of those firms brought in net active inflows last month, up M/M from 31.4 percent (225) and up Y/Y from 34.5 percent (255). 

Edited by: Neil Anderson, Managing Editor


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