The Low-Cost Leviathan kept the inflows lead last month among large fund firms, according to the latest data from the folks at a publicly traded investment research firm.

Mortimer J. "Tim" Buckley Vanguard Chairman, CEO

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. (Other asset management products, like CITs and SMAs, are also not included.***) More specifically, this article focuses on the 66 firms (up month-over-month from 64 in March 2024) with between 100 and 999 long-term mutual funds and ETFs each.

Vanguard led the large fund firm pack for a fourth month in a row, thanks to an estimated $12.164 billion in net April 2024 inflows, down by $12.788 billion M/M from March 2024 but up by $2.912 billion year-over-year from April 2023. Other big April 2024 inflows winners included: Allianz's Pimco, $2.45 billion (up M/M by $680 million, up Y/Y by $2.554 billion); Schwab, $2.364 billion (down M/M by $746 million, up Y/Y by $1.607 billion); Goldman Sachs, $1.379 billion (up M/M by $856 million, up by $1.933 billion Y/Y); and Rafferty's Direxion, $1.372 billion (up by $471 million M/M, up by $879 million Y/Y).

For the trailing twelve months ending on April 30, 2024, Vanguard led the way with $118.81 billion in net inflows. Other big TTM inflows winners included: State Street's SSGA, $69.324 billion; and Schwab, $26.324 billion.

On the flip side, SSGA took the outflows lead last month, thanks to an estimated $10.606 billion in net April 2024 outflows, a $29.538 billion net flows drop M/M and a $15.049 billion net flows drop Y/Y. Other big April 2024 outflows sufferers included: Capital Group (home of American Funds), $7.357 billion (up by $3.856 billion M/M, up by $2.171 billion Y/Y); T. Rowe Price, $6.571 billion (up by $3.482 billion M/M, up by $2.717 billion Y/Y); TCW (including MetWest), $2.766 billion (up by $1.706 billion M/M, up by $2.698 billion Y/Y); and Jackson, $2.111 billion (up by $443 million M/M, up by $1.327 billion Y/Y).

Cap Group led the outflows pack for the TTM ending April 30, 2024, thanks to an estimated $61.603 billion in net outflows. Other big outflows sufferers included: T. Rowe, $46.467 billion; and TCW, $17.521 billion.

As a group, large fund firms suffered an estimated $18.24 billion in net April 2024 outflows, ending the month with $17.466 trillion in AUM across 24,073 funds. That compares with $40.259 billion in net March 2024 inflows and $17.728 trillion in AUm and 22,910 funds on March 31, 2024.

As of April 30, 2024, large fund firms accounted for 63.5 percent of industry long-term fund AUM and 56.3 percent of long-term funds.

For the trailing twelve months ending April 30, 2024, large fund firms suffered $25.405 billion in net outflows.

Across the whole industry, the 789 firms (unchanged M/M but up Y/Y from 776) tracked by the M* team suffered an estimated $9.009 billion in net April 2024 outflows, down by $98.558 net M/M and down by $15.664 billion Y/Y. It was the industry's first monthly net outflows since October 2023.

The industry ended April 2024 with $27.506 trillion in AUM across 42,733 funds. (That compares with $28.428 trillion in AUM and 42,586 funds on March 31, 2024, and with $24.131 trillion in AUM and 42,060 funds on April 30, 2023).

For the TTM ending April 30, 2024, the industry brought in $229.942 billion in net inflows.

***This caveat is particularly important for large 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. 

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