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Rating:111 Percent of Net Inflows Last Month Went Into Just Two Firms Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, May 19, 2015

111 Percent of Net Inflows Last Month Went Into Just Two Firms

Reported by Neil Anderson, Managing Editor

111 percent of net mutual fund inflows (including ETFs, but excluding funds of funds and money market funds) went into just two shops last month. On the flip side, 23 of the 50 biggest mutual fund shops suffered outflows last month.

Morningstar just released its "Morningstar Direct U.S. Asset Flows Update", penned by senior analyst Alina Lamy, on April 2015 mutual fund flows. $30.878 billion net flowed into ETFs and long-term mutual funds (excluding funds of funds) last month; Vanguard [profile] (now at 19.45 percent of industry AUM, up from 17.78 percent a year ago) alone gained $22.428 billion in net inflows, and BlackRock [profile] (including iShares profile]) (now at 7.18 percent market share of AUM, up from 6.61 percent a year ago) brought in $11.976 billion. So combined, Vanguard and BlackRock took in 111 percent of net inflows last month. Put another way, if Vanguard and BlackRock were the only mutual fund companies in the business last month, the industry's net flows would've been higher.

And all after what the report describes as "the worst ever" 12-month period for active U.S. equity flows.

Rounding out the top five April inflows winners (among the top 50 fund firms by AUM) were: WisdomTree [profile], with $3.794 billion in net inflows and 0.41 percent of industry AUM (up from 0.25 percent a year ago); Capital Group's [profile] American Funds, with $2.466 billion in net inflows and 8.32 percent of industry AUM (down from 8.38 percent a year ago); and TCW's [profile] MetWest, with $2.027 billion in net inflows and 0.51 percent of industry AUM (up from 0.27 percent a year ago).

On the flip side, the top five April outflows sufferers (among the top 50 fund firms by AUM) were: State Street Global Advisors (SSgA [profile]), with $14.663 billion in net outflows and 2.84 percent of industry AUM (down from 2.88 percent a year ago); Pimco [profile], with $7.425 billion in net outflows and 2.41 percent of industry AUM (down from 3.90 percent a year ago); Wells Fargo [profile], with $1.749 billion in net outflows and 0.78 percent of industry AUM (down from 0.83 percent a year ago); Ameriprise's Columbia Threadneedle [profile], with $1.199 billion in net outflows and 1.10 percent of industry AUM (down from 1.21 percent a year ago); and New York Life's MainStay [profile], with $1.109 billion in net outflows and 0.49 percent of industry AUM (down from 0.62 percent a year ago).

Top-rated funds, not surprisingly, still dominate inflows. Morningstar's report notes that funds with its highest rating, five stars, brought in $30.329 billion last month, accounting for 98 percent of net inflows. Two-star funds were the big sufferers, with $11.066 billion net flowing out in April, while the only other big mover category was unrated funds, which brought in $13.847 billion net. 

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