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Rating:Vanguard Retakes the Lead Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, November 16, 2015

Vanguard Retakes the Lead

Reported by Neil Anderson, Managing Editor

The biggest mutual fund shop in the world has retaken the lead in the race for net inflows. And a Southern California-based fixed income boutique continues to lead pack on a percentage basis.

Frederick William McNabb III
Chairman, Chief Executive Officer
On Friday Morningstar released the "Morningstar Direct U.S. Asset Flows Update" for October 2015, penned by markets research senior analyst Alina Lamy. M* estimates that Vanguard [profile] raked in $16.159 billion last month, pushing it ahead of BlackRock [profile], which brought in $15.11 billion. (BlackRock beat Vanguard inflow-wise in September.) Other top inflow winners in October were State Street Global Advisors (SSgA [profile]) with $6.728 billion, Fidelity [profile] with $2.664 billion, and Dimensional Fund Advisors (DFA [profile]) with $2.064 billion.

On a percentage of AUM basis, DoubleLine [profile] was again at the head of the pack last month, netting inflows amounting to 2.618 percent of AUM. Other big winners included: SSgA, 1.6186 percent; BlackRock, 1.4857 percent; TCW [profile], 1.3805 percent; and Legg Mason [profile] 1.0663 percent.

In terms of outflows,
Pimco [profile] was again the lead sufferer with $4.616 billion, yet that was nearly 15 percent less than its outflows in September. Franklin Templeton [profile] suffered $3.23 billion in net outflows in October, GMO's [profile] outflows totaled $3.115 billion, Wells Fargo's [profile] totaled $1.774 billion, and Ivy's [profile] totaled $900 million.

Translating those outflow figures into percentages of AUM, GMO had it the worst; its outflows amounted to 4.5809 percent of AUM. Other big sufferers included: Wells, outflows of 1.6579 percent of AUM; Ivy [profile], 1.5517 percent; Pimco, 1.4562 percent; and First Eagle [profile], 1.1225 percent.

For long-term, active mutual funds, only municipal bond funds ($2.358 billion in inflows) and alternative funds ($806 million) had net inflows across the category last month. The U.S. equity fund category suffered $11.348 billion in net outflows, $3.831 billion for allocation funds, $1.505 billion for taxable bond funds, $511 million for international equity funds, $252 million for sector equity funds, and $44 million for commodities funds.

Passive mutual funds gained net inflows across all categories, except $206 million in net outflows from passive alternative funds. In total, $44.638 billion flowed into passive funds in October, while $14.328 billion flowed out of active funds.

Money market mutual funds gained $50.946 billion in net inflows last month. 

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