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Rating:M*: Vanguard and iShares Have Dominated This Year Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, December 16, 2015

M*: Vanguard and iShares Have Dominated This Year

Reported by Neil Anderson, Managing Editor

"Vanguard and iShares have dominated this year, followed (at a much longer distance) by DFA."

Frederick William McNabb III
The Vanguard Group, Inc.
Chief Executive Officer, President, Chairman of the Board of Directors
That analysis comes from Morningstar's monthly fund flows reporter for November, released today. The report, penned by M* markets research senior analyst Alina Lamy, highlights another rough month for actively managed mutual funds as a whole compared with passive ones. Once again it was Vanguard [profile] that came out on top.

Per Morningstar's estimates, Vanguard brought in $15.19 billion in net inflows in November, at the top of the pack for its tenth month this year. BlackRock [profile] (including its giant iShares [profile] ETF business and more) came second with $12.066 billion in net inflows last month. Rounding out the top five were: DFA [profile] with $1.333 billion, DoubleLine [profile] with $994 million, and TCW's MetWest [profile] with $869 million.

In percentage terms, drawing from M*'s net flows estimates, DoubleLine stayed on top last month with net inflows translating into 1.6032 percent. The rest of the top five net inflow winners by percent of AUM were: BlackRock, 1.147 percent; TCW, 1.1141 percent; WisdomTree [profile], 0.86949 percent; and SEI [profile], 0.53908 percent.

On the flip side, M* estimates, Pimco [profile] was again with the net outflow leader, suffering to the tune of $4.61 billion (roughly level with M*'s outflow estimate for Pimco for October). Other top outflows sufferers in November included: Franklin Templeton [profile], $3.675 billion; SSgA [profile], $2.773 billion; Fidelity [profile], $1.99 billion; and Dodge & Cox [profile], $1.714 billion.

In percentage terms, drawing from M*'s net flows estimates, Waddell & Reed's Ivy Funds [profile] had the toughest November, suffering net outflows equivalent to 2.5804 percent of AUM. Others taking big outflow hits proportionately include: BNY Mellon's Dreyfus [profile], 1.8898 percent of AUM; New York Life's MainStay [profile], 1.5554 percent; Pimco, 1.4823 percent; and Goldman Sachs [profile], 1.0341 percent.

As a whole, active long-term mutual fund shops had a rough November. M* estimates that $34.934 billion net flowed out of active, long-term funds last month. That includes $19.743 billion in net outflows from active U.S. equity funds, $8.377 billion from active taxable bond funds, $4.224 billion from active international equity funds, $4.126 billion from active allocation funds, $1.305 billion from active commodities funds, and $407 million from active sector equity funds. Among active, long-term funds, only municipal bond funds and alternative funds saw net inflows last month, of $2.562 billion and $686 million each, respectively.

Meanwhile, M* estimates that money market funds gained $7.465 billion in net inflows last month, while passive, long-term funds netted $30.867 billion in inflows. Even when combining active and passive flows, long-term mutual funds suffered $4.067 billion in net outflows in November, with the U.S. equities, taxable bond, allocation, and commodities categories taking the hits. 

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