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Monday, August 15, 2016

Four Firms Dominated July Inflows

Reported by Neil Anderson, Managing Editor

For 10 months in a row and counting, Vanguard [profile] has topped industry inflows. Yet three other mutual fund firms also had huge inflows of more than $7 billion each last month.

Frederick William McNabb III
The Vanguard Group, Inc.
Chief Executive Officer, President, Chairman of the Board of Directors
Vanguard brought in an estimated $23.15 billion in net flows in July 2016, per Morningstar's just-released Morningstar Direct Asset Flows Commentary: United States for last month. Alina Lamy, senior analyst of markets research at M*, penned the report.

Behind Vanguard, M* estimates, the top inflow winners last month were: BlackRock [profile] (including iShares [profiles]), $18.818 billion; State Street Global Advisors (SSgA [profile]), $10.985 billion; Invesco [profile] (including PowerShares [profile]), $7.831 billion; and TIAA [profile] (including Nuveen [profile]), $1.112 billion.

Proportionately, per M*'s estimates, the biggest winners last month were: Invesco, with net inflows equivalent to 3.16 percent of AUM; SSgA, 2.39 percent; BlackRock, 1.64 percent; DoubleLine [profile], 1.05 percent; and Federated [profile], 1.04 percent.

On the flip side, per M*'s estimates, the biggest net outflow sufferers last month were: Franklin Templeton [profile], $3.765 billion; Fidelity [profile], $3.598 billion; Harris' Oakmark [profile], $2.413 billion; Capital Group's American Funds [profile], $1.8 billion; and New York Life's MainStay [profile], $1.389 billion.

Proportionately, per M*'s estimates, the biggest net outflow sufferers last month were: Oakmark, 3.6 percent; MainStay, 2.44 percent; GMO [profile], 2.31 percent; Harbor [profile], 1.64 percent; and Natixis [profile], 1.37 percent.

Industrywide, M* estimates that long-term active mutual funds suffered $28.992 billion in net outflows, slightly down from June's outflows of $30.159 billion. Yet passive funds brought in $66.168 billion in net inflows in July (more than double June's passive net inflows of $29.236 billion) and money market funds swung to $17.941 billion in net inflows in July (from $13.011 billion in net outflows in June).

Within long-term active funds, the biggest winners in July were taxable bond funds, M* estimates, bringing in $13.473 billion in net inflows. Municipal bond funds brought in $6.315 billion, while commodities funds brought in $445 million.

Meanwhile, among long-term active funds, M* estimates, U.S. equity funds suffered $32.929 billion in net outflows in July. Other long-term active fund categories with net outflows last month include: international equity funds, $8.449 billion; allocation funds, $4.055 billion; sector equity funds, $2.817 billion; and alternative funds, $976 million. 

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