The big three indexed mutual fund and ETF shops dominated the business last year.
| Larry Fink|
Chief Executive Officer
Yesterday Chicago-based investment research specialist Morningstar released
its "Morningstar Direct Asset Flows Commentary: United States" report
for December 2016, which includes numbers for the full calendar year, too. (See this article for a deeper dive
into the December flows.) Markets research senior analyst Alina Lamy
and Morningstar Direct editor Tom Lauricella
worked on the report.
] brought in $277.257 billion* in net mutual fund and ETF inflows in 2016, putting it at number one. The other big net inflow winners last year were: BlackRock
] (including iShares
]), $99.484 billion; State Street Global Advisors (SSgA
]), $54.712 billion; Dimensional Fund Advisors (DFA
]), $21.481 billion; and Schwab
], $15.107 billion.
Proportionately, Schwab was the biggest winner last year, with net inflows amounting to 12.49 percent of its year-end 2016 AUM. Other big winners proportionately were: DoubleLine
], 11.03 percent; SSgA, 10.9 percent; TCW
], 8.4 percent; and BlackRock, 8.27 percent.
On the flip side, Franklin Templeton
] suffered $42.332 billion in net outflows last year, more than any other big fund firm. The other big 2016 net outflow sufferers were: Fidelity
], $23.217 billion; GMO
], $15.701 billion; Wells Fargo
], $15.392 billion; and Pimco
], $15.288 billion.
Proportionately, the biggest net outflow sufferers in 2016 were: GMO, 30.19 percent; Harris' Oakmark
], 22.7 percent; Wells Fargo, 16.73 percent; Harbor
], 15.34 percent; New York Life's MainStay
] 14.68 percent; and Goldman Sachs
], 13.88 percent.
Industrywide, long-term, active mutual funds suffered $340.137 billion in net outflows last year, and money market funds suffered $35.452 billion in net outflows. Passive funds brought in $504.776 billion in net inflows.
Within long-term, active funds, taxable bond funds brought in $46.327 billion in net inflows in 2016. Muni bond funds brought in $26.28 billion, and commodities funds brought in $3.366 billion.
On the flip side, active, long term U.S. equity funds suffered $263.79 billion in net outflows last year. $59.8 billion net flowed out of international equity funds, $53.531 billion out of allocation funds, $31.819 billion out of sector equity funds, and $7.169 billion out of alternative funds.
*All numbers are based on M*'s fund flows.
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