February was a big month for at least 13 big mutual fund shops. 29 of the 46 biggest fund firms netted inflows, M* estimates, and industry active and passive funds netted billions.
| Scott Minerd|
Managing Partner and Global CIO
Today Chicago-based investment research specialist Morningstar released
its "Morningstar Direct Asset Flows Commentary: United States" report
for February 2017. Alina Lamy
, senior analyst of quantitative research, penned the report. (An abridged version
of the report is publicly accessible, while the full report and appendices are available to Morningstar Direct users.)
Passive players continue to dominate
industry inflows on an absolute basis. Vanguard
came in at number one last month with $32.241 billion in net inflows, M* estimates, followed by: BlackRock
), $16.048 billion; SSgA
, $9.341 billion; DFA
, $3.426 billion; and Schwab
, $2.109 billion.
On a relative basis, Guggenheim
had a huge February, netting inflows amounting to 3.39 percent of its AUM, per M* estimates. The other biggest inflow winners proportionately last month were: SSgA, 1.74 percent; Schwab, 1.61 percent; Lord Abbett
, 1.4 percent; and BlackRock, 1.25 percent.
On the flip side, Franklin Templeton
suffered the biggest net outflows last month, of $1.771 billion, M* estimates. The other biggest outflow sufferers in February were: Columbia
, $1.394 billion; Harbor
, $1.306 billion: GMO
, $969 million; and Voya
, $753 million.
Proportionately, GMO suffered the biggest outflows among big fund firms for the second month in a row
, with February outflows amounting to 1.9 percent of its AUM per M* estimates. The other biggest sufferers proportionately were: Harbor, 1.9 percent; Columbia, 0.94 percent; Voya, 0.91 percent; and Natixis
, 0.70 percent.
Industrywide, long-term, active mutual fund flows swung positive in February, to $8.461 billion, M* estimates. Money market funds suffered $267 million in net outflows. And passive funds continued to dominate net flows numbers, bringing in $74.01 billion.
Within long-term, active mutual funds, four categories brought in net inflows last month. Per M* estimates, taxable bond funds brought in $17.396 billion; muni bond funds, $2.193 billion; international equity funds, $1.131 billion; and commodity funds, $324 million.
Active, long-term U.S. equity funds suffered an estimated $8.862 billion in net outflows. $2.146 billion net flowed out of allocation funds, $1.043 billion out of sector equity funds, and $533 million out of alternative funds.
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