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Rating:Vanguard and BlackRock Stay on Top While SSgA's Flow Woe Reverses Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, July 20, 2017

Vanguard and BlackRock Stay on Top While SSgA's Flow Woe Reverses

Reported by Waiho Zhang

Last month, Vanguard and BlackRock were in the lead again with over $20 billion in inflows, and SSgA is once again pulling in cash.

Walt Bettinger
President and CEO

Chicago-based investment research specialist Morningstar released its "Morningstar Direct Asset Flows Commentary United States" report for June 2017. Alina Lamy, senior analyst of quantitative research, penned the report. (An abridged version of the report is publicly accessible, while the full report appendices are available to Morningstar Direct Users.)

The low cost mutual fund titan, Vanguard, came in first, for the second month in a row, with a total of $25.641 billion in net open-end mutual fund and ETF inflows, M* estimates. Yet, Vanguards' inflows this month was about $10.237 billion less than last month. Coming in second was BlackRock, driven largely by its iShares ETF business, with $21.953 billion in estimated net inflows, up $3.414 billion from May. Other big winners in June included: SSgA, with estimated net inflows of $5.372 billion (which was is a big turn around compared to May outflows of $6.161 billion); Capital Groups' American Funds, with $3.901 billion; and DFA, with $2.675 billion.

The winner last month for ETF and mutual fund inflows on a relative basis (among the biggest fund firms) was Guggenheim, with estimated net inflows that were 3.245 percent its total AUM. BlackRock came in second with 2.012 percent and following close behind were Schwab, with 1.988 percent; SSgA, with 1.241 percent; and Harris' Oakmark, with 1.09 percent.

On the flip side, despite a majority of the biggest fund firms experiencing inflows, 36 percent experienced outflows. T. Rowe Price suffered estimated net outflows of $3.262 billion last month followed by Invesco who experienced net outflows of $2.672 billion. Other fund firms that suffered the biggest outflows for the month of June included: Harbor, with $1.410 billion; Franklin Templeton, with $1.310 billion; and MainStay, with $1.218 billion.

The big fund firms that suffered the biggest relative outflows in regards to its AUM was MainStay Investments with estimated net outflows of 2.259 percent. Other firms that suffered big outflows last month were: Harbor Capital, with net outflows of 1.958 percent; Invesco, with outflows of 1.146 percent; Dreyfus Corporation, with net outflows of 0.851 percent; and Principal Funds, with net outflows of 0.777 percent.

Industry wide, long-term, active mutual funds generated net inflows of $1.758 billion in the month of June. This is a significant decrease in inflows compared to the $9.745 billion generated in May. The inflows in passive funds also decreased from $59.05 billion in May to $56.41 billion in June and Money market funds took a big hit last month, experiencing estimated net outflows of about $25.097 billion dollars.

Within long term active mutual funds, taxable bond funds brought in an estimated $14.42 billion in net inflows last month. International equity funds brought in $4.577 billion and Municipal bond funds brought in $2.598 billion.

Meanwhile, long term, active U.S. equity funds dipped last month, with estimated net outflows of $14.558 billion. Sector equity funds had estimated net outflows of $1.717 billion, allocation funds had estimated net outflows of $1.641 billion, alternative funds had estimated net outflows of $1.553 billion, and commodities funds had estimated net outflows of $368 million.  

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