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Rating:Only One Active Shop Passed $1B in Inflows in August Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, September 26, 2017

Only One Active Shop Passed $1B in Inflows in August

Reported by Neil Anderson, Managing Editor

Last month Vanguard and BlackRock crushed the competition yet again, but Pimco and Schwab also racked up big numbers. And money market funds had a big month, too.

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

The house that Bogle built came in first yet again, netting an estimated $20.668 billion in inflows in August. The other big winners in August were: BlackRock, $8.724 billion in estimated net inflows; Pimco, $4.046 billion; Schwab, $3.099 billion; and DFA, $1.655 billion.

Proportionately, Schwab was on top of the big fund firm pack, with inflows equivalent to about two percent of its AUM. Other big inflow winners on a relative basis were: Pimco, 1.2 percent; PGIM, 0.94 percent; Guggenheim, 0.9 percent; and Legg Mason, 0.85 percent.

Yet about 59 percent of big fund firms suffered net outflows in August. Leading the pack in outflows was SSgA, with an estimated $3.87 billion in net ouflows. Other big outflow sufferers were: Franklin Templeton, $2.428 billion; T. Rowe Price, $1.481 billion; Voya, $845 million; and American Century, $778 million.

Proportionately, among big fund firms Harbor suffered the biggest outflows in August, equivalent to about 1.03 percent of its AUM. Other big sufferers, proportionately, were: Voya, 1.02 percent; SSgA, 0.7 percent; American Century, 0.69 percent; and Franklin, 0.63 percent.

Industrywide, active long-term mutual funds suffered an estimated $7.174 billion in net outflows in August, while passive funds gained $37.149 billion in net inflows. Money funds dwarfed them both combined, bringing in an estimated $74.801 billion in net inflows.

Among active long-term funds, taxable bond funds were the biggest winners, bringing in $14.118 billion in estimated net inflows in August. Other winning categories included: international equity, $4.386 billion; muni bonds, $3.445 billion; and alternatives, $480 million.

On the flip side, the biggest sufferers were active long-term U.S. equity funds, with an estimated $22.997 billion in net outflows in August. Also suffering net outflows were: allocation, $3.54 billion; sector equity, $3.035 billion; and commodities, $31 million. 

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