Last month Vanguard
crushed the competition yet again, but Pimco
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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