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Monday, November 27, 2017

Guggenheim Rocks October as Two Titans Keep Gobbling

Reported by Neil Anderson, Managing Editor

While two titans continued gobbling a huge percentage of industrywide net flows in October, Guggenheim and several other big firms also had a great month.

Chicago-based investment research specialist Morningstar recently released its "Morningstar Direct Asset Flows Commentary: United States" report for October 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.)

Vanguard and BlackRock outpaced the rest of the pack yet again, bringing in $28.232 billion and $20.926 billion in estimated October net inflows each, a drop from September for Vanguard but a slight increase for BlackRock. SSgA held down third place with $5.585 billion, followed by J.P. Morgan ($4.719 billion) and Fidelity ($3.554 billion).

Proportionately, Guggenheim jumped into first place in among the biggest fund firms, thanks to estimated net inflows equivalent to 1.65 percent of its AUM. Other big October inflows winners on a relative basis were: J.P. Morgan, 1.58 percent; Charles Schwab, 1.44 percent; BlackRock, 1.36 percent; and PGIM, 1.04 percent.

On the flip side, Franklin Templeton again led the outflows pack, suffering an estimated $3.62 billion in net outflows in October. Other big sufferers last month include: OppenheimerFunds, $1.027 billion; Harbor, $1.002 billion; Columbia Threadneedle, $586 million; and American Century, $580 million.

Proportionately, among big fund firms Harbor again suffered the biggest estimated net outflows, equivalent to about 1.43 percent of its AUM. Other big sufferers in October, proportionately, include: Franklin, 0.94 percent; MainStay, 0.68 percent; Voya, 0.56 percent; and OpFunds, 0.51 percent.

Industrywide, long-term, actively managed mutual funds swung back to net inflows in October, with an estimated $5.585 billion in net inflows. Passive funds' net inflows rose to an estimated $71.6 billion, while money market fund flows swung negative, to $7.234 billion in net outflows.

Within long-term, active funds, taxable bond funds had another big month, brining in an estimated $19.212 billion in net inflows. Other positive inflows categories included: international equity, $5.259 billion; muni bonds, $2.178 billion; liquid alts, $1.347 billion; and commodities, $241 million.

Meanwhile, also among long-term, active funds, U.S. equity funds had another rough month, suffering an estimate $18.812 billion in net outflows. Also suffering were allocation funds ($2.575 billion in outflows) and sector equity funds ($1.265 billion). 

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