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Rating:Two Fund Firms, One $555B Year Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, January 25, 2018

Two Fund Firms, One $555B Year

Reported by Neil Anderson, Managing Editor

Two giant mutual fund and ETF shops brought in a whopping $555 billion in combined net inflows last year, accounting for 81 percent of net inflows (excluding money funds).

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

This article digs into fund flows for the full 2017 calendar year. See our companion article for information on fund flows for December 2017.

The Vanguard-BlackRock show dominated last year. Low-cost colossus Vanguard brought in an estimated $345.727 billion in net inflows in 2017, while exchanged-traded titan BlackRock brought in $209.557 billion. (By comparison, the entire open-end mutual fund and ETF industry, minus money market funds, brougth in $684.9 billion in net inflows in 2017.) The other biggest winners (though almost an order of magnitude behind the leaders) were: SSgA, $33.917 billion; Pimco, $33.013 billion; and Charles Schwab, $32.304 billion.

Yet proportionately, 2017 was a very different story. At the head of the large fund firm pack was Guggenheim, which brought in estimated net inflows equivalent to 20.97 percent of its AUM. Other big winners included: Schwab, 18.35 percent; First Trust, 18.01 percent; BlackRock, 13.11 percent; and Pimco, 9.38 percent.

On the flip side, 2017 was a rough year for Franklin Templeton, which led the pack with estimated net outflows of $27.757 billion. Other big outflows sufferers last year included: Harbor, $13.451 billion; T. Rowe Price, $10.861 billion; Wells Fargo, $9.607 billion; and Columbia Threadneedle, $9.108 billion.

Proportionately, Harbor led the big fund firm pack in 2017, with estimated net outflows equivalent to 19.49 percent of its AUM. Other big sufferers proportionately included: Wells Fargo, 10.44 percent; Voya, 10.15 percent; Franklin, 7.23 percent; and Dreyfus, 6.71 percent.

Industrywide, long-term, active mutual funds suffered estimated net outflows of $6.991 billion in 2017. Money market funds brought in $107.096 billion in net inflows, and passive funds brought in $691.589 billion.

Within long-term, active mutual funds, taxable bond funds were the clear winners last year, bringing in estimated net inflows of $178.767 billion. Other winning active categories included: international equity funds, $35.621 billion; muni bond funds, $28.673 billion; liquid alts, $1.531 billion; and commodities, $1.124 billion.

Meanwhile, among long-term, active funds, U.S. equity funds suffered $207.466 billion in estimated net outflows in 2017. Other suffering active categories included: allocation funds, $26.825 billion; and sector equity funds, $18.417 billion.

Editor's Note: A prior version of this story left out net outflows figures for Franklin Templeton. Franklin is now included, and the outflows rankings have been adjusted accordingly. 

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