For a second month in a row, someone beat Vanguard
Chicago-based investment research specialist Morningstar
its "Morningstar Direct Asset Flows Commentary: United States" report for May 2018. The report was penned by Kevin McDevitt
, senior analyst. (An abridged version of the report is publicly accessible
, while the full report with appendices is available to Morningstar Direct
users.) This article draws on data from that report and its appendices.
stayed on top of the flows for two straight months after a year of Vanguard dominance with an estimated $14.941 billion in net inflows in May, down from $18.614 billion in April. Vanguard stayed in second in May with $10.73 billion, down from $12.361 billion in April. Other big winners in May included: Schwab
, $4.482 billion (up from $2.433 billion); T. Rowe Price
, $3.031 billion (up from $968 million); and Invesco
, $2.821 billion (up from $1.318 billion in net outflows).
Proportionately, Edward Jones' Bridge Builder
took the lead among the largest fund families, bringing estimated net May inflows equivalent to 2.78 percent of its AUM. Other relative winners in May included: Schwab, 2.33 percent (up from 1.31 percent in April); First Trust
, 2.21 percent (up from 1.82 percent); AB
, 1.3 percent (up from 0.27 percent); and Lord Abbett
, 1.05 percent (up from 0.698 percent).
On the flip side, May was another rough month for Franklin Templeton
, with $2.623 billion in estimated net outflows, more than any other fund firm but down from $2.766 billion in April. Other big outflow sufferers in May included: Harbor
, $1.117 billion (up from $671 million); TCW
, $874 million (up from $686 million); DoubleLine
, $770 million (up from $65 millon); and American Century
, $718 million (up from $664 million).
Proportionately, Harbor again had the roughest month among big fund firms, with estimated net May outflows equivalent to 1.69 percent of its AUM (up from 1.02 percent in April). Other big sufferers in May included: TCW, 1.04 percent (up from 0.81 percent); DoubleLine. 0.99 percent (up from 0.08 percent); Ivy
, 0.8 percent (down from 0.87 percent); and Franklin, 0.71 percent (down from 0.75 percent).
Industrywide, passive funds brought in $41.3 billion in net inflows in May, while active funds suffered $900 million in net outflows.
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