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Monday, August 20, 2018

Still On Top, Bridge Builder Slows

Reported by Neil Anderson, Managing Editor

A broker-dealer's subadvised mutual fund family stayed on top proportionately last month, despite slipping a bit.

This article draws from Morningstar Direct data on open-end mutual fund and ETF flows (excluding money market funds and funds of funds) from July 2018.

Edward Jones' Bridge Builder brought in an estimated $353 million per fund in July, again more than any other fund firm but down from $382 million in June. Other big inflows winners in July included: Penn Mutual, $101 million per fund; Primecap, $83 million per fund (down from $173 million); Brinker's Destinations, $55 million per fund (up from $37 million); and SSgA, $48 million (up from $31 million in net outflows).

On the flip side, Chilton suffered an estimated $147 million in net outflows per fund in July, more than any other fund firm and down from $2 million per fund in net inflows in June. Other big sufferers in July included: Robo Global, $55 million per fund (up from $42 million); Dodge & Cox, $47 million per fund (down from $246 million); Tweedy Browne, $45 million per fund (down from $42 million); and Seafarer, $41 million per fund (up from $17 million).

Industrywide, the average open-end mutual fund or ETF brought in an estimated $786,000 in net inflows in July, up from $569,000 in net outflows in June. Across the whole industry, mutual funds and ETFs brought in $31.915 billion in estimated net inflows in July, equivalent to about 0.17 percent of industry AUM (which reached $18.794 trillion as of the end of July). That's up from $23.037 billion in net industry outflows in June. 

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