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Wednesday, October 17, 2018

New Lens: Active vs Passive Winners

Reported by Neil Anderson, Managing Editor

For the first time this month, MFWire is digging deeper on its fund flows coverage, separately highlighting winners and losers on the active and passive sides of the business. Last month familiar titans led those two packs.

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

Fidelity led the active side of the industry in September, with estimated active net inflows of $1.783 billion. Other big September active inflow winners included: Lord Abbett, $1.153 billion; DFA, $962 million; Capital Group's American Funds, $719 million; and John Hancock, $477 million.

On the passive side, low-cost leviathan Vanguard led the pack with estimated passive net inflows of $16.34 billion in September. Other big passive inflow winners last month included: SSgA, $10.208 billion; BlackRock, $8.693 billion; Fidelity, $4.777 billion; and Schwab, $1.319 billion.

On the flip side, September was a rough month for Harbor, which suffered $3.519 billion in estimated active net outflows. Other big sufferers included: Franklin Templeton, $2.711 billion; T. Rowe Price, $1.53 billion; AQR, $1.058 billion; and GuideStone, $1.047 billion.

Among passive players, TIAA's Nuveen suffered an estimated $940 million in net passive outflows in September, more than any other firm. Other big passive sufferers last month include: Invesco, $653 million; T. Rowe Price, $414 million; Guggenheim, $393 million; and Northern Trust, $285 million.

Industrywide, active funds suffered $13.698 billion in estimated net outflows in September, while passive funds raked in $41.967 billion in net inflows. 

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