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Friday, December 21, 2018

Blackstone Leads as Outflows Per Fund Drop

Reported by Neil Anderson, Managing Editor

As net mutual fund outflows dropped last month, a private equity firm's mutual funds led the pack, proportionately.

Joseph Lohrer
Blackstone
Senior Managing Managing Director and National Sales Manager, Private Wealth Management Group
This article draws from Morningstar Direct data on open-end mutual fund and ETF flows (excluding money market funds and funds of funds) from November 2018.

Blackstone took the lead last month pound for pound, bringing in an estimated $191 million per mutual fund in November, up from $15 million per fund in net outflows in October. Other big November winners included: Morningstar's own new fund family, $72 million per fund; O'Shares, $32 million per fund (up from $2 million per fund in net outflows); Edward Jones' Bridge Builder, $32 million per fund (down from $113 million per fund); and AAAMCO, $28 million per fund (up from $10 million per fund).

On the flip side, November was a rough month for Dodge & Cox, which suffered an estimated $230 million per fund in net outflows, more than any other fund firm but down from $242 million per fund in October. Other big November outflows sufferers included: Chilton, $220 million per fund (up from $4 million per fund); Southeastern's Longleaf, $171 million per fund (up from $13 million per fund); Broadview, $104 million per fund (up from $3 million per fund); and Harris' Oakmark, $90 million per fund (up from $50 million per fund).

Industrywide, across 41,708 ETFs and long-term, open-end mutual funds (excluding funds of funds), the average fund suffered an estimated $35,000 in net outflows in November, down from $712,000 per fund in net outflows in October. 

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