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Monday, December 24, 2018

Passive Inflows and Active Outflows Rise

Reported by Neil Anderson, Managing Editor

As inflows into passive funds and outflows out of active funds both rose last month, BlackRock took the lead on both sides of the mutual fund industry.

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.

BlackRock led the active side with an estimated $4.387 billion in active net inflows in November, up from $1.531 billion in outflows in October. Other big active inflow winners in November included: Lord Abbett, $1.455 billion (up from $977 million); Morgan Stanley, $882 million (up from $513 million); Blackstone, $765 million (up from $62 million in net outflows); and First Trust, $715 million (up from $437 million).

BlackRock also led the passive side, with estimated passive net inflows of $25.962 billion in November, up from $2.596 billion in October. Other big passive inflow winners in November included: Vanguard, $14.402 billion (up from $13.296 billion); Fidelity, $7.278 billion (up from $4.473 billion); SSgA, $6.045 billion (up from $7.018 billion in net outflows); and Schwab, $2.751 billion (up from $1.887 billion).

On the flip side, November was another rough month for Vanguard's active funds, which suffered an estimated $3.719 billion in net outflows, more than any other active fund firm but down from $4.271 billion in October. Other big November outflows sufferers on the active side included: Fidelity, $3.498 billion (down from $2.456 billion in net inflows); Franklin Templeton, $2.923 billion (up from $2.627 billion); Pimco, $2.686 billion (up from $2.391 billion); and Harris' Oakmark, $2.607 billion (up from $1.437 billion).

Among passive players, Nationwide suffered an estimated $996 million in net passive outflows in November, more than any other firm and up from $22 million in October. Other big passive outflows sufferers in November included: WisdomTree, $468 million (up from $167 million); First Trust, $438 million (down from $1.984 billion); Axa, $417 million (up from $188 million); and Principal, $239 million (down from $556 million in net inflows).

Industrywide, active funds suffered $57.32 billion in combined net outflows in November, up from $45.764 billion in October. Passive funds brought in $55.877 billion in combined net inflows in November, up from $16.862 billion in October. 

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