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Rating:Flows Rebound, and Vanguard Retakes the Lead Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, February 21, 2019

Flows Rebound, and Vanguard Retakes the Lead

Reported by Neil Anderson, Managing Editor

Fund flows familiar rebounded last month across the mutual fund industry, even as a familiar titan retook the lead.

The information within this article draws from Morningstar Direct data on January 2019 mutual fund and ETF flows (excluding money market funds and funds of funds). This article focuses specifically on the 27 firms (three more than in December) with more than $100 billion each in mutual fund and ETF AUM. 16 of those firms gained net inflows in January, while 11 suffered net outflows.

After two months in second place, Vanguard regained the top spot last month, leading the large fund firm pack with an estimated $19.688 billion in net January inflows, up from $11.42 billion in December. (December's flows champ, BlackRock, saw its inflows plummet in January and dropped out of the top five.) Other big January inflows winners included: Fidelity, $7.567 billion (up from $2.608 billion in December); Capital Group's American Funds, $4.651 billion (up from $8.86 billion in net outlfows); DFA, $4.329 billion (up from $3.744 billion in net outflows); and Schwab, $3.132 billion (down from $3.492 billion).

Proportionately among the biggest fund firms, Schwab led the pack last month, thanks to estimated January net inflows equivalent to 1.5 percent of its AUM, down from 1.83 percent in December. Other big January inflows winners included: TIAA's Nuveen, 1.1 percent (up from 0.12 percent in net December outflows); DFA, 1.07 percent (up from 1.01 percent in net outflows); Legg Mason, 0.69 percent (up from 1.86 percent in net outflows); and J.P. Morgan, 0.54 percent (up from 0.46 percent).

On the flip side, January was a rough month for SSgA, which suffered an estimated $8.629 billion in net outflows, more than any other large fund firm and up from $940 million in December. Other big January outflows sufferers included: Franklin Templeton, $1.831 billion (down from $4.606 billion in December); John Hancock, $1.177 billion (down from $1.879 billion); OppenheimerFunds, $1.038 billion (down from $3.785 billion); and Invesco, $918 million (down from $4.183 billion).

SSgA also led the large fund firm outflows pack proportionately, with estimated net January outflows equivalent to 1.39 percent of its AUM, up from 0.16 percent in December. Other big January outflows sufferers included: Hancock, 0.92 percent (down from 1.55 percent in December); Principal, 0.71 percent (down from 1.54 percent); Columbia Threadneedle, 0.63 percent (down from 0.78 percent); and American Century, 0.57 percent (down from 1.85 percent).

As a group, the 27 firms with more than $100 billion each in mutual fund and ETF AUM brought in an estimated $33.183 billion in net inflows in January, equivalent to 0.23 percent of their combined AUM. That's up from $4.464 billion in net outflows in December.

Across the entire industry (M* tracks flows from 785 firms), long-term mutual funds and ETFs brought in a combined $38.941 billion in estimated net inflows in January, equivalent to 0.22 percent of their combined AUM. Passive funds brought in $27.216 billion in net inflows in January, while active funds brought in $11.725 billion. 

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