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Thursday, June 20, 2019

Cap Group and Vanguard Retake Their Leads

Reported by Neil Anderson, Managing Editor

A pair of familiar titans regained their leads last month.

Mortimer J. Buckley
President, CEO
This article draws from Morningstar Direct data on May 2019 open-end mutual fund and ETF flows, excluding money market funds and funds of funds.

On the active side of the mutual fund business, Capital Group's American Funds regained the lead last month, after four months, with estimated net May active inflows of $2.768 billion, up from $1.388 billion in April. Other big May winners included: Pimco, $1.821 billion (down from $2.195 billion); Lord Abbett, $1.19 billion (up from $1.038 billion); Baird, $1.133 billion (down from $1.898 billion); and PGIM, $1.039 billion (down from $1.24 billion).

On the passive side, Vanguard regained the lead last months, after just a one-month gap, with estimated net May passive inflows of $16.778 billion, up from $6.317 billion in April. Other big May winners included: Fidelity, $7.017 billion (down from $30.98 billion); Charles Schwab, $2.311 billion (up from $1.459 billion); TIAA's Nuveen, $1.215 billion (down from $3.81 billion); and J.P. Morgan Asset Management, $610 million (down from $2.558 billion).

On the flip side, May was a rough month for Invesco's active funds, which suffered estimated net outflows of $2.107 billion, more than any other active fund firm and up from $1.354 billion in April. Other big May sufferers included: Fidelity, $1.179 billion (down from $2.798 billion); Franklin Templeton, $1.179 billion (down from $1.564 billion); AQR, $797 million (down from $1.138 billion); and American Century, $783 million (up from $721 million).

SSgA suffered an estimated $22.774 billion in net passive outflows in May, more than any other passive fund family but down from $7.254 billion in net April inflows. Other big May sufferers included: Invesco, $3.692 billion (down from $3.61 billion in inflows); DWS, $427 million (up from $112 million); ProShares and ProFunds, $353 million (up from $54 million); and Milleis, $280 million (down from $180 million in net inflows).

Industrywide, 720 active fund families (up two from April) suffered a combined $1.939 billion in net May outflows, down from $14.539 billion in April. 321 of those 720 families gained net active inflows in May.

143 passive fund families (down four from April) brought in a combined $96 million in net estimated inflows in May, down froom $65.543 billion in April. 71 of those families gained net passive inflows in May. 

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