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Monday, August 12, 2019

One Fund Firm's Inflows Fall $38B In a Month

Reported by Neil Anderson, Managing Editor

The largest fund firms continued to dominate industry flows last month, even as one titan saw its monthly inflows sink by $38 billion.

This article draws from Morningstar Direct data on July 2019 mutual fund and ETF flows, excluding money market funds and funds of funds. More specifically, this article focuses on the 28 firms with more than $100 billion each in fund AUM. 14 of those firms gained net July inflows.

Vanguard regained the lead with an estimated $14.89 billion in net July inflows, up from $13.137 billion in June. Other big July winners included: SSgA, $8.078 billion (down from $14.235 billion); Pimco, $2.821 billion (up from $2.334 billion); Schwab, $2.782 billion (up from $2.304 billion); and Fidelity, $2.345 billion (up from $1.344 billion).

Proportionately, Goldman Sachs took the lead among the biggest fund firms, thanks to estimated net July inflows equivalent to 1.33 percent of its AUM, up from 1.11 percent in net outflows in June. Other big July winners included: Lord Abbett, 1.26 percent (up from 0.64 percent); SSgA, 1.18 percent (down from 2.14 percent); Schwab, 1.17 percent (up from 0.99 percent); and Legg Mason, 1.17 percent (up from 0.56 percent).

On the flip side, July was a rough month for Invesco, which suffered estimated net outflows of $2.501 billion, more than any other big fund firm and up from 1.77 billion in June. Other big July sufferers included: BlackRock, $2.215 billion (down from $36.227 billion in net inflows); Franklin Templeton, $1.506 billion (down from $1.976 billion); Principal, $953 million (up from $390 million); and John Hancock, $877 million (up from $808 million).

Principal led the large fund firm outflows pack proportionately lasts month, with estimated net July outflows equivalent to 0.7 percent of its AUM, up from 0.29 percent in June. Other big July sufferers included: John Hancock, 0.67 percent (up from 0.62 percent); American Century, 0.56 percent (down from 0.73 percent); Invesco, 0.46 percent (up from 0.33 percent); and Franklin Templeton, 0.45 percent (down from 0.56 percent).

As a group, the 28 firms with more than $100 billion each in fund assets brought in an estimated $30.858 billion in net July inflows, equivalent to 0.19 percent of their combined AUM. That's down from $56.065 billion in June.

Across the whole industry (M* tracks flows from 771 firms), long-term mutual funds and ETFs brought in a combined $26.698 billion in estimated net inflows in July, equivalent to about 0.14 percent of industry AUM. That's down from $46.25 billion in net June inflows. Passive funds brought in $26.540 billion in net July inflows, while active funds brought in $158 million in net inflows. 

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