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Monday, October 21, 2019

Passive Inflows Double In Two Months

Reported by Neil Anderson, Managing Editor

Passive mutual funds' net inflows nearly doubled over the last two months, even as active funds' outflows climbed.

Douglas Bloom Sieg
Lord Abbett
Managing Partner
This article draws from Morningstar Direct data on September 2019 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds.

On the active side of the business, Lord Abbett kept the lead last month, with estimated net September active inflows of $1.991 billion, up from $1.87 billion in August. Other big September winners on the active side included: PGIM, $1.583 billion (down from $1.606 billion); MFS, $1.349 billion (up from $1.11 billion); Baird, $1.048 billion (up from $498 million); and First Trust, $833 million (up from $751 million).

On the passive side of the business, BlackRock took the lead last month, with estimated net September passive inflows of $16.987 billion, up from $7.84 billion in net passive outflows in August. Other big September winners on the passive side included: Vanguard, $14.064 billion (up from $6.595 billion); SSgA, $11.185 billion (up from $10.47 billion in net outflows); Fidelity, $5.655 billion (down from $6.343 billion); and Invesco, $1.661 billion (up from $85 million in net outflows).

Yet on the flip side, September was a rough month for T. Rowe Price, whose active funds suffered an estimated $5.318 billion in net ouflows, more than any other active fund firm and up from $237 million in August. Other big September sufferers on the active side included: Invesco, $2.976 billion (down from $3.303 billion); Franklin Templeton, $2.082 billion (up from $2.06 billion); Pimco, $1.335 billion (down from $825 million in net inflows); and Harris' Oakmark, $1.254 billion (down from $1.478 billion).

UBS suffered an estimated $870 million in net passive outflows in September, more than any other passive fund family and down from $51 million in net August passive inflows. Other big September sufferers on the passive side included: Northern Trust (including FlexShares), $356 million (up from $28 million); Ameriprise's Columbia Threadneedle, $182 million (up from $54 million); Milleis Investissements Funds, $158 million (down from $506 million); and Jackson, $156 million (down from $185 million).

Industrywide, 710 active fund families (four fewer than in August) suffered an estimated $12.66 billion in combined net outflows in September, up from $11.227 billion in net August outflows. 292 of those 714 fund families gained net active inflows in July.

146 passive fund families (four more than in August) brought in an estimated $52.576 billion combined net September passive inflows, up from $4.7 billion in net August outflows and $26.54 billion in net July inflows. 71 of those 146 families gained net passive inflows in September. 

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