Mutual fund and ETF industry AUM boomed last year, thanks largely to market gains. Yet net inflows also more than doubled.
| Mortimer J. "Tim" Buckley|
This article draws from Morningstar Direct
data on open-end mutual fund ETF and ETF flows and AUM, excluding money market funds and funds of funds, from 2019.
added an estimated $1.12 trillion in mutual fund and ETF AUM last year, more than any other fund firm and up from a $113.851 billion AUM drop in 2018
. Other big 2019 AUM winners included: BlackRock
, up $432 billion (up from a $2.932 billion drop); Fidelity
, up $415 billion (up from a $50.69 billion drop); Capital Group
, up $329 billion (up from an $84.806 billion drop); and SSgA
, up $149 billion (up from a $53.601 billion drop).
Vanguard also won last year by change in market share (percentage of total industry AUM). The low-cost leviathan saw its market share increase 0.82 percent in 2019 (to 25.7 percent), more than any other fund firm but down from a 0.99 percent in 2018. Other big market share winners in 2019 included: Fidelity, up 0.46 percent (up from a 0.27 percent increase); BlackRock, up 0.35 percent (down from a 0.6 percent increase); Charles Schwab
, up 0.14 percent (down from a 0.15 percent increase); and MFS
, up 0.09 percent (up from a 0.02 percent increase).
On the flip side, AQR
suffered the biggest mutual fund and ETF AUM drop in the industry: $3 billion (down from a $12.5 billion drop in 2018). Other big 2019 AUM sufferers included: Robeco's Boston Partners
, down $2 billion (down from a $3.171 billion drop); AIG
, down $1 billion (down from a $4.892 billion drop); IVA
, down $1 billion (down from a $3.207 billion drop); and AMG
, down $1 billion (down from an $8.512 billion drop).
Proportionately, the biggest market share sufferers in 2019 were: Franklin Templeton
, down 0.26 percent (up from a 0.17 percent drop in 2018); Pimco
, down 0.17 percent (down from a 0.11 percent increase); Invesco
, down 0.15 percent (up from a 0.1 percent drop); Dodge & Cox
, down 0.08 percent (down from a 0.09 percent drop); and John Hancock
, down 0.07 percent (negligible change).
Across the entire industry, long-term mutual funds and ETFs gained an estimated $3.864 trillion in AUM last year, ending the year at $20.734 trillion. (Meanwhile, the S&P 500 rose 28.88 percent last year.) Of 773 firms tracked by the M* team, only 155 (about 20 percent) saw their AUM fall in 2019. The industry brought in an estimated $419.3 billion in net inflows in 2019 (up from $162.401 billion in 2018), with net inflows accounting for 10.85 percent of the industry's AUM gains.
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