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Wednesday, January 15, 2020

The $183B Year

Reported by Neil Anderson, Managing Editor

Vanguard regained the lead in December, and the low-cost leviathan's annual lead widened in 2019.

Mortimer J. "Tim" Buckley
Vanguard
President, CEO
This article draws from Morningstar Direct data on December 2019 (and full-year 2019) mutual fund and ETF flows, excluding money market funds and funds of funds. More specifically, this article focuses on the 29 firms with more than $100 billion each in fund AUM. 17 of those firms gained net December inflows, down from 19 in November.

Vanguard brought in an estimated $183.323 billion in net inflows for 2019, leading the pack and up from $160.69 billion in 2018. Other big 2019 inflows winners included: BlackRock, $137.018 billion (down from $138.216 billion); Fidelity, $70.55 billion (up from $49.649 billion); Charles Schwab, $26.274 billion (down from $32.863 billion); and SSgA, $22.567 billion (up from $684 million in net outflows).

Proportionately among the biggest fund firms, PGIM won the inflows race last year, thanks to estimated 2019 inflows equivalent to 12.4 percent of its AUM, up from 3.6 percent in 2018. Other big 2019 inflows winners included: Lord Abbett, 11.3 percent (up from 6.8 percent); Schwab, 10 percent (down from 17.3 percent); TIAA's Nuveen, 7.4 percent (up from 3 percent); and Legg Mason, 7 percent (up from 2.6 percent in net outflows).

The December race was a bit closer. Vanguard took the lead with an estimated $22.304 billion in net inflows, up from $13.99 billion in November. Other big December inflows winners included: BlackRock, $22.199 billion (up from $17.553 billion); SSgA, $15.124 billion (up from $7.822 billion); Fidelity, $8.864 billion (up from $7.9 billion); and J.P. Morgan, $6.184 billion (up from $781 million).

Proportionately, PGIM led the large fund firm pack last month, with estimated net December inflows equivalent to 2.6 percent of its AUM, up from 1 percent in November. Other big December inflows winners included: SSgA, 2 percent (up from 1.1 percent); JPMAM, 1.7 percent (up from 1 percent); Schwab, 1.3 percent (up from 0.7 percent); and BlackRock, 1.1 percent (up from 1 percent).

On the flip side, 2019 was another rough year for Franklin Templeton, which suffered an estimated $25.007 billion in net outflows, more than any other giant fund firm but down from $33.783 billion in 2018. Other big 2018 outflows sufferers included: Invesco, $24.292 billion (up from $11.728 billion); T. Rowe Price, $16.055 billion (up from $14.582 billion); John Hancock, $10.601 billion (up from $7.775 billion); and Dodge & Cox, $8.128 billion (down from $9.487 billion.

Proportionately among the biggest fund firms, Hancock suffered the most 2019 net outflows, equivalent to 7.9 percent of its AUM, up from 6.4 percent in 2018. Other big 2019 outflows sufferers included: Franklin, 7.1 percent (down from 10.2 percent); American Century, 6.6 percent (down from 12 percent); SEI, 6.3 percent (up from 3.1 percent); and Invesco, 4.4 percent (up from 3.8 percent).

The December outflows picture looked a bit different. Capital Group's American Funds led the pack with an estimated $4.426 billion in net December outflows, up from $3.581 billion in November. Other big December outflows sufferers included: Invesco, $3.826 billion (up from $27 million); Franklin, $2.908 billion (up from $2.838 billion); T. Rowe, $2.908 billion (down from $1.404 billion in net inflows); and DFA, $1.43 billion (down from $2.188 billion).

Proportionately, Franklin suffered estimated December net outflows equivalent to 0.8 percent of its AUM, level with November but more than any other large fund firm. Other big December outflows sufferers included: Invesco, 0.7 percent (negligible change); Dodge & Cox, 0.6 percent (up from 0.4 percent); American Century, 0.5 percent (up from 0.4 percent); and T. Rowe, 0.4 percent (down from 0.2 percent in net inflows.

As a group, the 29 fund firms with more than $100 billion each in mutual fund and ETF AUM brought in an estimated $452.216 billion in net 2019 inflows, equivalent to 2.61 percent of their combined AUM and up from $312.63 billion in net 2018 inflows. Large fund firms accounted for 107.85 percent net industry inflows in 2019.

Those same 29 large fund firms brought in an estimated $73.243 billion in net inflows in December alone, equivalent to 0.42 percent of their combined AUM. That's up from $55.299 billion in November. Large fund firms accounted for 108.23 percent of net industry inflows in December.

Across the entire industry, the 773 fund firms tracked by M* brought in a combined $419.312 billion in net inflows into long-term mutual funds and ETFs in 2019, equivalent to 2.02 percent of industry AUM. That's up from $162.401 billion in 2018. 353 firms generated net 2019 inflows.

In December alone, the industry brought in an estimated $67.673 billion in net inflows, equivalent to 0.33 percent of industry AUM and up from $55.224 billion in November. Passive funds brought in an estimated $72.573 billion in net inflows in December (up from $55.119 billion in November), while active funds suffered $5.009 billion in net outflows (down from $105 million in net inflows). 

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