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Thursday, February 20, 2020

A Focused Growth Shop Punches Above Its Weight

Reported by Neil Anderson, Managing Editor

A focused growth shop took the lead last month, pound for pound, as industry inflows climbed 23 percent.

Alan W. Breed
Edgewood Management LLC
President, PM
This article draws from Morningstar Direct data on open-end mutual fund and ETF flows, excluding money market funds and funds of funds, from January 2020.

Edgewood took the lead last month, bringing in an estimated $217 million in net January inflows, up from $25 million in December. Other big January inflows winners included: Vanguard, $103 million per fund (up from $54 million); Grayscale, $71 million per fund (up from $1 million); Edward Jones' Bridge Builder, $63 million (down from $104 million); and Toroso, $58 million.

On the flip side, last month was a rough one for Primecap, which suffered an estimated $193 million per fund in net January outflows, more than any other fund firm but down from $203 million in December. Other big January outflows sufferers included: Harris' Oakmark, $56 million per fund (up from $42 million); Dodge & Cox, $34 million per fund (down from $224 million); FMI, $31 million per fund (up from $22 million); and LS, $27 million per fund (down from $31 million).

The whole mutual fund and ETF industry, excluding money market funds and funds of funds, brought in an estimated $2.006 million per fund in net January inflows, up from $1.635 million per fund in December. 

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