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Rating:SSGA and WCM Had a Strong March Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, April 22, 2020

SSGA and WCM Had a Strong March

Reported by Neil Anderson, Managing Editor

27 percent of active fund families gained net inflows last month, as did 38 percent of passive fund families.

This article draws from Morningstar Direct data on March 2020 open-end mutual fund and ETF flows, excluding money market funds and funds of funds.

On the active side of the business, WCM took the lead last month, with estimated net March active inflows of $957 million, up from $435MM in February. Other big March active inflows winners included: Jensen, $647 million (up from $5 million in net outflows); Innovator, $503 million (up from $142 million); Polen Capital, $410 million (up from $173 million); and American Century's Avantis, $408 million.

On the passive side of the business, SSGA took the lead last month, with estimated net March passive inflows of $24.078 billion, up from $26.721 billion in net February passive outflows. Other big March passive inflows winners included: ProShares and ProFunds, $4.214 billion (up from $368 million); Rafferty's Direxion, $3.555 billion (up from $753 million); T. Rowe Price, $2.386 billion (up from $169 million); and USCF, $2.099 billion (up from $195 million).

On the flip side, March was a rough month for Allianz's Pimco, whose active funds suffered an estimated $26.512 billion in net outflows, more than any other active fund firm and down from $3.806 billion in net February active inflows. Other big March active outflows sufferers included: Vanguard, $25.886 billion (up from $328 million); Fidelity, $24.361 billion (up from $684 million); Capital Group, $15.578 billion (up from $2.484 billion); and T. Rowe, $14.904 billion (up from $1.98 billion).

Fidelity also suffered an estimated $14.985 billion in net passive outflows in March, more than any other passive fund firm and down from $7.524 billion in net February passive inflows. Other big March passive outflows sufferers included: BlackRock, $12.671 billion (down from $10.85 billion in net inflows); Vanguard, $11.071 billion (down from $20.163 billion in net inflows); First Trust, $2.351 billion (down from $98 million in net inflows); and Invesco, $2.185 billion (up from $107 million).

Industrywide, 719 active fund families (two more than in February) suffered an estimated $309.808 billion in combined net active outflows in March, accounting for 95 percent of net industry outflows. (That's down from $11.675 billion in net active inflows in February, when active funds accounted for 46 percent of net industry inflows). 194 of those active fund families gained net March inflows, down from 324 in February.

146 passive fund families suffered an estimated $16.57 billion in net March passive outflows, accounting for five percent of net industry outflows. (That's down from $13.784 billion in net February passive inflows, when passive funds accounted for 54 percent of net industry inflows.) 55 of those passive fund families gained net passive inflows in March, down from 71 in February. 

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