The deluge of money fund inflows slowed dramatically last month, and yet they're still outpacing their long-term mutual fund and ETF brethren
| Sheila H. Patel|
Goldman Sachs Asset Management
This article draws from Morningstar Direct
data on money market mutual fund flows in the U.S. in May 2020.
Among the 10 money fund families tracked by the M* team, Goldman Sachs
kept the lead last month with an estimated $31.088 billion in net money fund inflows in May, compared to $1.854 billion in net long-term fund inflows and down from $63.607 billion in April
money fund inflows. Other big May money inflows winners included: J.P. Morgan
, $14.891 billion (versus $5.978 billion in May long-term fund inflows and down from $62.243 billion in April money fund inflows); and Wells Fargo
, $8.103 billion (versus $591 million in May long-term fund outflows and down from $20.465 billion in April money fund inflows).
Proportionately, Goldman also led the May money inflows race, thanks to estimated net May money fund inflows equivalent to 7.5 percent of its money fund AUM, down from 16.6 percent in April. Other big May money fund inflows winners included: Wells Fargo, 4.1 percent (down from 19.9 percent); and J.P. Morgan, three percent (down from 13 percent).
On the flip side, three money fund families suffered net outflows in May. BlackRock
led with an estimated $22.785 billion (5.3 percent of AUM) in net May money fund outflows, vs $5.67 billion in May long-term inflows and down from $53.034 billion (11.6 percent) in April money fund inflows. The other May money fund outflows sufferers included: BNY Mellon's Dreyfus
, $5.06 billion, i.e. 2.6 percent (vs $4 million in May long-term fund outflows and down from $19.049 billion, i.e. 9.4 percent, in April money fund inflows); and Morgan Stanley
, $2.561 billion, i.e. 1.1 percent (vs $2.977 billion in May long-term fund inflows and down from $23.924 billion, i.e. 10.5 percent, in April money fund inflows).
Overall, those ten money fund families gained an estimated $37.726 billion in net May inflows (equivalent to 0.99 percent of their combined AUM), down 88.1 percent from $317.839 billion (8.4 percent) in April. That's versus $33.001 billion in net May inflows for the long-term side of the mutual fund industry (up from $16.388 billion in April).
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