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Friday, July 24, 2020

Active's Brief Flows Lead Ends

Reported by Neil Anderson, Managing Editor

After a one-month lapse, passive funds are back on top of active ones when it comes to net inflows.

Mortimer J. "Tim" Buckley
Vanguard
President, CEO
This article draws from Morningstar Direct data on June 2020 open-end mutual fund and ETF flows in the U.S., excluding money market funds and funds of funds.

On the active side of the business, Vanguard regained the lead for the first time since January, with estimated net June active inflows of $6.855 billion, up from $4.048 billion in May. Other big June active inflows winners included: Fidelity, $5.608 billion (up from $1.052 billion in net outflows); Edward Jones' Bridge Builder, $3.936 billion (down from $4.001 billion); PGIM, $3.127 billion (up from $2.475 billion); and Pimco, $3.096 billion (up from $2.817 billion).

On the passive side of the business, BlackRock regained the lead last month for the first time since November, thanks to estimated net June passive inflows of $19.259 billion, up from $1.089 billion in May. Other big June passive inflows winners included: Vanguard, $13.736 billion (up from $3.478 billion); J.P. Morgan (including Six Circles), $6.518 billion (up from $108 million in net outflows); Fidelity, $5.037 billion (up from $2.125 billion); and First Trust, $1.136 billion (up from $200 million).

On the flip side, June was a rough month for Invesco's active funds, which suffered an estimated $3.438 billion in net outflows, more than any other active fund firm and up from $2.811 billion in May. Other big June active outflows sufferers included: Dodge & Cox, $2.858 billion (up from $2.103 billion); DFA, $2.533 billion (down from $3.792 billion); Franklin Templeton, $1.892 billion (up from $1.704 billion); and Capital Group's American Funds, $1.617 billion (down from $1.636 billion in net inflows).

Invesco also led the passive outflows pack last month, suffering an estimated $3.044 billion in net June passive outflows, more than any other passive fund firm but down from $3.389 billion in May. Other big June passive outflows sufferers included: TIAA's Nuveen, $1.353 billion (down from $873 million in net inflows); T. Rowe Price, $890 million (down from $1.314 billion); USCF, $589 million (down from $30 million in net inflows); and Northern Trust (including Flexshares), $539 million (up from $536 million).

Industrywide, 710 active fund families (two fewer than in May) brought in an estimated $28.617 billion in net active inflows in June, up from $17.995 billion in May. 306 of those active fund families gained net inflows in June, up from 294 in May.

140 passive fund families (down one from May) brought in an estimated $41.205 billion in net passive inflows in June, up from $15.006 billion in May. 67 of those families gained net passive inflows in June, the same number as in May. 

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