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Tuesday, July 28, 2020

The $755B Half-Year

Reported by Neil Anderson, Managing Editor

Money funds brought in an estimated three quarters of a trillion dollars in net inflows in the first six months of 2020, even as long-term mutual funds and ETFs suffered about $100 billion in net outflows. Yet the money fund inflows deluge ended last month.

Sheila H. Patel
Goldman Sachs Asset Management
Chairman
This article draws from Morningstar Direct data on money market fund flows in the U.S. in June 2020.

Among the 10 money fund families tracked by the M* team, Goldman Sachs leads the pack year-to-date, thanks to estimated net money fund inflows of $145.65 billion in the first half of the year, compared to $2.557 billion in net long-term fund inflows. Other big money fund inflows winners in the first half of 2020 included: Fidelity, $134.623 billion (versus $16.859 billion in net long-term fund outflows); and J.P. Morgan, $105.532 billion (versus $6.518 billion in net long-term fund inflows).

Goldman also led the pack proportionately in the first half of the year, thanks to estimated net money fund inflows equivalent to about 36.2 percent of its money fund AUM. Other big money fund inflows winners in the first half of 2020 included: Wells Fargo, 35.1 percent; and Morgan Stanley, 34.6 percent.

In the second quarter alone, Goldman also took the lead, thanks to an estimated $82.782 billion in net Q2 money fund inflows, versus $3.99 billion in net Q2 long-term fund inflows and up from $62.868 billion in net Q1 money fund inflows. Other big Q2 money fund inflows winners included: J.P. Morgan, $45.651 billion (versus $2.142 billion in net Q2 long-term fund inflows and up from $59.877 billion in net Q1 money fund flows); and Wells, $36.238 billion (versus $949 million in net Q2 long-term fund outflows and up from $35.046 billion in net Q1 money fund inflows).

Goldman also led the pack proportionately in the second quarter, thanks to estimated net money fund inflows equivalent to about 20.6 percent of its money fund AUM. Other big Q2 money fund inflows winners included: Wells, 17.9 percent; and J.P. Morgan, 9.8 percent.

Last month, Wells took the lead, thanks to an estimated $7.67 billion in net June money fund inflows, versus $219 million in net June long-term fund inflows and down from $8.103 billion in net May money fund inflows. The only other June money fund inflows winners were: BNY Mellon's Dreyfus, $3.743 billion (versus $302 million in net June long-term fund outflows and up from $5.06 billion in net May money fund outflows); and Vanguard, $839 million (versus $20.591 billion in net June long-term fund inflows and down from $4.002 billion in net May money find inflows).

Proportionately, the June money fund inflows winners list looked the same, with Wells in the lead with estimated net money fund inflows equivalent to 35.1 percent of its money fund AUM. Dreyfus had 22.9 percent, and Vanguard had 13.6 percent.

On the flip side, none of the ten money fund firms tracked by M* had net money fund outflows in the first half of the year or in Q2.

In June, though, seven of the ten money fund firms suffered net outflows. J.P. Morgan led the pack, thanks an estimated $31.484 billion in net June money fund outflows, versus $11.109 billion in net June long-term fund inflows and down from $14.891 billion in net May money fund inflows). Other big June money fund outflows sufferers included: Fidelity, $25.036 billion (versus $10.645 billion in net June long-term fund inflows and down from $2.706 billion in net May money fund outflows); and BlackRock, $20.672 billion (versus $21.639 billion in net June long-term fund inflows and down from $22.785 billion in net May money fund outflows).

Proportionately, Morgan Stanley led the money fund outflows pack last month, thanks to estimated net June money fund outflows equivalent to 7.5 percent of its money fund AUM. Other big June money fund outflows sufferers included: J.P. Morgan, 6.8 percent; and Federated Hermes, 5.4 percent.

Overall, those ten money fund families gained an estimated $754.817 billion in net money fund inflows in the first half of the year, equivalent to 20.38 percent of their combined AUM. That's versus $100.974 billion in net long-term fund outflows.

In Q2, the money fund families brought in an estimated $238.73 billion in net money fund inflows, equivalent to about 6.45 percent of their combined AUM (down from $516.083 billion and 14.93 percent in Q1). That's versus $121.511 billion in net Q2 long-term fund inflows.

In June, the money fund families suffered an estimated $117.073 billion in net money fund outflows, equivalent to about 3.16 percent of their combined AUM (down from $37.726 billion and 0.99 in net May inflows). That's versus $69.822 billion in net June long-term fund inflows. 

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