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Rating:BlackRock Wins In Q3, But Not YTD Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, October 14, 2020

BlackRock Wins In Q3, But Not YTD

Reported by Neil Anderson, Managing Editor

BlackRock led the industry in inflows last quarter, but Vanguard leads so far in all of 2020.

This article draws from Morningstar Direct data for September 2020 mutual fund and ETF flows, excluding money market funds and funds of funds. More specifically, this article focuses on the 29 firms with more than $100 billion each in long-term fund AUM. 12 of those firms brought in net September inflows (down from 16 in August), 15 brought in net Q3 inflows, and 12 have brought in net inflows YTD.

Vanguard took the lead in September, thanks to estimated net inflows of $11.686 billion, up from $7.252 billion in August. Other big September inflows winners included: J.P. Morgan (including Six Circles), $4.558 billion (down from $9.044 billion); BlackRock, $3.67 billion (down from $7.179 billion); PGIM, $1.86 billion (down from $2.56 billion); and Goldman Sachs, $1.637 billion (down from $2.78 billion).

In the third quarter, BlackRock led the pack with an estimated $31.777 billion in net inflows. Other big Q3 inflows winners included: Vanguard, $29.096 billion; J.P. Morgan, $18.678 billion; American Century, $8.135 billion; and PGIM, $6.839 billion.

So far in 2020, as of the end of September, Vanguard led the pack with an estimated $83.102 billion net YTD inflows. Other big YTD inflows winners included: BlackRock, $75.562 billion; J.P. Morgan, $29.787 billion; SSGA, $18.457 billion; and PGIM, $17.673 billion.

On the flip side, September was a rough month for DFA, which suffered an estimated $4 billion in net outflows, more than any other large fund firm and up from $2.818 billion in August. Other big September outflows sufferers included: Fidelity, $3.14 billion (down from $3.465 billion); Principal, $2.291 billion (up from $906 million); American Funds, $1.882 billion (up from $1.515 billion); and Dodge & Cox, $1.506 billion (up from $585 million).

In Q3, DFA led the pack with an estimated $10.22 billion in net outflows. Other big Q3 outflows sufferers included: Fidelity, $7.053 billion; T. Rowe Price, $6.044 billion; American Funds, $5.152 billion; and Principal, $3.85 billion.

DFA also led the outflows pack in the first nine months of the year, thanks to an estimated $27.028 billion net YTD outflows. Other YTD outflows sufferers included: T. Rowe, $26.05 billion; American Funds, $24.243 billion; Fidelity, $23.887 billion; and Invesco, $22.62 billion.

As a group, the 29 large fund firms brought in an estimated $9.65 billion in net September inflows, equivalent to 0.05 percent of their combined AUM and 89.88 percent net industry outflows. That's down from $34.123 billion in August. In Q3, large fund firms brought in an estimated $82.529 billion in net inflows, and YTD they brought in $58.117 billion.

Across the entire industry, the 751 fund firms (down from 752 in August) tracked by the M* team brought an estimated $10.736 billion in net September inflows, equivalent to 0.05 percent of their combined AUM. Active funds suffered $12.348 billion in net September outflows, while passive funds brought in $23.887 billion. In Q3, the industry brought in $93.942 billion in net inflows, yet YTD it has suffered $12.121 billion in net outflows.

Editor's Note: This article has been dramatically changed from its original version. After MFWire posted this story earlier today, the Morningstar team informed us of a data correction on their side. The data correction was for a single fund firm, Vanguard, but it was a large correction, swinging the mutual fund giant's September results from billions of outflows to billions of inflows. That change, in turn, affects a host of other rankings and numbers within this article, which we have endeavored to correct accordingly. 

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