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Tuesday, November 17, 2020

2020 Fund Flows Swing Back to Black

Reported by Neil Anderson, Managing Editor

Mutual funds are back in the black, ten months into 2020.

Mortimer J. "Tim" Buckley
President, CEO
This article draws from Morningstar Direct data for October 2020 mutual fund and ETF flows, excluding money market funds and funds of funds. More specifically, this article focuses on the 27 firms (down from 29 in September) with more than $100 billion each in long-term fund AUM. 14 of those firms had net October inflows, up from 12 in September.

Vanguard kept the lead in October, thanks to estimated net inflows of $12.822 billion, up from $11.686 billion in September. Other big October inflows winners included: BlackRock, $10.063 billion (up from $11.686 billion); J.P. Morgan (including Six Circles), $4.993 billion (up from $4.558 billion); Fidelity, $2.985 billion (up from $3.14 billion in net outflows).

Proportionately, J.P. Morgan led the large fund firm pack last month, thanks to estimated net October inflows equivalent to 1.2 percent of its AUM, up from 1.1 percent in September. Other big October inflows winners included: PGIM, 1 percent (down from 1.2 percent); Goldman Sachs, 1 percent (down from 1.4 percent); Lord Abbett, 0.7 percent (up from 0.05 percent); and Eaton Vance (including Calvert), 0.6 percent (down from 1 percent).

Year-to-date, Vanguard leads the pack with an estimated $95.931 billion in net inflows, as of the end of October. Other big YTD inflows winners included: BlackRocK, $90.191 billion; J.P. Morgan, $34.768 billion; PGIM, $19.13 billion; and MFS, $13.095 billion.

On the flip side, October was a rough month for SSGA, which suffered an estimated $6.978 billion in net outflows, up from $1.456 billion in September. Other big October outflows sufferers included: Invesco, $5.277 billion (down from $636 million in net inflows); DFA, $3.568 billion (down from $4 billion); T. Rowe Price, $3.219 billion (up from $1.485 billion); and Franklin Templeton, $2.707 billion (up from $1.02 billion).

Proportionately, Invesco led the large pack last month with estimated net outflows equivalent to 1 percent of its AUM, down from 0.1 percent in net inflows. Other big October outflows sufferers included: DFA, 0.9 percent (down from 1 percent); SSGA, 0.9 percent (up from 0.2 percent); Dodge & Cox, 0.9 percent (up from 0.8 percent); and Jackson, 0.8 percent (up from 0.5 percent).

YTD, DFA leads the pack thanks to an estimated $30.596 billion in net outflows. Other big YTD outflows sufferers included: T. Rowe, $29.252 billion; Invesco, $27.898 billion; Capital Group's American Funds, $26.92 billion; and Franklin, $22.876 billion.

As a group, the 27 large fund firms brought in an estimated $9.41 billion in net October inflows, equivalent to 0.5 percent of their combined AUM and accounting for 70.1 percent of net industry inflows. (That's down from $9.65 billion.) Year-to-date, they brought in $88.675 billion in net inflows, equivalent to 0.51 percent of their combined AUM.

Across the entire industry, the 756 fund firms (up from 751 in September) tracked by the M* team brought in an estimated $13.432 billion in net October inflows, up from 410.736 billion in September. Active fund firms suffered $6.934 billion in net October outflows, while passive funds brought in $20.374 billion in net inflows. YTD, long-term funds and ETFs have brought in an estimated $13.913 billion in net inflows. 

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