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Rating:Active Inflows Rise 136 Percent, While Passive Slips Again Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, February 24, 2021

Active Inflows Rise 136 Percent, While Passive Slips Again

Reported by Neil Anderson, Managing Editor

Active inflows more than doubled last month from a year earlier, while passive inflows slipped 13 percent.

Catherine "Cathie" Wood
ARK Investment Management, LLC
Founder, Chief Executive Officer
This article draws from Morningstar Direct data on January 2021 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. The data also excludes other asset management products, like collective trusts and SMAs.

Ark took the lead on the active side last month, with estimated net January 2021 active inflows of $7.937 billion, down from $8.147 billion in December 2020 but up year-over-year from $24 million in January 2020. Other big January 2021 active inflows winners included: J.P. Morgan (including Six Circles), $5.627 billion (down from $11.476 billion in December but up YOY from $3.463 billion); Vanguard, $5.413 billion (up from $4.846 billion in December and up YOY from $4.103 billion); BlackRock, $4.399 billion (up from $4.168 billion in December and up YOY from $3.259 billion); and Pimco, $3.779 billion (up from $2.149 billion in December and up YOY from $2.426 billion).

On the passive side of the business, Vanguard kept the lead last month, thanks to an estimated $32.144 billion in net January 2021 passive inflows, up from $20.359 billion in December but down YOY from $38.698 billion in January 2020. Other big January 2021 passive inflows winners included: Fidelity, $8.277 billion (down from $11.355 billion in December but up YOY from $7.687 billion); BlackRock, $4.906 billion (down from $11.059 billion in December and down YOY from $14.209 billion); Charles Schwab, $3.819 billion (down from $4.943 billion in December but up YOY from $2.684 billion); and J.P. Morgan, $3.132 billion (up from $963 million in December and up YOY from $46 million).

On the flip side, last month was rough for T. Rowe Price, or at least for its active mutual funds, which suffered an estimated $2.977 billion in net outflows, more than any other active fund firm, up from $1.487 billion in December 2020, and up YOY from $1.56 billion. (However, that does take into account client transfer from T. Rowe mutual funds into comparable T. Rowe strategies in different structures, like collective trusts and SMAs. Thus, while T. Rowe's mutual funds suffered an estimated $4.367 billion in active and passive net outflows last month, the firm also reported $2.8 billion in client transfers out of mutual funds and into other product structures with T. Rowe. Such structure switches likely affected other fund firms' mutual fund flows, too, especially firms that, like T. Rowe, have significant retirement plan business, as collective trusts are not retail products.)

Other big active outflows sufferers in January 2021 included: DFA, $2.18 billion (down from $4.37 billion in December 2020 and down YOY from $1.039 billion in net inflows in January 2020); Harris' Oakmark, $1.342 billion (down from $1.457 billion in December and down YOY from $1.612 billion); Harbor, $927 million (up from $502 million in December and up YOY from $715 million); and Principal, $794 million (down from $1.018 billion in December inflows but up YOY from $95 million in net outflows).

On the passive side, SSGA took the outflows lead last month, suffering an estimated $5.727 billion in net passive January 2021 outflows, up from $1.487 billion in December 2020 and up YOY from $1.56 billion in January 2020. Other big passive outflows sufferers in January 2021 included: T. Rowe, $1.39 billion (up from $702 million in December but up YOY from $803 million); USCF, $685 million (up from $207 million in December but down YOY from $618 million in net inflows); Principal, $438 million in net outflows (down from $683 million in December but up YOY from $331 million); and Jackson, $401 million (down from $75 million in net December inflows, but up YOY from $227 million in net outflows).

Industrywide, 699 active fund families (up from 690 in December) brought in an estimated $40.863 billion in net January 2021, up from $36.995 billion in December 2020 and up from $17.315 billion in January 2020. 383 of those families gained net active inflows in January 2021, up from 337 in December and up from 345 back in January 2020.

139 passive fund families (down from 140 in December) brought in an estimated $54.591 billion in net passive inflows in January 2021, down from $59.958 billion in December 2020 and down YOY from $65.959 billion in January 2020. 80 of those fund firms gained net passive inflows last month, down from 89 in December 2020 and down YOY from 82 in January 2020. 

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