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Monday, March 15, 2021

MF and ETF Inflows Quintuple

Reported by Neil Anderson, Managing Editor

Industry inflows jump more than 50 percent last month, and they more than quintupled year-over-year. The largest fund firms' market share (by AUM) also increased.

Mortimer J. "Tim" Buckley
Vanguard
President, CEO
This article draws from Morningstar Direct data for February 2021 mutual fund and ETF flows, excluding money market funds and funds of funds. (Other asset management products, like collective trusts and SMAs, are also not included.***) More specifically, this article focuses on the 32 firms (up 28 in February 2020) with more than $100 billion each in long-term fund AUM.

Large fund firms account for 85.7 percent of long-term fund AUM as of February 28, 2021, up from 85.5 percent on January 31, 2021 and up from 83.2 percent on February 28, 2020. 21 large fund firms brought in net inflows in February 2021, the same as in January 2021 and up from 17 in February 2020.

Vanguard kept the lead last month, bringing in an estimated $37.45 billion in net February 2021 inflows, down slightly from $37.557 billion in January 2021 and up from $19.835 billion in February 2020. Other big February 2021 inflows winners included: BlackRock, $21.02 billion (up month-over-month from $9.306 billion, up year-over-year from $12.821 billion); Fidelity, $19.767 billion (up MOM from $8.055 billion, up YOY from $6.841 billion); Invesco, $8.129 billion (up MOM from $458 million in net outflows, up YOY from $2.05 billion in net outflows); and J.P. Morgan (including Six Circles), $7.102 billion (down MOM from $8.758 billion, up YOY from $5.645 billion).

Proportionately among the biggest fund firms, First Trust kept the lead last month, thanks to estimated February 2021 inflows equivalent to 1.6 percent of its AUM. Other big inflows winners included: J.P. Morgan, 1.4 percent; Goldman Sachs, 1.4 percent; Edward Jones' Bridge Builder, 1.4 percent; and Eaton Vance (including Calvert), 1.3 percent.

Vanguard also leads the large fund firm inflows pack year-to-date, thanks to an estimated $75.007 billion in net inflows in the first two months of 2021. Other big YTD inflows winners so far included: BlackRock, $30.326 billion; Fidelity, $27.846 billion; J.P. Morgan, $15.68 billion; and Invesco, $7.671 billion.

On the flip side, last month was a rough one for Franklin Templeton, which led the large fund firm outflows pack thanks to an estimated $3.903 billion in net February 2021 outflows, up from $114 million in January 2021 and up from $1.686 billion in February 2020. Other big February 2021 outflows sufferers included: DFA, $2.673 billion (up MOM from $2.312 billion and up YOY from $66 million); TCW (including MetWest), $992 million (down MOM from $232 million in net inflows, down YOY from $618 million in net inflows); SEI, $904 million (down MOM from $225 million in net inflows, down YOY from $94 million in net inflows); and Dodge & Cox, $874 million (up MOM from $121 million, up YOY from $692 million).

Proportionately among the biggest fund firms, TCW suffered the most February 2021 outflows, equivalent to 0.9 percent of its AUM. Other big outflows sufferers included: SEI, 0.8 percent; Franklin Templeton, 0.8 percent; DFA, 0.6 percent; and Dodge & Cox, 0.4 percent.

DFA leads the outflows pack YTD, thanks to an estimated $5.075 billion in net outflows in the first two months of 2021. Other big YTD outflows sufferers included: Franklin Templeton, $4.018 billion; T. Rowe Price, $2.578 billion; Jackson, $1.615 billion; and Principal, $1.327 billion.

As a group, the 32 largest fund firms brought in an estimated $112.678 billion in net inflows in February 2021, equivalent to 0.54 percent of their combined AUM and accounting for 78 percent of overall industry inflows. That's up from $72.755 billion, 0.36 percent of AUM, and 76.22 percent of industry inflows in January 2021. And that's up from $27.108 billion and 0.16 percent of AUM, but down from 106.48 percent of industry inflows, in February 2020.

YTD, the largest fund firms have brought in an estimated $185.443 billion in net 2021 long-term fund inflows, equivalent to 77.36 percent of their combined AUM.

Across the entire industry, the 753 firms (down from 769 in February 2020) tracked by the M* team brought in a combined $144.457 billion in estimated net long-term fund inflows in February 2021, equivalent to 0.6 percent of long-term fund AUM. That's up from $95.454 billion and 0.4 percent of AUM in January 2021, and it's up from $27.108 billion and 0.13 percent of AUM in February 2020.

Active funds brought in an estimated $53.109 billion in net February 2021 inflows, up from $40.836 billion in January 2021 and up from $11.675 billion in February 2020. Passive funds brought in an estimated $91.347 billion in net February 2021 inflows, up from $54.591 billion in January 2021 and up from $13.784 billion in February 2020.

YTD, long-term funds have brought in an estimated $239.71 billion in net inflows, equivalent to 0.99 percent of their combined AUM.

*** This caveat is particularly important for these large fund firms, many of which are big in the defined contribution retirement plan business, where CITs are a commonly used alternative to traditional mutual funds. For example, as the T. Rowe team revealed last week, their clients transferred about $1.1 billion out of T. Rowe mutual funds and into other T. Rowe products, like CITs and SMAs. 

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