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Friday, April 23, 2021

Proportionately, Inflows Climb Another Eight Percent

Reported by Neil Anderson, Managing Editor

Long-term fund flows proportionately climbed another eight percent last month, though they're still dwarfed by the proportional outflows from a year earlier.

This article draws from Morningstar Direct data on open-end mutual fund and ETF flows, excluding money-market funds and funds of funds, from March 2021. (Other asset management products, like CITs and SMAs, are also not included.)

Edward Jones' Bridge Builder took the lead last month, thanks to an estimated $596 million per fund in net March 2021 inflows, up from $187 million per fund in February 2021 inflows and up from $278 million per fund in March 2020 outflows. Other big March 2021 inflows winners included: Spyglass Capital Management, $194 million per fund (up month-over-month from $100 million per fund, up year-over-year from $174 million per fund); Ark, $110 million per fund (down MOM from $1.135 billion per fund, up YOY from $40 million per fund); Vanguard, $101 million per fund (up MOM from $90 million per fund, down YOY from $107 million per fund); and Trust for Credit Unions, $80 million per fund (up MOM from $29 million per fund, up YOY from $42 million per fund).

Ark led the inflows pack proportionately for Q1 2021 overall, thanks to an estimated $2.129 billion per fund in net inflows. Other big Q1 inflows winners included: Bridge Builder, $867 million per fund; Grayscale, $777 million per fund; Spyglass, $382 million per fund; and EMQQ, $318 million per fund.

On the flip side, IVA took the outflows lead last month, suffering an estimated $202 million per fund in net March 2021 outflows, up MOM from $52 million per fund and up YOY from $88 million per fund. Other big March 2021 outflows sufferers included: Primecap, $103 million per fund (up MOM from $97 million per fund, down YOY from $387 million per fund); Aware, $72 million per fund (up MOM from $1 million per fund, down YOY from $22 million per fund in net inflows); Renaissance Capital, $51 million per fund (down MOM from $10 million per fund in net inflows, up YOY from $2 million per fund); and TransWestern, $50 million per fund (up MOM from $16 million per fund, down YOY from $22 million in net inflows).

Primecap led the outflows pack proportionately in Q1 2021, thanks to an estimated $387 million per fund. Other big Q1 outflows sufferers included: IVA, $303 million per fund; Akre, $284 million per fund; Dodge & Cox, $155 million per fund; and Edgewood, $149 million per fund.

The whole long-term U.S. mutual fund and ETF industry (excluding money-market funds and funds of funds) brought in an estimated $3.771 million per fund in net March 2021 inflows. That's up from $3.492 million per fund in February 2021 inflows and $13.96 million per fund in net March 2020 outflows.

Long-term funds brought in an estimated $9.656 million per fund in net Q1 2021 inflows. 

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