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Thursday, August 26, 2021

Dodge and Cox's Proportional Inflows Rise 18-Fold

Reported by Neil Anderson, Managing Editor

A value investing giant took the lead last month, pound-for-pound, thanks to an inflows increase per fund of more than 18-fold.

Dana Morton Emery
Dodge & Cox
CEO, President, Director of Fixed Income
This article draws from Morningstar Direct data on July 2021 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. (Other asset management products, like CITs and SMAs, are also not included.)

Dodge & Cox took the lead last month, thanks to an estimated $222 million per fund in net July 2021 inflows, up month-over-month from $12 million per fund in June 2021 and up year-over-year from $107 million per fund in net outflows in July 2020. Other big July 2021 inflows winners included: Edgewood, $179 million per fund (up M/M from $66 million per fund, up Y/Y from $109 million per fund); Edward Jones' Bridge Builder, $124 million per fund (down M/M from $130 million per fund, up Y/Y from $24 million per fund); Vanguard, $87 million per fund (up M/M from $60 million per fund, up Y/Y from $25 million per fund); and Spyglass Capital Management, $62 million per fund (down M/M from $74 million per fund, up Y/Y from $59 million per fund).

Ark led the pack proportionately year-to-date as of July 31, 2021, thanks to an estimated $1.827 billion per fund in net inflows. Other big YTD inflows winners included: Bridge Builder, $1.331 billion per fund; and Grayscale, $777 million per fund.

The same three firms led the pack for the 12-month period ending July 31, 2021, though in a slight different order. ark brought in $3.849 billion per fund in net inflows, while Grayscale brought in $2.182 billion per fund and Bridge Builder brought in $2.05 billion per fund.

Yet Ark also took the outflows lead last month, suffering an estimated $196 million per fund in net July 2021 outflows, down M/M from $123 million per fund in net June 2021 inflows and down Y/Y from $213 million per fund in net July 2020 inflows. Other big July 2021 outflows sufferers included: EMQQ, $72 million per fund (up M/M from negligible net outflows per fund, down Y/Y from $53 million per fund in net inflows); Sequoia, $66 million per fund (down M/M from zero net flows, up Y/Y from $31 million per fund); Primecap, $63 million per fund (down M/M from $69 million per fund, down Y/Y from $245 million per fund); and Independent Franchise Partners, $34 million per fund (down M/M from $2 million per fund in net inflows, down Y/Y from $36 million per fund).

Primecap led the outflows pack YTD as of July 31, 2021, thanks to an estimated $635 million per fund in net outflows. Other big YTD outflows sufferers included: Akre, $261 million per fund; and Mercer, $167 million per fund.

Primecap also led the outflows pack for the 12-month period ending July 31, 2021, thanks to an estimated $1.781 billion per fund in net outflows. Other big outflows sufferers included: Dodge & Cox, $722 million per fund; and Sequoia, $316 million per fund.

The whole long-term U.S. mutual fund and ETF industry brought in an estimated $1.704 million per fund in net July 2021 inflows. That's down M/M from $2.528 million in June 2021 but up Y/Y from $994,000 per fund in July 2020.

Year-to-date, as of July 31, 2021, long-term funds brought in an estimated $18.939 million per fund in net inflows. And in the 12-month period ending July 31, 2021, they brought in an estimated $25.887 million per fund. 

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