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Rating:Active and Passive Inflows Both Rebound By 35 Percent Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, September 28, 2021

Active and Passive Inflows Both Rebound By 35 Percent

Reported by Neil Anderson, Managing Editor

Active and passive inflows both rebounded by 35 last month ... despite a 40-percent passive inflows drop at the industry's reigning champion.

Emmanuel "Manny" Roman
Pimco
CEO, Managing Director
This article draws from Morningstar Direct data on August 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 SMAs and CITs.

Pimco took the lead last month on the active side, thanks to an estimated $4.363 billion in net August 2021 inflows, up month-over-month from $1.068 billion in July 2021 and up year-over-year from $1.685 billion in August 2020. Other big August 2021 active inflows winners included: J.P. Morgan (including Six Circles), $3.63 billion (up M/M from $2.719 billion, down Y/Y from $8.959 billion); Vanguard, $3.355 billion (up M/M from $2.232 billion, down Y/Y from $6.864 billion); BlackRock (including iShares), $2.785 billion (down M/M from $3.024 billion, up Y/Y from $2.557 billion); and Goldman Sachs, $2.582 billion (up M/M from $28 million, up Y/Y from $1.968 billion).

Vanguard kept the lead yet again on the passive side, thanks to an estimated $20.666 billion in net August 2021 passive inflows, down M/M from $34.197 billion in July 2021 but up Y/Y from $387 million in August 2020. Other big August 2021 passive inflows winners included: BlackRock, $19.749 billion (up M/M from $6.824 billion, up Y/Y from $4.622 billion); SSGA, $12.475 billion (up M/M from $1.66 billion in net outflows, up Y/Y from $2.663 billion); Fidelity, $10.325 billion (down M/M from $11.067 billion, up Y/Y from $2.097 billion); and Invesco, $6.773 billion (up M/M from $2.149 billion in net outflows, up Y/Y from $4.22 billion).

On the flip side, last month was a rough one for Capital Group's American Funds, which led the active outflows pack thanks to an estimated $1.793 billion in net active August 2021 outflows, down M/M from $1.981 billion in net July 2021 inflows and up Y/Y from $1.515 billion in August 2020. Other big august 2021 active outflows sufferers included: FPA, $1.455 billion (down M/M from $121 million in net inflows, up Y/Y from $56 million); Ark, $1.193 billion (down M/M from $1.535 billion, down Y/Y from $1.987 billion in net inflows); T. Rowe Price, $1.18 billion (down M/M from $2.344 billion, down Y/Y from $3.11 billion); and Macquarie's Delaware, $1.022 billion (up M/M from $724 million, up Y/Y from $421 million).

Rafferty's Direxion led the outflows pack on the passive side last month, thanks to an estimated $1.261 billion in net passive August 2021 outflows, down M/M from $441 million in net July 2021 passive inflows and up Y/Y from $421 million in August 2020. Other big August 2021 passive outflows sufferers included: Jackson, $342 million (up M/M from $180 million, up Y/Y from $54 million); VanEck, $264 million (down M/M from $466 million in net inflows, down Y/Y from $756 million in net inflows); T. Rowe Price, $234 million (up M/M from $182 million, down Y/Y from $548 million); and Guggenheim (including Rydex), $189 million (up M/M from $99 million, down Y/Y from $23 million in net inflows).

Industrywide, the 714 active fund firms tracked by the M* team (up M/M from 709 in July 2021 and up Y/Y from 702 in August 2020) brought in an estimated $19.829 billion in net active inflows in August 2021, accounting for 20 percent of overall industry long-term inflows. That's up from $14.693 billion and 20 percent in July 2021, but it's down from $25.225 billion and 61 percent in August 2020. 382 firms gained net active inflows in August 2021, down M/M from 389 but up Y/Y from 306.

The 152 passive fund firms tracked by the M* team (up M/M from 149, up Y/Y from 139( brought in an estimated $77.739 billion in net passive inflows in August 2021, accounting for 80 percent of overall industry long-term inflows. That compares with $57.431 billion and 80 percent in July 2021 and $16.178 billion and 39 percent in August 2020. 79 firms gained net passive inflows in August 2021, up M/M from 77 and up Y/Y from 76. 

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