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Rating:Despite a Dip, Flows Are Still Up Fivefold, Proportionately Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, October 26, 2021

Despite a Dip, Flows Are Still Up Fivefold, Proportionately

Reported by Neil Anderson, Managing Editor

Despite a 41-percent drop last month, industry inflows are still up more than fivefold, pound-for-pound.

Dana Morton Emery
Dodge & Cox
CEO, President, Director of Fixed Income
This article draws from Morningstar Direct data on September 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 $144 million per fund in net September 2021 inflows, up year-over-year from $251 million per fund in net September 2020 outflows. Other big September 2021 inflows winners included: Edward Jones' Bridge Builder, $78 million per fund (up month-over-month from $43 million per fund in August 2021 outflows, roughly level with September 2020 inflows); Blackstone, $58 million per fund (up M/M from $12 million per fund in net outflows, up Y/Y from $21 million per fund in net outflows); PFM Multi-Manager Series Trust, $51 million per fund (up M/M from $7 million per fund in net outflows, up Y/Y from $16 million per fund); and Charles Schwab, $49 million per fund (up M/M from $29 million per fund, up Y/Y from $14 million per fund).

Dodge & Cox also led the inflows pack last quarter, thanks to an estimated $801 million per fund in net third quarter 2021 inflows. Other big Q3 2021 inflows winners included: River Canyon, $281 million per fund; and Vanguard, $192 million.

Ark still leads the pack proportionately, thanks to an estimated $1.446 billion per fund in net 2021 inflows as of September 30, 2021. Other big YTD inflows winners included: Bridge Builder, $1.366 billion per fund; and Dodge 7 Cox, $841 million per fund.

And Ark also led the pack proportionately for the 12-month period ending September 30, 2021, thanks to an estimated $3.09 billion per fund in net inflows. Other big inflows winners included: Bridge Builder, $1.947 billion; and Grayscale, $1.186 billion.

Yet Ark also kept the outflows lead last month, suffering an estimated $230 million per fund in net September 2021 outflows, up M/M from $151 million per fund in August 2021 but down Y/Y from $147 million per fund in net September 2020 inflows. Other big September 2021 outflows sufferers included: Edgewood, $216 million per fund (down M/M from $88 million per fund in net inflows, down Y/Y from $9 million per fund in net inflows); KBI, $128 million per fund (down M/M from $2 million per fund in net flows, down Y/Y from negligible inflows); Primecap, $89 million per fund (up M/M from $45 million, down Y/Y from $238 million per fund; and Angel Oak, $24 million per fund (down M/M from $22 million per fund in net inflows, down Y/Y from $9 million per fund in net inflows).

Ark also led the outflows pack proportionately in Q3 2021, thanks to an estimated $577 million per fund in net outflows. Other big Q3 outflows sufferers included: Primecap, $197 million per fund; and Sequoia, $128 million per fund.

SunBridge Capital Partners leads the outflows pack proportionately in 2021, as of September 30, thanks to an estimated $838 million per fund in net outflows. Other big YTD outflows sufferers included: Primecap, $769 million per fund; and Akre, $253 million per fund.

For the 12-month period ending September 30, 2021, Primecap led the outflows pack thanks to an estimated $1.445 billion per fund in net outflows. Other big sufferers included: Sunbridge, $839 million per fund; and Sequoia, $326 million per fund.

The whole long-term U.S. mutual fund and ETF industry brought in an estimated $1.377 million per fund in September 2021 inflows. That's down from $2.33 million in August 2021 but up from $257,000 per fund in September 2020.

In Q3 2021, long-term funds brought in an estimated $5.55 million per fund in net inflows. They brought in $22.989 million per fund in the first nine month of 2021, and they brought in $28.463 million per fund in the 12-month period ending on September 30, 2021. 

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