Industry inflows fell nearly 90 percent in a month, as AUM slipped nearly five percent. Yet assets are still up nearly 13 percent over the past 12 months.
| Abigail "Abby" Pierrepont Johnson|
FMR (dba Fidelity Investments)
Chair, President, CEO
This article draws from Morningstar Direct
data for January 2022 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 nine firms with more than $500 billion each in long-term fund and ETF AUM.
Jumbo fund firms had $18.223 trillion in long-term fund AUM as of January 31, 2022, and they accounted for 68.23 percent of overall industry long-term AUM; that compares with $19.138 trillion and 68.15 percent on December 31, 2021
. Four of those jumbo firms brought in net long-term fund inflows in January 2022, down from six in December 2021.
took the lead last month, thanks to an estimated $11.018 billion in net January 2022 long-term fund inflows, down month-over-month from $16.136 billion in December 2021 but up year-over-year from $8.055 billion in January 2021
. Other big January 2022 inflows winners included: Vanguard
, $9.967 billion (up M/M from $4.518 billion, down Y/Y from $37.557 billion); and Capital Group's American Funds
, $3.762 billion (up M/M from $3.109 billion in net outflows, up Y/Y from $1.444 billion).
On the flip side, SSGA
took the jumbo fund firm outflows lead last month, thanks to an estimated $13.843 billion in net January 2022 outflows, down M/M from $31.752 billion in December 2021 inflows but up Y/Y from $4.957 billion in January 2021 outflows. Other big January 2022 outflows sufferers included: T. Rowe Price
, $4.403 billion (up M/M from $3.446 billion, up Y/Y from $4.367 billion); and BlackRock
(including iShares), $3.902 billion (down M/M from $31.372 billion in net inflows, down Y/Y from $9.306 billion in net inflows).
As a group, the nine largest fund firms suffered an estimated $1.071 billion in net long-term fund outflows in January 2022, equivalent to 0.01 percent of their combined AUM. That compares with $86.688 billion in net inflows and 0.45 percent of AUM in December 2021.
Across the entire industry, the 797 firms tracked by the M* team (down M/M from 799 but up Y/Y from 753) brought in an estimated $8.936 billion in net January 2022 inflows, equivalent to 0.03 percent of overall long-term fund AUM of $26.709 trillion on January 31, 2022. That's down M/M from $87.633 billions in December 2021 inflows, equivalent to 0.31 percent of $28.084 trillion in AUM and down Y/Y from $95.454 billion in January 2021 inflows, equivalent to 0.4 percent of $23.732 trillion in AUM.
Passive funds brought in $22.087 billion in net long-term fund inflows in January 2022, down M/M from $95.932 billion and down Y/Y from $54.591 billion. Active funds suffered $13.138 billion in net long-term fund outflows in January 2022, up M/M from $8.299 billion but down Y/Y from $40.836 billion in net inflows.
***This caveat is particularly important for jumbo fund firms, many of which are big players in the 401(k) business, where collective investment trusts (CITs) are a commonly used alternative to traditional mutual funds. For examples, as the T. Rowe team revealed last week, in January 2022 their clients transferred about $2.2 billion out of T. Rowe mutual funds and into other T. Rowe products like CITs and SMAs. And T. Rowe is a big retirement plan provider and DC I-O asset manager, especially in the target-date fund (TDF) space.
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