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Friday, April 22, 2022

Inflows Per Fund Fall 81 Percent

Reported by Neil Anderson, Managing Editor

A B-D's multimanager, subadvised mutual fund arm took the lead last month proportionately. Yet industry inflows per fund fell 36 percent month-over-month (and 81 percent year-over-year).

Ryan Timothy Robson
Edward Jones / Olive Street Investment Advisers, LLC
Principal, Client Strategy Group / President
This article draws from Morningstar Direct data on March 2022 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.)

Edward Jones' Bridge Builder led the way last quarter, thanks to an estimated $660 million per fund in inflows in the first three months of 2022. Other big Q1 2022 inflows winners included: Horizon Kinetics, $383 million per fund; Edgewood, $250 million per fund; Vanguard, $186 million per fund; and Tuttle, $118 million per fund.

Bridge Builder also regained the monthly lead, thanks to an estimated $453 million per fund in net March 2022 inflows, up M/M from $116 million per fund in February 2022 but down Y/Y from $596 million per fund in March 2021. Other big March 2022 inflows winners included: Horizon Kinetics, $342 million per fund (up M/M from $33 million per fund, up Y/Y from $52 million per fund); and Teucrium, $73 million per fund (up M/M from $11 million per fund, down Y/Y from $3 million per fund in net outflows).

On the flip side, Primecap led the outflows pack last quarter, thanks to an estimated $347 million per fund in net Q1 2022 outflows. Other big outflows sufferers included: Independent Franchise Partners, $213 million per fund; River Canyon, $147 million per fund; Akre, $145 million per fund; and Callahan Financial Services' Trust for Credit Unions, $91 million per fund.

River Canyon took the outflows lead last month, thanks to an estimated $375 million per fund in net March 2022 outflows, down M/M from $167 million per fund in February 2022 inflows and down Y/Y from $15 million per fund in March 2021 inflows. Other big March 2022 outflows sufferers included: Primecap, $111 million per fund (up M/M from $106 million per fund, up Y/Y from $103 million per fund); and Edgewood, $95 million per fund (down M/M from $174 million per fund in net inflows, down Y/Y from $60 million per fund in net inflows).

The whole long-term U.S. mutual fund and ETF industry (excluding money-market funds and funds of funds) brought in an estimated $2.733 million per fund in net Q1 2022 inflows.

The industry brought in $732,000 per fund in net March 2022 inflows, down M/M from $1.141 million per fund in February 2022 and down Y/Y from $3.771 million per fund in March 2021. 

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