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Friday, May 27, 2022

A $104B Reversal In One Month

Reported by Neil Anderson, Managing Editor

Passive funds' monthly net flows fell by $103.902 billion last month. Active outflows increased dramatically, too.

This article draws from Morningstar Direct data on April 2022 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.

Edward Jones' Bridge Builder kept the lead last month on the active side, thanks to an estimated $1.871 billion in net April 2022 active inflows, down month-over-month from $3.624 billion in March 2022 but up year-over-yeare from $996 million in April 2021. Other big April 2022 active inflows winners included: PGIM, $659 million (up M/M from $1.482 billion in net outflows, up Y/Y from $257 million); Neuberger Berman, $476 million (up M/M from $19 million in net outflows, down Y/Y from $531 million); New York Life (including IndexIQ), $460 million (up M/M from $453 million in net outflows, up Y/Y from $338 million); and Perpetual, $395 million.

Fidelity took the lead on the passive side last month, thanks to an estimated $6.271 billion in net April 2022 passive inflows, down M/M from $8.862 billion in March 2022 and down Y/Y from $9.337 billion in April 2021. Other big April 2022 passive inflows winners included: Vanguard, $5.134 billion (down M/M from $22.656 billion, down Y/Y from $39.433 billion); Charles Schwab, $2.704 billion (down M/M from $2.963 billion, down Y/y from $5.45 billion); Rafferty's Direxion, $2.291 billion (up M/M from $472 million, up Y/Y from $716 million in net outflows); and VanEck, $1.772 billion (up M/M from $551 million, up Y/Y from $1.237 billion).

On the flip side, last month was another rough one for Vanguard's active funds, which kept the active outflows lead thanks to an estimated $12.716 billion in net April 2022 outflows, up M/M from $9.366 billion in March 2022 but down Y/Y from $5.061 billion in April 2021 inflows. Other big April 2022 active outflows sufferers included: Fidelity, $7.296 billion (up M/M from $3.781 billion, up Y/Y from $3.49 billion); Pimco, $5.182 billion (down M/M from $8.118 billion, down Y/Y from $1.868 billion in net inflows); T. Rowe Price, $4.867 billion (up M/M from $1.973 billion, up Y/Y from $683 million); and Franklin Templeton, $4.397 billion (up M/M from $3.53 billion, down Y/Y from $161 million in net inflows).

SSGA toook the outflows lead on the passive side last month, thanks to an estimated $11.294 billion in net April 20222 passive outflows, down M/M from $16.283 billion in net March 2022 inflows and down Y/Y from $6.227 billion in net April 2021 inflows. Other big April 2022 passive outflows sufferers included: BlackRock (including iShares), $9.849 billion (down M/M from $25.588 billion in net inflows, down Y/Y from $16.35 billion in net inflows); Invesco, $1.183 billion (down M/M from $13.234 billion in net inflows, down Y/Y from $1.301 billion in inflows); J.P. Morgan (including Six Circles), $696 million (down M/M from $2.887 billion in net inflows, down Y/Y from $1.739 billion in net inflows); and DWS (including Xtrackers), $634 million (down M/M from $699 million, down Y/Y from $50 million in net inflows).

Overall, the 734 active fund firms tracked by the M* team (up M/M from 732, up Y/Y from 699) suffered an estimated $86.386 billion in net active outflows in April 2022, up M/M from $70.411 billion in March 2022 but down Y/Y from $31.465 billion in April 2021 inflows. 292 firms gained net active inflows in April 2022, down M/M from 311 and down Y/Y from 432.

The 159 passive fund firms tracked by the M* team (down M/M from 160, up Y/Y from 145) suffered an estimated $2.838 billion in net April 2022 outflows, down M/M from $101.064 billion in net March 2022 inflows and down Y/Y from $94.208 billion in April 2021 inflows. 79 firms gained net passive inflows in April 2022, down M/M from 83 and down Y/Y from 87.

Editor's Note: A prior version of this story gave the wrong number of fund firms with passive inflows in April 2022. To clarify, 79 firms had passive inflows in April 2022. 

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