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Rating:Net Active Flows Worsen By $67B Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, October 25, 2022

Net Active Flows Worsen By $67B

Reported by Neil Anderson, Managing Editor

Net active fund flows worsened by more than $67 billion last month, and passive inflows fell by more than $17 billion.

This article draws from Morningstar Direct data on September 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.

First Trust took the lead last month on the active side of the industry, thanks to an estimated $514 million in net September 2022 active inflows, down month-over-month from $652 million in August 2022 and down year-over-year from $745 million in September 2021. Other big September 2022 active inflows winners included: Innovator, $473 million (up M/M from $442 million, up Y/Y from $87 million); Ark, $324 million (up M/M from $942 million in net outflows, up Y/Y from $1.816 billion in net outflows); Catalyst, $295 million (up M/M from $174 million, up Y/Y from $65 million); and LoCorr, $231 million (up M/M from $66 million, up Y/Y from $89 million).

BlackRock (including iShares) took the lead on the passive side last month, thanks to an estimated $8.508 billion in net September 2022 passive inflows, up M/M from $6.397 billion in August 2022 but down Y/Y from $9.17 billion in September 2021. Other big September 2022 passive inflows winners included: Vanguard, $5.778 billion (down M/M from $19.914 billion, down Y/Y from $18.112 billion); Fidelity, $3.443 billion (up M/M from $1.436 billion, down Y/Y from $10.232 billion); Schwab, $3.149 billion (up M/M from $2.924 billion, down Y/Y from $5.113 billion); and WisdomTree, $1.924 billion (up M/M from $768 million, up Y/Y from $150 million).

On the flip side, last month was a rough one for Vanguard's active funds, which took the active outflows lead, thanks to an estimated $8.979 billion in net September 2022 active outflows, down M/M from $2.42 billion in August 2022 and down Y/Y from $1.711 billion in net inflows in September 2021. Other big September 2022 active outflows sufferers included: Fidelity, $7.048 billion (up M/M from $3.229 billion, up Y/Y from $600 million); Pimco, $5.951 billion (up M/M from $1.289 billion, down Y/Y from $5.951 billion in net inflows; Franklin Templeton, $4.808 billion (up M/M from $4.311 billion, up Y/Y from $940 million); and T. Rowe Price, $4.619 billion (down M/M from $4.465 billion, up Y/Y from $2.649 billion).

Invesco took the outflows lead on the passive side, thanks to an estimated $1.129 billion in net September 2022 passive outflows, down M/M from $788 million in net August 2022 inflows but up Y/Y from $668 million in September 2021. Other big September 2022 passive outflows sufferers included: ProShares and ProFunds, $1.112 billion (down M/M from $1.439 billion in net inflows, down Y/Y from $3.229 billion in net inflows); VanEck, $984 million (up M/M from $596 million, down Y/Y from $305 million in net inflows); Northern (including FlexShares), $529 million (up M/M from $366 million, up Y/Y from $74 million); and First Trust, $514 billion (down M/M from $1.049 billion in net inflows, down Y/Y from $606 million in net inflows).

Overall, the 727 active fund firms tracked by the M* team (down M/M from 729 but up Y/Y from 718) suffered an estimated $97.389 billion in net September 2022 outflows, up M/M from $30.062 billion in August 2022 and down Y/Y from $9.916 billion in net inflows in September 2021. 251 firms gained net inflows in September 2022, down M/M from 312 and down Y/Y from 375.

The 155 passive fund firms tracked by the M* team (down M/M from 158, down Y/Y from 157) brought in an estimated $20.732 billion in net September 2022 inflows, down M/M from $37.845 billion in August 2022 and down Y/Y from $47.828 billion in September 2021. 63 firms gained net passive inflows last month, down M/M from 74 and down Y/Y from 86. 

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