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Rating:Passive Inflows Fall $40B As Active Outflows Rise 47-Fold Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, December 27, 2022

Passive Inflows Fall $40B As Active Outflows Rise 47-Fold

Reported by Neil Anderson, Managing Editor

Net inflows to passive funds fell more than $40 billion year-over-year last month, and active outflows rose nearly 47-fold.

Laurence D. "Larry" Fink
BlackRock
Chairman, CEO
This article draws from Morningstar Direct data on November 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.***

J.P. Morgan (including Six Circles) took the lead last month on the active side of the industry, thanks to an estimated $2 billion in net November 2022 active inflows, up month-over-month from $117 million in October 2022 active outflows and up Y/Y from $1.116 billion in November 2021 active inflows. Other big November 2022 active inflows winners included: American Century (including Avantis), $1.276 billion (up M/M from $497 million, up Y/Y from $426 million in net outflows); Innovator, $908 million (up M/M from $817 million, up Y/Y from $45 million in net outflows); Neuberger Berman, $774 million (up M/M from $74 million, up Y/Y from $166 million); and GQG, $669 million (up M/M from $119 million, up Y/Y from $285 million).

BlackRock (including iShares) kept the lead on the passive side last month for the third month in a row, thanks to an estimated $21.016 billion in net November 2022 passive inflows, down M/M from $29.889 billion in October 2022 and down Y/Y from $27.881 billion in November 2021. Other big November 2022 passive inflows winners included: Vanguard, $13.906 billion (up M/M from $12.667 billion, down Y/Y from $31.093 billion); Invesco, $6.584 billion (up M/M from $310 million in net ouflows, up Y/Y from $4.124 billion in net inflows); Schwab, $2.988 billion (up M/M from $2.98 billion, down Y/Y from $3.325 billion); and Pacer, $1.151 billion, (down M/M from $1.193 billion, up Y/Y from $146 million).

On the flip side, last month was another rough one for Vanguard's active funds, which kept the active outflows lead for a third month in a row, thanks to an estimated $9.788 billion in net November 2022 active outflows, down M/M from $12.32 billion in October 2022 but up Y/y from $1.805 billion in November 2021. Other big November 2022 active outflows sufferers included: Capital Group's American Funds, $7.839 billion (down M/M from $8.326 billion, down Y/Y from $1.202 billion in net inflows); Fidelity, $6.155 billion (down M/M from $9.64 billion, up Y/Y from $4.048 billion); BlackRock, $6.132 billion (up M/M from $3.809 billion, down Y/Y from $2.809 billion in net inflows); and Franklin Templeton, $4.174 billion (up M/M from $4.126 billion, up Y/Y from $856 million).

Fidelity took the outflows lead on the passive side, thanks to an estimated $4.62 billion in net November 2022 passive outflows, down M/M from $1.381 billion in October 2022 passive inflows and down Y/Y from $5.407 billion in November 2021 passive inflows. Other big November 2022 passive outflows sufferers included: SSGA, $1.546 billion (down M/M from $28.099 billion in net inflows, down Y/Y from $5.378 billion in net inflows); Goldman Sachs, $650 million (down M/M from $259 million in net inflows, down Y/Y from $249 million in net inflows); J.P. Morgan, $485 million (up M/M from $338 million, up Y/Y from $353 million); and Northern (including Flexshares), $286 million (down M/M from $340 million, down Y/Y from $480 million in net inflows).

Overall, the 740 active fund firms tracked by the M* team (up M/M from 735 and up Y/Y from 718) suffered an estimated $95.552 billion in net November 2022 outflows, down M/M from $101.864 billion in October 2022 but up Y/Y from $2.051 billion in November 20221. 255 firms gained net active inflows in November 2022, up M/M from 237 in October 2022 but down Y/Y from 372 in November 2021.

The 159 passive fund firms tracked by the M* team (up M/M from 158, up Y/Y from 152) brought in an estimated $42.638 billion in net November 2022 inflows, down M/M from $79.909 billion and down Y/Y from $83.006 billion. 63 firms gained net passive inflows last month, down M/M from 66 and down Y/Y from 89.

***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. 

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