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Rating:Vanguard Leads an Inflows Pack and an Outflows Pack. Wait, What? Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, January 30, 2023

Vanguard Leads an Inflows Pack and an Outflows Pack. Wait, What?

Reported by Neil Anderson, Managing Editor

The world's largest mutual fund firm (by AUM) led the way with flows in two ways last month: with passive inflows and active outflows.

Mortimer J. "Tim" Buckley
Vanguard
Chairman, CEO
This article draws from Morningstar Direct data on December 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) led the pack for a second month in a row last month, thanks to an estimated $4.633 billion in net December 2022 active inflows, up month-over-month from $2 billion in November 2022) but down year-over-year from $8.176 billion in December 2021. Other big December 2022 active inflows winners included: American Century (including Avantis), $1.266 billion (down M/M from $1.276 billion, up Y/Y from $456 million); First Trust, $552 million (down M/M from $600 million, up Y/Y from $341 million); Innovator, $448 million (down M/M from $908 million, up Y/Y from $172 million); and Evoke, $249 million (up M/M from $369 million in net outflows).

Vanguard took the lead on the passive side last month, thanks to an estimated $15.672 billion in net December 2022 passive inflows, up M/M from $13.906 billion in November 2022 and up Y/Y from $6.948 billion in December 2021. Other big December 2022 passive inflows winners included: BlackRock, $13.833 billion (down M/M from $21.016 billion, down Y/Y from $29.548 billion); Fidelity, $4.425 billion (up M/M from $4.62 billion in net outflows, down Y/Y from $13.79 billion in net inflows); Schwab, $3.886 billion (up M/M from $2.988 billion, up Y/Y from $3.668 billion); and WisdomTree, $974 million (down M/M from $1.111 billion, up Y/Y from $286 million).

On the flip side, last month was another rough one for Vanguard's active funds, which led the active outflows pack for a fourth month in a row, thanks to an estimated $13.273 billion in net December 2022 active outflows, up M/M from $9.788 billion in November 2022 and up Y/Y from $2.429 billion in December 2021. Other big December 2022 active outflows sufferers included: Capital Group (home of the American Funds), $10.65 billion (up M/M from $7.839 billion, up Y/Y from $3.109 billion); T. Rowe Price, $7.238 billion (up M/M from $4.057 billion, up Y/YK from $2.663 billion); Allianz's Pimco, $7.211 billion (up M/M from $2.682 billion, up Y/Y from $786 million); and Fidelity, $6.73 billion (up M/M from $6.155 billion, down Y/Y from $2.373 billion in net inflows).

Invesco took the outflows lead last month on the passive side, thanks to an estimated $1.795 billion in net December 2022 passive outflows, down M/M from $6.584 billion in net November 2022 inflows and down Y/Y from $5.688 billion in net December 2022 inflows. Other December 2022 passive outflows sufferers included: J.P. Morgan, $1.021 billion (up M/M from $485 million, down Y/Y from $807 million in net inflows); VanEck, $510 million (down M/M from $575 million in net inflows, down Y/Y from $675 million in net outflows); DWS (including Xtrackers), $506 million (down M/M from $451 million, down Y/Y from $130 million in net inflows); and SSGA, $430 million (down M/M from $1.546 billion, down Y/Y from $31.404 billion in net inflows.

Overall, the 732 active fund firms tracked by the M* team (down M/M from 740 but up Y/Y from 731) suffered an estimated $121.317 billion in net active outflows in December 2022, up M/M from $95.225 billion in November 2022 and up Y/Y from $8.299 billion in December 2021. 231 active firms (31.6 percent) brought in net inflows last month, down M/M from 255 (34.5 percent) and down Y/Y from 336 (46 percent).

The 157 passive fund firms tracked by the M* team (down M/M from 159, down Y/Y from 158) brought in an esteimated $35.056 billion in net December 2022 inflows, down M/M from $42.638 billion in November 2022 and down Y/Y from $95.932 billion in December 2021. 73 firms (46.5%) gained net passive inflows last month, up M/M from 63 (40.1 percent) but down Y/Y from 90 (57 percent).

***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 example, as the T. Rowe Price team revealed on January 12, in 2022 their clients transferred about $12.4 billion (including about $700 million in December alone) 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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