A 93-year-old value asset manager took the lead proportionately last month, even as industry outflows returned.

Dana Morton Emery Dodge & Cox CEO, Chair

This article draws from Morningstar Direct data on February 2023 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.)

Dodge & Cox led the way last month, thanks to an estimated $80 million per fund in net February 2023 inflows, down month-over-month from $86 million per fund in January 2023 and down year-over-year from $84 million per fund in February 2022. Other big February 2023 inflows winners included: Panagram Structured Asset Management, $48 million per fund (up M/M from $20 million per fund); Cromwell $48 million per fund (up M/M from $560,000 per fund in net outflows); Edward Jones' Bridge Builder, $42 million per fund (down M/M from $46 million per fund, down Y/Y from $115 million per fund); and Axonic, $42 million per fund (up M/M from $3 million per fund, up Y/Y from $17 million per fund).

After the first two months of the year, Dodge & Cox also took the 2023 inflows lead, thanks to an estimated $166 million per fund in net year-to-date inflows as of February 28. Other big YTD inflows winners included: Kovitz, $154 million per fund; and Bridge Builder, $88 million per fund.

On the flip side, Edgewood took the outflows lead last month, thanks to an estimated $93 million per fund in net February 2023 outflows, down M/M from $59 million per fund in January 2023 inflows and down Y/Y from $174 million per fund in February 2022 inflows. Other big February 2023 outflows sufferers included: Primecap, $69 million per fund (up M/M from $33 million per fund, down Y/Y from $106 million per fund); Champlain, $55 million per fund (up M/M from $390,000 per fund, down Y/Y from $5 million per fund in net inflows); SSGA, $49 million per fund (down M/M from $15 million per fund in net inflows, down Y/Y from $29 million per fund in net inflows); and Muhlenkamp, $40 million per fund (down M/M from $3 million per fund in net inflows, down Y/Y from $4 million per fund in net inflows).

After the first two months of the year, Primecap still led the 2023 outflows pack, thanks to an estimated $102 million per fund in net YTD outflows as of February 28. Other big YTD outflows sufferers included: Champlain, $55 million per fund; and Sequoia, $55 million per fund.

The whole long-term U.S. mutual fund and ETF industry suffered $77,000 per fund in net February 2023 outflows. That's down M/M from $1.008 million per fund in January 2023 inflows and down Y/Y from $1.141 million per fund in February 2022 inflows.

Yet industry inflows per fund remain positive for 2023 so far, specifically $976,000 per fund in YTD inflows as of February 28. 

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