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Rating:Passive Inflows Drop $76B, and ... Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, March 27, 2023

Passive Inflows Drop $76B, and ...

Reported by Neil Anderson, Managing Editor

Passive mutual fund and ETF inflows fell by more than $76 billion over the past year, even as active fund outflows fell by nearly $25 billion.

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. The data also excludes other asset management products, like CITs and SMAs.

J.P. Morgan (including Six Circles) led the pack for a fourth month in a row last month, thanks to an estimated $6.483 billion in net February 2023 active inflows, up month-over-month from $6.238 billion in January 2023 and up year-over-year from $1.914 billion in February 2022. Other big February 2023 active inflows winners included: DFA, $1.236 billion (down M/M from $2.163 billion, up Y/Y from $148 million in net outflows); Baird (including Strategas), $1.227 billion (up M/M from $702 million, up Y/Y from $313 million in net outflows); Dodge & Cox, $1.039 billion (down M/M from $1.12 billion, up Y/Y from $590 million); and Guggenheim (including Rydex), $716 million (up M/M from $303 million, up Y/Y from $705 million in net outflows).

Vanguard led the pack last month for a third month in a row on the passive side, thanks to an estimated $14.749 billion in net February 2023 passive inflows, down M/M from $18.399 billion in January 2023 and down Y/Y from $33.803 billion in February 2022. Other big February 2023 passive inflows winners included: Fidelity, $3.111 billion (down M/M from $5.807 billion, down Y/Y from $10.03 billion); J.P. Morgan, $2.825 billion (down Y/Y from $4.413 billion, up Y/Y from $576 million); Invesco, $2.34 billion (up M/M from $1.369 billion outflows, up Y/Y from $1.17 billion in net inflows); and Schwab, $2.126 billion (down M/M from $5.363 billion down Y/Y from $4.51 billion).

On the flip side, last month was a rough one for Fidelity's active funds, which took the lead in the active outflows pack, thanks to an estimated $4.197 billion in net February 2023 active ouflows, down M/M $5.31 billion in January 2023 but up Y/Y from $3.267 billion February 2022. Other big February 2023 active outflows sufferers included: T. Rowe Price, $3.269 billion, down M/M from $6.031 billion, up Y/Y from $3.111 billion); BlackRock (including iShares), $3.231 billion (down M/M from $199 million in net inflows, down Y/Y from $863 million in net inflows); Invesco, $1.546 billion (up M/M from $1.271 billion, up Y/Y from $1.172 billion); and Franklin Templeton, $1.491 billion (up M/M from $1.111 billion, down Y/Y from $6.644 billion in net inflows).

BlackRock took the passive outflows lead last month, thanks to an estimated $15.436 billion in February 2023 outflows, down M/M from $4.669 billion in January 2023 inflows and down Y/Y from $12.694 billion in February 2022 inflows. Other big February 2023 passive outflows sufferers included: SSGA, $12.734 billion (down M/M from $3.847 billion in net inflows, down Y/Y from $8.003 billion in net inflows); KraneShares, $571 million (down M/M from $381 million in net inflows, down Y/Y from $325 million in net inflows); VanEck, $409 million (down M/M from $218 million in net inflows, down Y/Y from $2.018 billion in net inflows); and SEI, $136 million (up M/M from $17 million, down Y/Y from $178 million in net inflows).

Overall, the 737 active fund firms tracked by the M* team (up M/M and Y/Y from 735) suffered an estimated $7.297 billion in net outflows in February 2023, up M/M from $4.367 billion in January 2023 but down Y/Y from $32.24 billion February 2022. 348 active fims (47.2 percent) brought in net inflows last month, down M/M from 359 (48.8 percent) and down Y/Y from 380 (51.7 percent).

The 155 passive firms tracked by the M* team (down Y/Y from 163) brought in an estimated $4.034 billion in net February 2023 inflows, down M/M from $47.436 billion in January 2023 and down Y/Y from $80.09 billion in February 2022. 77 firms (49.7 percent) gained net passive inflows last month, down M/M from 80 (51.6 percent) and down Y/Y from 86 (52.8 percent). 

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