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Rating:Bridge Builder Wins With $302MM Per Fund Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, April 26, 2023

Bridge Builder Wins With $302MM Per Fund

Reported by Neil Anderson, Managing Editor

A B-D's multi-manager mutual fund arm took the lead proportionately last month, even as industry outflows per fund nearly octupled.

This article draws from Morningstar Direct data on March 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.)

Edward Jones' Bridge Builder led the way last quarter, thanks to an estimated $302 million per fund in net inflows in the first quarter of 2023. Other big Q1 2023 inflows winners included: Kovitz, $154 million per fund; North Slope, $151 million per fund; Dodge & Cox, $129 million per fund; and Schwab, $93 million per fund.

Bridge Builder also took the lead last month, thanks to an estimated $214 million per fund in March 2023 inflows, up month-over-month from $42 million per fund in February 2023 but down year-over-year from $453 million per fund in March 2022. Other big March 2023 inflows winners included: North Slope, $94 million per fund (up M/M from $39 million per fund); and Vert, $69 million per fund (up M/M from $12 million per fund, up Y/Y from $5 million per fund).

On the flip side, Primecap led the outflows pack last quarter, thanks to an estimated $190 million per fund in net Q1 2023 outflows. Other big outflows sufferers included: Edgewood, $186 million per fund; Akre, $97 million per fund; Ruane Cunnif & Goldfarb's Sequoia, $86 million per fund; and Champlain, $62 million per fund.

Edgewood also led the outflows pack last month for the second month in a row, suffering an estimated $153 million per fund in March 2023 outflows, up M/M from $93 million per fund in February 2023 and up Y/Y from $95 million per fund in March 2022. Other big March 2023 outflows sufferers included: Primecap, $89 million per fund (up M/M from $69 million per fund, down Y/Y from $111 million per fund); and Akre, $65 million per fund (up M/M from $30 million per fund, up Y/Y from $58 million per fund).

The whole long-term U.S. mutual fund and ETF industry brought in $359,000 per fund in net Q1 2023 inflows.

Yet in March 2023 alone, the industry suffered an estimated $605,000 per fund in net outflows. That's up from $77,000 per fund in February 2023 and down from $732,000 per fund in net March 2022 inflows. 

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