The world's largest mutual fund company regained the inflows lead among titans last month, even as the group's net flows recovered by more than $20.5 billion.
| Mortimer J. "Tim" Buckley|
This article draws from Morningstar Direct
data for April 2023 mutual fund and ETF flows, excluding money-market funds and funds of funds. (Other asset management products, like collective trusts and SMAs, are also not included.***) More specifically, this article focuses on the eight firms with more than $500 billion each in total long-term fund and ETF AUM.
Jumbo fund firms held $16.463 trillion in total long-term fund AUM across 7,800 funds as of April 30, 2023, and they accounted for 68.22 percent of overall industry long-term fund AUM. That compares with $16.29 trillion, 7,792 funds, and 67.97 percent of industry AUM on March 31, 2023
, and with $16.346 trillion and 66.49 percent of industry AUM on April 30, 2022
Five of those jumbo fund firms brought in net inflows in April 2023. That's up month-over-month from four in March 2023 and up year-over-year from zero in April 2022.
took the lead last month, bringing in an estimated $9.252 billion in net April 2023 inflows, up M/M from $41 million in March 2023 and up Y/Y from $7.582 billion in net April 2022 outflows. Other big April 2023 inflows winners included: BlackRock
(including iShares), $7.642 billion (up M/M from $6.682 billion, up Y/Y from $12.123 billion in net outflows); and Fidelity
, $6.666 billion (up M/M from $781 million, up Y/Y from $1.024 billion in net outflows).
Vanguard leads the way so far in 2023, too, thanks to an estimated $41.135 billion in net year-to-date inflows as of April 30, 2023. Other big YTD inflows winners included: J.P. Morgan
(including Six Circles), $26.027 billion; and Fidelity, $7.045 billion.
On the flip side, Capital Group
(home of the American Funds
) took the outflows lead last month, thanks to an estimated $5.186 billion in net April 2023 outflows, up M/M from $4.655 billion in March 2023 and up Y/Y from $3.572 billion in April 2022. Other big April 2023 outflows sufferers included: T. Rowe Price
, $3.854 billion (down M/M from $4.993 billion, down Y/Y from $4.44 billion); and Invesco
, $606 million (down M/M form $2.562 billion, down Y/Y from $3.637 billion).
T. Rowe Price leads the outflows pack so far in 2023, thanks to an estimated $18.012 billion in net YTD outflows as of April 30. Other big YTD outflows sufferers included: Capital Group, $12.499 billion; and Invesco, $5.028 billion.
As a group, the eight largest fund firms brought in $19.883 billion in net April 2023 inflows, equivalent to 0.12 percent of their combined AUM and accounting for 302.86 percent of overall industry long-term inflows. That's up M/M from $652 million in net outflows and 2.55 percent of industry outflows, and up Y/Y from $44.067 billion in net outflows, 0.27 percent of AUM, and 49.39 percent of industry outflows in April 2022.
So far in 2023, the largest fund firms have brought in $34.644 billion in net inflows, as of April 30. That's equivalent to 0.21 percent of their combined AUM and accounts for 151.65 percent of overall industry inflows YTD.
Across the industry, the 776 firms tracked by the M* team (down M/M from 785, down Y/Y from 796), brought in $6.565 billion in net inflows in April 2023, equivalent to 0.03 percent of their combined $24.131 trillion in AUM across 42,060 funds. That compares with $25.527 billion in net outflows, 0.11 percent of AUM, $23.968 trillion in AUM, and 42,221 funds in March 2023, and with $89.224 billion in net outflows, 0.36 percent of AUM, and $24.585 trillion in AUM in April 2022.
Active funds suffered an estimated $30.68 billion in net outflows in April 2023, down M/M from $58.306 billion and down Y/Y from $86.386 billion. On the flip side, passive funds brought in $37.244 billion in net April 2023 inflows, up M/M from $32.778 billion and up Y/Y from $2.838 billion in net outflows.
So far in 2023, the industry has brought in $22.844 billion in net inflows as of April 30. That's equivalent to 0.09 percent of overall industry AUM.
***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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