The OG ETF provider took the inflows lead among titans last month, even as the industry's overall 2023 inflows evaporated.
This article draws from Morningstar Direct
data for May 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 $16.344 trillion in total long-term fund AUM across 7,812 funds as of May 31, 2023, and they accounted for 68.38 percent of overall industry long-term fund AUM. That compares with $16.463 trillion, 7,800 funds, and 68.22 percent of industry AUM on April 30, 2023
, and with $16.414 trillion and 66.91 percent of industry AUM on May 31, 2022
Two of those jumbo fund firms brought in net inflows in May 2023. That's down month-over-month from five in April 2023 and down year-over-year from three in May 2022.
took the lead last month, bringing in an estimated $15.554 billion in net May 2023 inflows, up M/M from $4.443 billion in April 2023 and up Y/Y from $7.288 billion in May 2022. The only other May 2023 inflows winner was J.P. Morgan
(including Six Circles), with $5.699 billion (up M/M from $1.525 billion, up Y/Y from $819 million in net outflows).
J.P. Morgan now leads the way so far in 2023, thanks to an estimated $32.954 billion in net year-to-date inflows as of May 31, 2023. Other big YTD inflows winners included: Vanguard
, $30.596 billion; and SSGA, $10.615 billion.
On the flip side, Vanguard took the outflows lead last month, thanks to an estimated $10.538 billion in net May 2023 outflows, down M/M from $9.252 billion in April 2023 inflows and down Y/Y from $4.211 billion in May 2022 inflows. Other big May 2023 outflows sufferers included: Capital Group
(home of the American Funds
), $5.419 billion (up M/M from $5.186 billion, down Y/Y from $7.158 billlion); and T. Rowe Price
, $5.16 billion (up M/M from $3.854 billion, down Y/Y from $5.656 billion).
T. Rowe still leads the outflows pack so far in 2023, thanks to an estimated $23.17 billion in net YTD outflows as of May 31. Other big YTD outflows sufferers included: Capital Group, $17.918 billion; and Invesco
, $6.993 billion.
As a group, the eight largest fund firms suffered $6.516 billion in net May 2023 outflows, equivalent to 0.04 percent of their combined AUM and accounting for 28.37 percent of overall industry long-term outflows. That's down M/M from $19.883 billion in net inflows, 0.12 percent of AUM, and 302.86 percent of industry inflows in April 2023, and down Y/Y from $24.247 billion in net inflows and 0.15 percent of AUM in May 2022.
So far in 2023, the largest fund firms have brought in $27.677 billion in net inflows, as of May 31. That's equivalent to 0.17 percent of their combined AUM.
Across the industry, the 780 firms tracked by the M* team (up M/M from 776, down Y/Y from 787) suffered $22.969 billion in net outflows in May 2023, equivalent to 0.1 percent of their combined $23.9 trillion in AUM across their 41,597 funds. That compares with $6.565 billion in net inflows, 0.03 percent of AUM, and 42,060 funds in April 2023, and with $39.103 billion in net outflows and 0.16 percent of AUM in May 2022.
Active funds suffered an estimated $44.016 billion in net outflows in May 2023, up M/M from $30.68 billion but down Y/Y from $109.837 billion. On the flip side, passive funds brought in $21.046 billion in net May 2023 inflows, down M/M from $37.244 billion in April 2023 and down Y/Y from $$70.729 billion in net inflows in May 2022.
So far in 2023, the industry has suffered $193 million in net outflows as of May 31. That's equivalent to 0.0008 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.
Editor's Note: A prior version of this story mistakenly included some April 2022 industry and overall mega firm data instead of May 2022 data.
Stay ahead of the news ... Sign up for our email alerts now