The world's largest asset manager and ETF shop led the way again last month in terms of inflows to mutual fund titans.
| Laurence D. "Larry" Fink|
This article draws from Morningstar Direct
data for July 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 $17.635 trillion in total long-term fund AUM across 7,838 funds as of July 31, 2023, and they accounted for 68.56 percent of overall industry long-term fund AUM. That compares with $17.122 trillion, 7,835 funds, and 68.56% of industry AUM on June 30, 2023
, and with $16.25 trillion and 67.24 percent of industry AUM on July 31, 2022
Six of those jumbo fund firms brought in net inflows in July 2023. That's the same as in June 2023 but up year-over-year from four in July 2022.
(including iShares) led the pack for a second month in a row, bringing in an estimated $17.083 billion in net July 2023 inflows, down month-over-month from $17.778 billion in June 2023 but up Y/Y from $16.855 billion in July 2022. Other big July 2023 inflows winners included: Vanguard
, $11.892 billion (down M/M from $12.479 billion, up Y/Y from $9.605 billion); and Fidelity
, $9.543 billion (up M/M from $2.427 billion, up Y/Y from $755 million).
Vanguard still leads 2023 inflows pack so far, thanks to an estimated $54.955 billion in net year-to-date inflows as of July 31. Other big YTD inflows winners included: J.P. Morgan
(including Six Circles), $40.64 billion; and BlackRock, $31.073 billion.
On the flip side, T. Rowe Price
led the outflows pack again last month, thanks to an estimated $5.379 billion in net July 2023 outflows, up M/M from $4.662 billion in June 2023 but down Y/Y from $7.053 billion in July 2022. The only other jumbo firm outflows in July 2023 was Capital Group
(home of American Funds), with $2.892 billion (up M/M from $2.688 bilion, down Y/Y from $3.11 billion).
The same firms are now the only YTD outflows sufferers among the biggest fund firms, with T. Rowe suffering $33.211 billion in net YTD 2023 outflows as of July 31, followed by Cap Group with $23.498 billion.
As a group, the eight largest fund firms brought in $37.7 billion in net July 2023 inflows, equivalent to 0.21 percent of their combined AUM and accounting for 116.39 percent of overall industry long-term inflows. That's down M/M from $45.491 billion, 0.27 percent of AUM, and 126.26 percent of industry inflows in June 2023, but up Y/Y from $11.751 billion and 0.07 of AUM in July 2022.
As of July 31, the eight largest fund firms have brought in $111.894 billion in net 2023 inflows. That's equivalent to 0.63 percent of their combined AUM and accounts for 158.57 percent of overall industry long-term inflows.
Across the entire industry, the 779 firms tracked by the M* team brought in $32.39 billion in net July 2023 inflows, equivalent to 0.13 percent of its $25.75 trillion in AUM across 42,167 funds. That compares with $36.029 billion in net inflows, 0.14 percent, $24.973 trillion in AUM, and 42,054 funds in June 2023, and with $12.991 billion in net outflows, 0.05 percent, and $24.166 trillion in AUM.
Active funds suffered an estimated $24.413 billion in net July 2023 outflows, down M/M from $31.238 billion in June 2023 and down Y/Y from $58.766 billion in July 2022. On the flip side, passive funds brought in $56.803 billion in net July 2023 inflows, down M/M from $67.267 billion but up Y/Y from $45.732 billion.
As of July 31, the industry has brought in $70.566 billion in net 2023 inflows. That's equivalent to 0.27 percent of its combined 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) and separately managed accounts (SMAs) are commonly used alternatives to traditional mutual funds.
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