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Monday, October 23, 2023

$62.622B and Counting

Reported by Neil Anderson, Managing Editor

Editor's Note: This month, MFWire is changing up how we categorize fund firms when looking at their fund flows. We're now dividing up firms by the number of funds they offer, instead of by AUM.

Mortimer J. "Tim" Buckley
Vanguard
Chairman, CEO
The low-cost fund leviathan leads the way so far this year among large fund firms, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on September 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.) More specifically, this article focuses on the 66 firms with between 100 and 999 long-term mutual funds and ETFs each.

Vanguard leads the pack so far in 2023, thanks to an estimated $62.622 billion in net year-to-date inflows as of September 30. Other big YTD inflows winners included: Schwab, $19.704 billion; SSGA, $14.141 billion; WisdomTree, $9.809 billion; and DFA, $6.385 billion.

Vanguard also led the way last quarter, thanks to an estimated $19.557 billion in net inflows in the third quarter of 2023. Other big Q3 inflows winners included: Schwab, $4.668 billion; and WisdomTree, $3.597 billion.

SSGA took the lead last month, thanks to an estimated $7.172 billion in net September 2023 inflows, up month-over-month from $12.184 billion in August 2023 and up Y/Y from $964 million in net outflows in September 2022. Other big September 2023 inflows winners included: Vanguard, $2.255 billion (down M/M from $4.756 billion, up Y/Y from $3.201 billion in net outflows); and Schwab, $2.107 billion (up M/M from $1.998 billion, down Y/Y from $3.014 billion.

On the flip side, T. Rowe Price leads the 2023 outflows pack so far, thanks to an estimated $38.464 billion in net YTD outflows as of September 30. Other big outflows sufferers included: Capital Group (home of American Funds), $36.18 billion; Lord Abbett, $9.977 billion; Jackson, $8.397 billion; and Macquarie (home of Delaware Funds), $8.192 billion.

Cap Group led the outflows pack last quarter, thanks to an estimated $15.574 billion in net Q3 2023 outflows. Other big outflows sufferers included: T. Rowe, $10.632 billion; and Manulife's John Hancock, $3.56 billion.

Cap Group also led the outflows pack last month, thanks to an estimated $6.01 billion in net September 2023 outflows, down M/M from $6.672 billion in August 2023 but up Y/Y from $4.419 billion in September 2022. Other big September 2023 outflows sufferers included: T. Rowe, $2.094 billion (down M/M from $3.159 billion, down Y/Y from $4.645 billion); and ProShares and ProFunds, $1.292 billion (up M/M from $619 million, up Y/Y from $1.112 billion).

As a group, large firms suffered $11.682 billion in net Septemeber 2023 outflows, ending the month with $15.293 trillion in AUM across 23,508 funds. They accounted for 63.31 percent of industry AUM, 55.62 percent of industry funds, and 95.39 percent of net industry outflows. Only 15 large firms netted inflows last month.

In Q3 2023, large firms suffered $32.124 billion in net outflows, accounting for 837 percent of overall industry outflows. 20 large firms netted inflows last month.

Over the first nine months of 2023, large firms suffered $41.386 billion in net outflows. 23 large firms have netted inflows YTD.

Across the industry, the 780 firms tracked by the M* team (down M/M from 780 and down Y/Y from 781) suffered an estimated $12.246 billion in net September 2023 outflows, and ended the month with $24.155 trillion in AUM across 42,269 funds. That compares with $24.468 billion in net outflows across $25.211 trillion in AUM and 42,226 funds in August 2023, and with $76.784 billion in net outflows across $21.521 trillion in AUM in September 2022.

Active funds suffered $41.556 billion in net September 2023 outflows, up M/M from $34.337 billion in August 2023 but down Y/Y from $97.389 billion in September 2022. Passive funds brought in $29.31 billion in net September 2023 inflows, up M/M from $9.869 billion and up Y/Y from $20.732 billion.

In Q3 2023, long-term funds and ETFs suffered an estimated $3.838 billion in net outflows. And over the first nine months of 2023, they brought in $35.883 billion in net inflows. 

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