One big niche in the mutual fund world made a $1.025-trillion comeback last year, according to the latest data from the folks at a publicly traded investment research firm.

Abigail "Abby" Pierrepont Johnson FMR (dba Fidelity Investments) Chair, President, CEO

This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in December 2023.

Fidelity took the money fund inflows lead last year, thanks to an estimated $250.81 billion in net 2023 money fund inflows, up year-over-year from $51.622 billion in 2022. Other big 2023 money fund inflows winners included: J.P. Morgan, $198.074 billion (up Y/Y from $52.55 billion in net outflows); Schwab, $180.75 billion (up Y/Y from $129.654 billion); Vanguard, $90.012 billion (up Y/Y from $22.949 billion); and SSGA, $58.006 billion (up Y/Y from $1.185 billion).

Setting aside 2023 money fund newcomer Ramirez Asset Management, Thrivent took the lead last year by a different measure, thanks to estimated net 2023 money fund inflows equivalent to 43.5 percent of its money fund AUM. Other big inflows winners included: Gabelli, 42.6 percent; and Allianz's Pimco, 39.6 percent.

Yet Vanguard took the 2023 money fund inflows lead by a third measure, thanks to an estimated $7.501 billion in net 2023 inflows per money fund. Other big inflows winners included: Schwab, $4.519 billion per fund; and Fidelity, $2.344 billion per fund.

Fidelity led the money fund inflows pack last quarter, thanks to an estimated $70.025 billion in net money fund inflows in the fourth quarter of 2023. Other big Q4 2023 inflows winners included: Schwab, $34.822 billion; and J.P. Morgan, $27.848 billion.

And Fidelity also took the money fund inflows lead last month, thanks to an estimated $20.79 billion in net December 2023 money fund inflows. Other big inflows winners included: Vanguard, $10.311 billion; and SSGA, $9.924 billion.

On the flip side, Invesco took the outflows lead last year, thanks to an estimated $17.623 billion in net 2023 money fund outflows, down Y/Y from $46.11 billion in net 2022 inflows. Other big 2023 money fund outflows sufferers included: Goldman Sachs, $10.646 billion (down Y/Y from $6.921 billion in net inflows); Franklin Templeton, $7.887 billion (up Y/Y from $3.585 billion); BNY Mellon's Dreyfus, $1.739 billion (down Y/Y from $8.127 billion in net inflows); and T. Rowe Price, $1.39 billion (down Y/Y from $3.917 billion in net inflows).

Guggenheim's Rydex took the outflows lead last year by a different measure, thanks to estimated net 2023 money fund outflows equivalent to 85.9 percent of its money fund AUM. Other big outflows sufferers included: Davis, 47.7 percent; and Jackson, 20.3 percent.

Yet Edward Jones took the 2023 money fund outflows lead by a third measure, thanks to estimated net outflows of $609 million per money fund. Other big outflows sufferers included: Invesco, $180 million per fund; and Jackson, $147 million per fund.

Goldman led the outflows pack last quarter, thanks to an estimated $30.992 billion in net Q4 2023 money fund outflows. Other big outflows sufferers included: Morgan Stanley, $12.528 billion; and Invesco, $11.711 billion.

Goldman also took the outflows lead last month, thanks to an estimated $31.304 billion in net December 2023 money fund outflows. Other big outflows sufferers included: J.P. Morgan, $15.133 billion; and Invesco, $12.291 billion.

As a group, money funds brought in $971.304 billion in net 2023 inflows, reaching $5.977 trillion in AUM and 2,108 funds on December 31, 2023. (That's equivalent to $461 million in net inflows per fund and amounts to inflows of 16.25 percent of AUM. 45 money fund families brought in net 2023 inflows.) That's up from $54.177 billion in net 2022 outflows, and $4.738 trillion in AUM and 2,083 funds on December 31, 2022.

In Q4 2023, money funds brought in $189.255 billion in net inflows. That's equivalent to 3.17 percent of money funds' combined AUM and translates into $90 million in net inflows per fund.

And in December 2023 alone, money funds brought in $26.811 billion in net inflows. That's equivalent to 0.45 percent of their combined AUM and translates into $13 million in net inflows per fund. 

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