Despite active and passive net flows alike worsening by tens of billion of dollars in August, they're both still looking much better than last August, according to the latest data from the folks at a publicly traded investment research company.

Salim Ramji Vanguard CEO, Board Member

This article draws from Morningstar Direct data on August 2024 open-end mutual fund and ETF flows, excluding money market funds and funds of funds. The data also excludes other asset management products, like CITs and SMAs.***

Vanguard regained the lead on the passive side, thanks to an estimated $18.954 billion in August 2024 passive inflows, down by $5.353 billion month-over-month from July 2024 but up by $7.899 billion year-over-year from August 2023. Other big August 2024 passive inflows winners included: BlackRock (including iShares), $16.739 billion (down by $16.442 billion M/M, up by $20.053 billion Y/Y); Fidelity, $7.121 billion (up by $1.36 billion M/M, down by $1.373 billion Y/Y); Schwab, $6.185 billion (up by $3.112 billion M/M, up by $4.103 billion Y/Y); and Invesco, $2.87 billion (down by $5.27 billion M/M, up by $2.49 billion Y/Y).

J.P. Morgan (including Six Circles) led the way for a fourth consecutive month on the active side, thanks to an estimated $4.958 billion in net August 2024 inflows, down by $1.752 billion M/M from July 2024 but up by $2.662 billion Y/Y from August 2023. Other big August 2024 active inflows winners included: Dimensional Fund Advisors (DFA), $1.205 billion (down by $656 million M/M, up by $842 million Y/Y); Causeway, $1.185 billion (up by $644 million M/M, up by $1.152 billion Y/Y); First Trust, $1.065 billion (up by $142 million M/M, up by $678 million Y/Y); and Harbor, $1.024 billion (up by $476 million M/M, up by $1.679 billion Y/Y).

On the flip side, State Street's SSGA took the outflows lead last month among passive fund firms, suffering an estimated $3.305 billion in net August 2024 passive outflows, a $20.57-billion net flows drop M/M from July 2024 and an $8.889-billion outflwos drop Y/Y from August 2023. Other big August 2024 passive outflows sufferers included: Grayscale, $1.121 billion (down by $1.037 billion M/M, up by $1.121 billion Y/Y); Jackson, $727 million (up by $125 million M/M, up by $423 million Y/Y); WisdomTree, $550 million (up by $291 million M/M, down by $863 million Y/Y); and Northern Trust (including Flexshares), $410 million (up by $273 million M/M, up by $311 million Y/Y).

T. Rowe Price took the active outflows lead last month, thanks to an estimated $5.864 billion in net August 2024 active outflows, up by $2.396 billion M/M from July 2024 and up by $2.848 billion Y/Y. Other big August 2024 active outflows sufferers included: Franklin Templeton, $5.401 billion (up by $3.198 billion M/M, up by $2.14 billon Y/Y); Vanguard, $4.78 billion (down by $2.084 billion M/M, down by $1.519 billion Y/Y); Capital Group (home of America Funds), $4.087 billion (up by $2.01 million M/M, down by $2.585 billion Y/Y); and Invesco, $1.896 billion (down by $101 million M/M, up by $187 million Y/Y).

The 150 passive fund firms tracked by the M* team brought in an estimated $48.977 billion in net August 2024 passive inflows, down by $45.724 billion M/M from July 2024 but up by $39.108 billion Y/Y from August 2023. 44 percent (66) of those firms brought in net passive inflows in August 2024.

The 747 active fund firms tracked by the M* team suffered $22.878 billion in net August active outflows, up by $11.113 billion M/M from July 2024 but down by $11.459 billion Y/Y from August 2023. 44.6 percent (333) of those firms bought in net active inflows in August 2024. 

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