The largest fund firms' inflows shrunk by 82 percent last month as industry flows turned negative for the first time in five months, according to the latest data from the folks at a publicly traded investment research firm.

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

This article draws from Morningstar Direct data for April 2024 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 seven firms (down month-over-month from eight in March 2024) with at least 1,000 long-term mutual funds and ETFs each.

Fidelity took the lead last month, thanks to an estimated $8.003 billion in net April 2024 inflows, down by $4.361 billion M/M but up by $1.337 billion year-over-year. Other big April 2024 inflows winners included: J.P. Morgan (including Six Circles), $2.925 billion (down by $3.567 billion M/M but up by $1.4 billion Y/Y); and Invesco, $2.613 billion (up by $3.844 billion M/M and up by $3.219 billion net Y/Y).

BlackRock leads the inflows pack for the trailing twelve months ending on April 30, 2024, thanks to an estimated $122.165 billion in net inflows. Other big TTM inflows winners included: Fidelity, $91.909 billion; and J.P. Morgan, $52.186 billion).

On th flip side, Franklin Templeton (including Putnam) lead the outflows pack for a seventh consecutive month, thanks to an estimated $2.967 billion in April 2024 outflows, up by $749 million M/M and up by $951 million Y/Y. Other big April 2024 outflows sufferers included: Morgan Stanley (including Eaton Vance and Calvert), $2.026 billion (up by $1.934 billion M/M and up by $1.187 billion Y/Y); and Ameriprise's Columbia Threadneedle, $658 million (up by $245 million M/M but down Y/Y by $442 million).

Franklin also leads the outflows pack for the TTM ending April 30, 2024, thanks to an estimated $33.701 billion. Other big TTM outflows sufferers included: Columbia, $8.856 billion; and Morgan Stanley, $7.74 billion.

As a group, the seven largest fund firms brought in $8.765 billion in April 2024 inflows, ending the month with $8.082 trillion in AUM across 11,154 funds, with fou of those firms netting inflows. Mega firms on April 30, 2024 accounted for 29.4 percent of industry long-term fund AUM and 26.1 percent of funds.

Jumbo firms brought in $255.095 billion in TTM outflows as of April 30, 2024, accounting for more than 100 percent of industry net flows.

Across the whole industry, the 789 firms (unchanged M/M but up Y/Y from 776) tracked by the M* team suffered an estimated $9.009 billion in net April 2024 outflows, down by $98.558 net M/M and down by $15.664 billion Y/Y. It was the industry's first monthly net outflows since October 2023.

The industry ended April 2024 with $27.506 trillion in AUM across 42,733 funds. (That compares with $28.428 trillion in AUM and 42,586 funds on March 31, 2024, and with $24.131 trillion in AUM and 42,060 funds on April 30, 2023).

For the TTM ending April 30, 2024, the industry brought in $229.942 billion in net inflows.

***This caveat is particularly important for large 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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