Vanguard, Fido, T. Rowe, J.P. Morgan, DFA and OpFunds Take Bigger Slices of the Growing Pie
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Monday, December 02, 2013

Vanguard, Fido, T. Rowe, J.P. Morgan, DFA and OpFunds Take Bigger Slices of the Growing Pie

Vanguard [profile], Fidelity [profile], T. Rowe Price [profile], J.P. Morgan [profile], Dimensional Fund Advisors [profile] and OppenheimerFunds [profile] are all increasing their mutual fund market share by assets, even as the whole industry grows thanks to the rising tide of the market.

In the "Cerulli Edge - U.S. Monthly Product Trends" report for November, the consulting shop revealed market share numbers for the ten biggest mutual fund shops as of October 31. The report also highlighted ETF shops' changing marketshare.

Year-over-year Vanguard's (#1) market share rose 0.6 percent to 17.5 percent, and Fidelity's (#2) climbed 0.2 percent to 10.5 percent. T. Rowe (#6) rose 0.2 percent to 3.8 percent. J.P. Morgan (#7) climbed 0.1 percent to 2.0 percent. DFA (#8) climbed 0.3 percent to 2.0 percent. And OpFunds (#9) rose 0.1 percent to 1.8 percent.

On the flip side, Cerulli noted that Capital Group's American Funds [profile] (#3) and Pimco [profile] (#4) are the only top ten mutual fund shops to suffer net redemptions year-to-date. Indeed, both also lost market share year-over year, with Capital Group dipping 0.1 percent to 10.0 percent and Pimco dropping 1.0 percent to 5.1 percent. Franklin Templeton's [profile] (#5) market share also declined, falling 0.2 percent to 4.0 percent, while BlackRock's [profile] (#10) remained stable at 1.7 percent.

As for the ETF business, Vanguard, #3, is winning big there, too, with its market share rising 1.6 percent year-over-year to 19.9 percent. Other ETF winners include Invesco's PowerShares [profile] (#4, up 0.5 percent to 5.0 percent), WisdomTree [profile] (#5, up 0.7 percent to 2.0 percent), Guggenheim [profile] (#8, up 0.3 percent to 1.2 percent), First Trust [profile] (#9, now at 1.1 percent) and Schwab [profile] (#10, now at 0.9 percent).

Other ETF shops lost market share year-over-year in the rising tide. BlackRock's iShares' [profile] (#1) market share fell 1.6 percent to 40.0 percent, while State Street Global Advisors' [profile] (#2) market share fell 1.5 percent to 23.1 percent. Others experiencing market share declines include ProShares [profile] (#6, down 0.2 percent to 1.6 percent) and Van Eck [profile] (#7, down 0.7 percent to 1.5 percent).

This issue of the Cerulli Edge - U.S. Monthly Product Trends report also includes: an article on mutual fund product groups; a piece on investor education; a spotlight look at Old Mutual's Acadian Asset Management [profile] affiliated; and overall, niche, and product-specific fund flows data.

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