Vanguard, TCW, and DoubleLine Win January
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Tuesday, February 17, 2015

Vanguard, TCW, and DoubleLine Win January

The big mutual fund winners last month were Vanguard [profile], TCW [profile], and DoubleLine [profile]. On the flip side, State Street Global Advisors (SSgA [profile]), Pimco [profile], and Fidelity [profile] all had a tough January.

On Friday Morningstar released its "U.S. Asset Flows Update" for January 2015.

On the winning side, the top passive mutual funds in terms of inflows last month were the Vanguard Total Stock Mark Index Fund ($7.551 billion), the Vanguard Total International Stock Index Fund ($3.437 billion), and the Vanguard Five Hundred Index Fund ($3.028 billion). The top active funds in terms of inflows were TCW's Metropolitan West Total Return Bond Fund ($5.161 billion), the DoubleLine Total Return Bond Fund ($2.623 billion), and the BlackRock Strategic Income Opportunities Portfolio [profile] ($2.038 billion).

The three big individual mutual fund inflow winners at Vanguard, as well as the winning MetWest and DoubleLine funds, all had better monthly inflows than any of the top 10 fund firms' active inflows, save Vanguard itself. Those five funds' inflows also dwarfed net inflows industrywide for all long-term (i.e. non-money-market) mutual funds, which clocked in at $470 million.

Of the 10 largest fund families, Vanguard dominated January 2015 inflows in terms of both active and passive fund products. On the active side, Vanguard led with $3.266 billion in inflows, followed by J.P. Morgan [profile] ($2.301 billion) and BlackRock ($2.010 billion). On the passive side, Vanguard crushed the rest with $30.862 billion in inflows, followed by BlackRock/iShares [profile] ($4.842 billion) and Dimensional Fund Advisors [profile] ($2.950 billion).

Morningstar points out that thanks to $1.931 billion in net inflows last month, Capital Group's American Funds [profile] just had its best month in almost six years.

On the losing end, January was another painful month for Pimco. Its flagship Pimco Total Return Fund suffered another $12.470 billion in outflows last month, more than any other active mutual fund. Other suffering active funds included the J.P. Morgan Strategic Income Opportunities Fund ($1.623 billion in outflows in January) and the Fidelity Contrafund ($1.538 billion). Of passive mutual funds, SSgA's SPDR S&P 500 ETF (SPY) was the big loser, suffering $26.201 billion in January outflows. Other big outflow-suffering passive funds were Invesco's PowerShares QQQ [profile] ($2.841 billion) and the Financial Select Sector SPDR Fund ($2.064 billion).

Of the big 10 fund families, only four suffered net outflows last month. Pimco saw $14.386 billion flow out of its active funds last month, as well as another $104 million from its passive funds. SSgA suffered $24.167 billion in passive fund outflows (so without the pain of SPY, SSgA's would've had net inflows or about $2 billion), along with $12 million in active fund inflows. Fidelity suffered $4.038 billion in net active outflows, partially offset by $2.519 billion in passive fund inflows. And Franklin Templeton [profile] suffered $348 million in net outflows.

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