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Friday, March 18, 2016|
DoubleLine and AB Crush It
February was a great month for DoubleLine [profile] and AB [profile]. Meanwhile, Vanguard [profile] continued to utterly dominate industry flows.
In absolute terms, Vanguard had another big month, bringing in an estimated $20.673 billion in net open-end mutual fund and ETF inflows in February. (That's five months in a row on top for Vanguard) The rest of the top five inflows winners were: BlackRock [profile], which brought in $4.038 billion; DFA [profile], $2.381 billion; DoubleLine, $2.205 billion; and Capital Group's American Funds [profile], $1.978 billion.
Proportionately, DoubleLine was on top for a second month in a row, netting inflows equivalent to 3.29 percent of its AUM. The other top five inflows winners in February in percentage-terms were: AB, 1.53 percent of AUM; TCW [profile], 1.28 percent; DFA, 0.934 percent, and Vanguard, 0.73 percent.
On the flip side, the five biggest net outflow sufferers (in absolute terms) in February were: Franklin Templeton [profile], $3.197 billion; Pimco [profile], $2.482 billion; Invesco [profile], $2.339 billion; J.P. Morgan [profileHarris Associates' Oakmark [profile], $1.061 billion.
In percentage terms, the biggest net outflow sufferers in February were: New York Life's MainStay [profile], 1.65 percent; USAA [profile], 1.63 percent; Oakmark, 1.58 percent; Putnam [profile], 1.52 percent, and GMO [profile], 1.23 percent.
Industrywide, Morningstar estimates that long-term, active, open-end mutual funds and ETFs netted $9.521 billion in outflows last month. $23.082 billion net flowed into long-term, passive, open-end mutual funds and ETFs, while $41.629 billion flowed into money market funds.
Of the different categories of long-term, active, open-end funds, U.S. equity funds took the biggest hit in February , suffering $11.371 billion in net outflows. $5.452 billion net flowed out of allocation funds, $4.92 billion out of taxable bond funds, and $1.364 billion out of sector equity funds. Meanwhile, municipal bond funds drew in the biggest inflows last month (among long-term, active, open-end funds), of $4.946 billion. Other net inflow categories included: international equity, $4.122 billion in net inflows; alternatives, $3.715 billion in inflows; and commodities, $799 million in net inflows.
Printed from: MFWire.com/story.asp?s=53677
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