71 Percent of Big Fund Firms Suffered in December
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Thursday, January 19, 2017

71 Percent of Big Fund Firms Suffered in December

Only 13 of the 46 biggest mutual fund shop saw net inflows last month. And the biggest winners were the big indexing shops.

Tom Lauricella
Morningstar Direct
Yesterday Chicago-based investment research specialist Morningstar released its "Morningstar Direct Asset Flows Commentary: United States" report for December 2016. Morningstar Direct editor Tom Lauricella and markets research senior analyst Alina Lamy worked on the report.

Vanguard [profile], per M*'s estimates, came out on top of the flows race, bringing in net inflows of $23.764 billion. The other big net flows winners were: BlackRock [profile] (including iShares [profile]), $18.671 billion; State Street Global Advisors (SSgA [profile]), $17.476 billion; Schwab [profile], $2.88 billion, and Dimensional Fund Advisors (DFA [profile]), $1.699 billion.

Proportionately, per M*'s estimates, SSgA was the big winner, with inflows amounting to 3.48 percent of its AUM. Other top inflow winners, proportionately, were: Schwab, 2.38 percent; BlackRock, 1.55 percent; Vanguard, 0.70 percent; and Jackson [profile], 0.62 percent.

On the flip side, per M*'s estimates, the biggest net outflow sufferers in December were: Wells Fargo [profile], $7.051 billion; Harris' Oakmark [profile], $3.086 billion; DoubleLine [profile], $2.954 billion; Franklin Templeton [profile], $2.617 billion; and Capital Group's American Funds [profile].

Proportionately, per M*'s estimates, the biggest net outflow sufferers last month were: Wells Fargo, 7.66 percent of its AUM; Oakmark, 4.61 percent; DoubleLine, 4.1 percent; Harbor [profile], 2.16 percent; and Natixis [profile], 2.09 percent.

Industrywide, M* estimates that long-term, active mutual funds suffered $55.425 billion in net outflows in December. Meanwhile, passive funds brought in $76.444 billion in net inflows, and money market funds brought in $8.535 billion.

Within long-term, active mutual funds, taxable bond funds brought in net inflows of $1.83 billion, and commodities funds brought in $118 million.

On the flip side, active U.S. equity funds suffered $23.043 billion in net outflows, while $15.879 billion flowed out of muni bond funds, $8.181 billion out of international equity funds, $3.927 billion out of allocation funds, $3.402 billion out of sector equity funds, and $2.943 billion out of alternative funds.

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