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Friday, May 22, 2020

Passive Flows Rebound As Active Outflows Plummet

Reported by Neil Anderson, Managing Editor

Passive inflows returned and active outflows plunged by more than 93 percent last month after a rough March.

Laurence D. Fink
BlackRock
Chairman, CEO
This article draws from Morningstar Direct data on April 2020 open-end mutual fund and ETF flows, excluding money market funds and funds of funds.

On the active side of the business, BlackRock took the lead last month, with estimated net April active inflows of $3.469 billion, up from $10.312 billion in March outflows. Other big April active inflows winners included: Prudential's PGIM, $2.079 billion (up from $979 million in net outflows); J.P. Morgan (including Six Circles), $1.669 billion (up from $12.84 billion in net outflows); SunLife's MFS, $1.606 billion (up from $1.455 billion in net outflows); and New York Life's MainStay (including IndexIQ), $1.602 billion (up from $1.742 billion in net outflows).

On the passive side of the business, SSGA kept the lead last month, with estimated net April passive inflows of $15.887 billion, down from $24.078 billion in March. Other big April passive inflows winners included: BlackRock, $8.855 billion (up from $12.671 billion in net outflows); ProShares and ProFunds, $4.654 billion (up from $4.214 billion); USCF, $3.361 billion (up from $2.099 billion); and Invesco, $2.467 billion (up from $2.185 billion in net outflows).

On the flip side, April was another rough month for Invesco's active funds, which suffered an estimated $4.145 billion in net outflows, more than any other active fund firm but down from $10.346 billion in March. Other big April active outflows sufferers included: DFA, $3.225 billion (down from $7.834 billion); DoubleLine, $2.493 billion (down from $7.123 billion); Harris' Oakmark, $2.317 billion (up from $1.989 billion); and Franklin Templeton, $2.305 billion (down from $8.127 billion).

VanEck led the passive pack last month, suffering an estimated $1.121 billion in net April passive outflows, more than any other passive fund firm but down from $1.949 billion in March. Other big April passive outflows sufferers included: WisdomTree, $829 million (down from $1.438 billion); Northern (including Flexshares), $799 million (down from $1.475 billion); T. Rowe Price, $725 million (down from $2.386 billion in net inflows); and ALPS, $419 million (up from $202 million).

Industrywide, 715 active fund families (four fewer than in March) suffered an estimated $21.202 billion in net active outflows in April, down from $309.808 billion in net active outflows in March. 289 of those active fund families gained net April active inflows, up from 194 in March.

146 passive fund families brought in an estimated $37.59 billion in combined net passive inflows, up from $16.57 billion in net March passive outflows. 75 of those families gained net passive inflows in April, up from 55 in March. 

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