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Tuesday, December 15, 2020

Large Firms' Inflows Rise 11-Fold

Reported by Neil Anderson, Managing Editor

The largest fund firms' inflows increased more than eleven-fold last month.

This article draws from Morningstar Direct data for November 2020 mutual fund and ETF flows, excluding money market funds and funds of funds. More specifically, this articles focuses on the 33 firms (up from 27 in October) with more than $100 billion each in long-term fund AUM. 21 of those firms had net November inflows, up from 14 in October.

BlackRock took the lead in November, thanks to estimated net inflows of $33.038 billion, up from $10.063 billion in October. Other big November inflows winners included: SSGA, $22.979 billion (up from $6.978 billion in net outflows); Vanguard, $19.486 billion (up from $12.822 billion); Fidelity, $12.361 billion (up from $2.985 billion); and J.P. Morgan (including Six Circles), $5.908 billion (up from $4.993 billion).

Proportionately, SSGA led the large fund firm pack last month, thanks to estimated net November inflows equivalent to 2.7 percent of its AUM, up from 0.9 percent in net October outflows. Other big November inflows winners included: First Trust, 2 percent (up from 0.9 percent); BlackRock, 1.5 percent (up from 0.5 percent); J.P. Morgan, 1.3 percent (up from 1.2 percent); and Eaton Vance (including Calvert), 1 percent (up from 0.6 percent).

BlackRock also took the lead year-to-date, thanks to an estimated $123.186 billion in net inflows, as of the end of November. Other big YTD inflows winners included: Vanguard, $115.417 billion; JPM, $40.688 billion; SSGA, $34.458 billion; and PGIM, $20.005 billion.

On the flip side, November was a rough month with DFA, which suffered an estimated $1.863 billion in net outflows, more than any other fund firm but down from $3.568 billion in October. Other big November outflows sufferers included: Dodge & Cox, $1.703 billion (up from $1.652 billion); T. Rowe Price, $1.701 billion (down from $3.219 billion); Capital Group's American Funds, $1.288 billion (down from $2.677 billion); and Franklin Templeton, $1.148 billion (down from $2.707 billion).

Proportionately, Dodge & Cox led the large pack last month with estimated net outflows equivalent to 0.8 percent of its AUM, down from 0.9 percent in October. Other big November outflows sufferers included: SEI, 0.5 percent (up from 0.3 percent); Victory Capital, 0.5 percent (negligible change from last year; DFA, 0.4 percent (down from 0.09 percent); and Principal, 0.3 percent (down from 0.6 percent).

YTD as of the end of November, DFA still leads the outflows pack, thanks to an estimated $32.459 billion in net outflows. Other big November outflows sufferers included: T. Rowe, $30.956 billion; Capital Group, $28.208 billion; Franklin, $24.015 billion; and Invesco, $23.312 billion.

As a group, the 33 large fund firms brought in an estimated $104.267 billion in net November inflows, equivalent to 0.5 percent of their combined AUM and accounting for 93.07 percent of net industry inflows. (That's up from $9.41 billion in October.) Year-to-date, they've brought in an estimated $201.333 billion in net inflows.

Across the entire industry, the 747 fund firms (down from 756 in October) tracked by the M* team brought in an estimated $112.028 billion in net November inflows, up from $15.64 billion in October. Active fund firms brought in an estimated $16.857 billion in net November inflows, while passive funds brought in $95.171 billion in net inflows. YTD, long-term funds and ETFs have brought in an estimated $128.103 billion in net inflows. 

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