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Friday, December 18, 2020

Active Inflows Are Back

Reported by Neil Anderson, Managing Editor

Active funds swung back to positive net flows last month, while passive funds' inflows more than quadrupled.

This article draws from Morningstar Direct data on November 2020 open-end mutual fund and ETF flows.

On the active side of the business, J.P. Morgan (including Six Circles) remained in the lead for a fifth month in a row, with estimated net November active inflows of $5.845 billion, up from $4.973 billion in October. Other big November active inflows winners included: Vanguard, $4.13 billion (up from $2.721 billion); Ark, $2.829 billion (up from $2.084 billion); BlackRock, $2.34 billion; and MFS, $1.967 billion (up from $794 million).

On the passive side of the business, BlackRock kept the lead, thanks to an estimated $30.698 billion in net November passive inflows, up from $10.467 billion in October. Other big November passive inflows winners included: SSGA, $22.819 billion (up from $7.017 billion in net outflows); Vanguard, $15.355 billion (up from $10.101 billion); Fidelity, $11.043 billion (up from $6.866 billion); and Invesco, $5.913 billion (up from $2.991 billion in net outflows).

On the flip side, November was a rough month for DFA, which suffered an estimated $1.792 billion in net active outflows, more than any other active fund firm but down from $3.48 billion in October. Other big November active outflows sufferers included: Dodge & Cox, $1.703 billion (up from $1.652 billion); T. Rowe Price, $1.467 billion (down from $3.654 billion); Franklin Templeton, $1.372 billion (down from $2.675 billion); and Invesco, $1.325 billion (down from $2.285 billion).

On the passive side, ProShares took the outflows lead last month, suffering an estimated $1.42 billion in net November passive outflows, down from $1.022 billion in net October passive inflows. Other big November passive outflows sufferers included: Rafferty's Direxion, $730 million (up form $626 million); Principal, $506 million (down from $1.293 billion); USCF, $353 million (down from $368 million); and T. Rowe, $234 million (down from $435 million in net inflows.

Industrywide, 689 active fund families (down from 699 in October) brought in an estimated in $16.857 billion in net active inflows in November, up from $6.943 billion in net outflows in October. 327 of those firms gained net active inflows in November, up from 281 in October.

138 passive fund families (down from 142 in October) brought in an estimated $95.171 billion in net passive inflows in November, up from $22.583 billion in October. 73 of those firms gained net passive inflows in November. 

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