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Thursday, January 28, 2021

Passive Inflows Slip, While Active Inflows Double

Reported by Neil Anderson, Managing Editor

Active funds' collective inflows more than doubled last month, while passive funds' inflows shrunk by 37 percent. Yet passive inflows were still nearly double active ones.

Mary Callahan Erdoes
J.P. Morgan
CEO of Asset and Wealth Management
This article draws from Morningstar Direct data on December 2020 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds.

J.P. Morgan (including Six Circles) kept the lead on the active side for the sixth month in a row, with estimated net December active inflows of $11.476 billion, up from $5.845 billion in November. Other big December active inflows winners included: Ark, $8.147 billion (up from $2.829 billion); Vanguard, $4.846 billion (up from $4.13 billion); BlackRock, $4.168 billion (up from $2.34 billion); and PGIM, $2.607 billion (up from $889 million).

On the passive side of the business, Vanguard regained the lead, thanks to an estimated $20.359 billion in net December passive inflows, up from $15.355 billion in November. Other big December passive inflows winners included: Fidelity, $11.355 billion (up from $11.043 billion); BlackRock, $11.059 billion (down from $30.698 billion); Charles Schwab, $4.943 billion (up from $3.05 billion); and Invesco, $3.259 billion (down from $5.913 billion).

On the flip side, December was another rough month for DFA, which suffered an estimated $4.37 billion in net active outflows, more than any other active fund firm and up from $1.792 billion in November. Other big December active outflows sufferers included: Capital Group's American Funds, $3.834 billion (up from $1.288 billion); T. Rowe Price, $1.487 billion (up from $1.467 billion); Harris' Oakmark, $1.457 billion (up from $1.214 billion); and Dodge & Cox, $1.314 billion (down from $1.703 billion).

On the passive side, ProShares and ProFunds kept the outflows lead last month, suffering an estimated $1.865 billion in net December passive outflows, up from $1.42 billion in November. Other big December passive outflows sufferers included: T. Rowe Price, $702 million (up from $234 million); Principal, $683 million (up from $506 million); KraneShares, $321 million (down from $576 million in net inflows); and Voya, $276 million (up from $88 million).

Industrywide, 690 active fund families (up from 689 in November) brought in an estimated $36.995 billion in net active inflows in December, up from $16.857 billion in November. 337 of those families gained net active inflows in December, up from 327 in November.

140 passive fund families (up from 138 in November) brought in an estimated $59.958 billion in net passive inflows in December, down from $95.171 billion in November. 89 of those firms gained net passive inflows in December, up from 73 in November. 

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