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Rating:3 Firms, 46 Percent of Industry AUM, 58 Percent of Inflows Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, July 14, 2021

3 Firms, 46 Percent of Industry AUM, 58 Percent of Inflows

Reported by Neil Anderson, Managing Editor

This month, for the first time, MFWire is adding a fifth AUM category to its monthly flows coverage: jumbo, i.e. firms with more than $500 billion AUM each in long-term fund AUM. As the numbers below show, those giant firms, especially three in particular, dominate industry flows.

Mortimer J. "Tim" Buckley
Vanguard
President, CEO
This article draws from Morningstar Direct data for June 2021 mutual fund and ETF flows, excluding money market funds and funds of funds. (Other asset management products, like collective trusts and SMAs, are also not included.***) More specifically, this article focuses on the nine firms with more than $500 billion each in long-term fund AUM.

Jumbo fund firms had $17.984 trillion in long-term fund AUM as of June 30, 2021, and they accounted for for 67.78 percent of industry long-term AUM. Eight of those jumbo firms brought in net long-term fund inflows in June 2021.

Vanguard led the jumbo pack last month, bringing in an estimated $25.171 billion in net June 2021 long-term fund inflows, down month-over-month from $33.175 billion in May 2021 but up year-over-year from $20.591 billion. Other big June 2021 inflows winners included: BlackRock (including iShares), $20.425 billion (up M/M from $15.17 billion, down Y/Y from $21.639 billion); and Fidelity, $15.693 billion (up M/M from $7.14 billion, up Y/Y from $10.645 billion). Those three firms combined accounted for 78.12 percent of jumbo June inflows, and 58 percent of overall industry June inflows.

The same three firms also led long-term inflows in Q2 2021, the first half of 2021, and the 12 months ending June 30, 2021. Vanguard brought in an estimated $105.198 billion in Q2 2021, $223.885 billion in the first half of 2021, and $310.57 billion in the 12 months ending June 30, 2021. BlackRock brought in $57.031 billion, $113.194 billion, and $206.415 billion, respectively, while Fidelity brought in $28.791 billion, $77.14 billion, and $103.541 billion.

On the flip side, last month was another rough one for T. Rowe Price's long-term mutual funds, the only jumbo fund family with net outflows: $4.336 billion, up M/M from $2.454 billion and down Y/Y from $384 million in net inflows. T. Rowe was also the only jumbo fund firm with net long-term fund outflows in Q2 2021, of $8.188 billion.

Year-to-date, T. Rowe led the jumbo outflows pack thanks to an estimated $13.049 billion in net outflows in the first half of 2021. Franklin Templeton suffered $4.775 billion in net outflows. The same pair were the only jumbo outflows sufferers for the 12 months ending June 30, 2021, with T. Rowe seeing $26.087 billion in outflows and Franklin seeing $13.442 billion.

As a group, the nine largest fund firms brought in an estimated $78.457 billion in net inflows in June 2021, equivalent to about 0.44 percent of their combined AUM and accounting for 74.36 percent of overall industry inflows. In Q2 2021, jumbo firms brought in $237.416 billion, equivalent to 1.32 percent of their AUM and accounting for 74.62 percent of industry inflows.

In the first half of 2021, jumbo fund firms brought in an estimated $518.305 billion in net inflows, equivalent to 2.88 percent of their AUM and accounting for 71.73 percent of industry inflows. And for the 12 months ending June 30, 2021, jumbo fund firms brought in an estimated $751.828 billion in net inflows, equivalent to 4.18 percent of their AUM and accounting for 71 percent of industry inflows.

Across the entire industry, the 768 fund firms (up from 760 in May 2021 and 758 in June 2020) tracked by the M* team brought in a combined $105.503 billion in estimated net long-term fund inflows in June 2021, equivalent to about 0.4 percent of long-term fund AUM of $26.534 trillion. That's up from $82.763 billion and $26.156 trillion in May 2021 and $69.822 billion and $19.904 trillion in June 2020.

Active funds brought in an estimated $24.578 billion in net June 2021 inflows, up M/M from $11.451 billion but down Y/Y from $28.617 billion. Passive funds brought in $80.917 billion in June 2021, up M/M from $71.312 billion and up Y/Y from $41.295 billion.

In Q2 2021, long-term funds brought in an estimated $318.154 billion in net inflows, equivalent to 1.2 percent of long-term fund AUM. In the first half of 2021, long-term funds brought in $722.557 billion in net inflows, equivalent to 2.72 percent of their AUM. And in the 12 months ending June 30, 2021, long-term funds brought in $1.058807 trillion in net inflows, equivalent to 3.99 percent of their AUM.

*** This caveat is particularly important for jumbo fund firms, many of which are big players in the 401(k) business, where collective investment trusts (CITs) are a commonly used alternative to traditional mutual funds. For example, as the T. Rowe team revealed on Tuesday, in June 2021 their clients transferred about $2.8 billion out of T. Rowe mutual funds and into other T. Rowe products like CITs and SMAs. And T. Rowe is a big retirement plan provider and DC I-O asset manager, especially in the target-date fund (TDF) space. 

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