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Thursday, October 14, 2021

Titans' Marketshare Slips As Inflows Fall 56 Percent

Reported by Neil Anderson, Managing Editor

As industry inflows and even AUM fell last month, the titans' inflows fell by 56 percent and their marketshare slipped.

Mortimer J. "Tim" Buckley
Vanguard
President, CEO
This article draws from Morningstar Direct data for September 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 and ETF AUM.

Jumbo fund firms had $18.018 trillion in long-term fund AUM as of September 30, 2021, and they accounted for 67.65 percent of overall industry long-term AUM; that's down from $18.633 trillion and 68.57 percent in August. Five of those jumbo firms brought in net long-term fund inflows in September 2021, down from six in August.

Vanguard kept the lead last month in the jumbo pack, thanks to an estimated $19.822 billion in net September 2021 long-term fund inflows, down month-over-month from $24.021 billion in August 2021 but up year-over-year from $11.686 billion in September 2020. Other big September 2021 inflows winners included: BlackRock, $10.727 billion (down M/M from $22.532 billion, up Y/Y from $3.67 billion); and Fidelity, $9.631 billion (down M/M from $11.11 billion, up Y/Y from $3.14 billion in net outflows).

Vanguard also led the jumbo inflows pack in the third quarter, thanks to an estimated $80.286 billion in net inflows. Other big Q3 2021 inflows winners included: BlackRock, $43.107 billion; and Fidelity, $28.39 billion.

Vanguard also led the year-to-date jumbo inflows pack as of September 30, 2021, thanks to an estimated $308.39 billion in net inflows. Other big YTD inflows winners included: BlackRock, $156.301 billion; and Fidelity, $105.344 billion.

And the same trio also led the jumbo inflows pack for the 12-months ending September 30, 2021: Vanguard with $365.995 billion in net inflows, BlackRock with $214.638 billion; and Fidelity with $133.465 billion.

On the flip side, T. Rowe Price led the jumbo fund firm outflows pack last month, thanks to an estimated $3.411 billion in net September 2021 outflows, up M/M from $1.414 billion in August 2021 and up Y/Y from $1.485 billion in September 2020. Other big September 2021 outflows sufferers included: Invesco, $2.373 billion (down M/M from $6.787 billion in net inflows, down Y/Y from $636 million in net inflows); and SSGA, $2.355 billion (down M/M from $13.208 billion in net inflows, up Y/Y from $1.456 billion).

In Q3 2021, only two jumbo fund firms suffered net outflows: T. Rowe with $7.362 billion, and Franklin Templeton with $6.017 billion. YTD, for the first nine months of 2021, the picture looked similar: $20.411 billion in net T. Rowe outflows, and $10.181 billion in net Franklin outflows. And the 12-months ending September 30, 2021 looked similar, with $27.407 billion in net outflows for T. Rowe and $14.754 billion in net outflows for Franklin.

As a group, the nine largest fund firms brought in an estimated $34.511 billion in net inflows in September 2021, equivalent to about 0.19 percent of their combined AUM and accounting for 60.47 percent of overall industry long-term inflows. That's down from $77.596 billion, 0.42 percent of AUM, and 79.62 percent of industry inflows in August 2021.

In Q3 2021, jumbo fund firms brought in an estimated $160.068 billion in net inflows, equivalent to 0.89 percent of their combined AUM and accounting for 68.88 percent of industry inflows. YTD, jumbo fund firms brought in $683.113 billion in net inflows, equivalent to 3.79 percent of AUM and accounting for 71.04 percent of industry inflows. And for the 12-months ending September 30, 2021, jumbo firms brought in $848.671 billion in net inflows, equivalent to 4.71 percent of AUM and accounting for 71.28 percent of industry inflows.

Across the entire industry, the 777 firms (up from 776 in August 2021 and 751 in September 2020) tracked by the M* team brought in a combined $57.068 billion in net long-term inflows in September 2021, equivalent to 0.22 percent of industry long-term AUM of $26.634 trillion. That compares with $97.458 billion in inflows and $27.175 trillion in AUM in August 2021 and $10.736 billion in inflows and $21.117 trillion in AUM in September 2020.

Active funds brought in an estimated $9.916 billion in September 2021 inflows, down M/M from $19.829 billion but up Y/Y from $12.348 billion in net outflows. Passive funds brought in $47.828 billion in September 2021 inflows, down M/M from $77.739 billion but up Y/Y from $23.887 billion.

In Q3 2021, long-term funds brought in $232.392 billion in net inflows, equivalent to 0.87 percent of long-term fund AUM. In the first nine months of 2021, long-term funds brought in $961.633 billion, equivalent to 3.61 percent of AUM. And in the 12 months ending September 30, 2021, long-term funds brought in $1.190631 trillion, equivalent to 4.47 percent of 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 September 2021 their clients transferred about $1.2 billion out of T. Rowe mutual funds and into other T. Rowe products like CITs and SMAs. (T. Rowe clients made $18.4 billion of such transfers in the first nine months of 2021). 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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