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Monday, April 25, 2022

A $113B Active Flows Collapse

Reported by Neil Anderson, Managing Editor

Active funds' inflows fell by $112.797 billion year-over-year. Passive funds' inflows also slipped, but by $13.053 billion.

Ryan Timothy Robson
Edward Jones / Olive Street Investment Advisers, LLC
Principal, Client Strategy Group / President
This article draws from Morningstar Direct on March 2022 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. The data also excludes other asset management products, like SMAs and CITs.

Edward Jones' Bridge Builder took the lead last month on the active side, thanks to an estimated $3.624 billion in net March 2022 active inflows, up month-over-month from $922 million in February 2022 but down Y/Y from $4.769 billion in March 2021. Other big March 2022 active inflows winners included: First Trust, $1.165 billion (down M/M from $1.466 billion, up Y/Y from $1.11 billion); Principal, $697 million (up M/M from $567 million, up Y/Y from $148 million in net outflows); SSGA, $420 million (up M/M from $251 million in net outflows, up Y/Y from $239 million); and LSV, $402 million (up M/M from $23 million, up Y/Y from $109 million in net outflows).

BlackRock (including iShares) regained the lead on the passive side last month, thanks to an estimated $25.588 billion in net March 2022 passive inflows, up M/M from $12.694 billion in February 2022 and up Y/Y from $23.094 billion in March 2021. Other big March 2022 passive inflows winners included: Vanguard, $22.656 billion (down M/M from $33.803 billion, down Y/Y from $40.406 billion); SSGA, $16.283 billion (up M/M from $8.003 billion, down Y/Y from $17.653 billion); Invesco, $13.234 billion (up M/M from $1.17 billion, up Y/Y from $7.414 billion); and Fidelity, $8.862 billion (down M/M from $10.03 billion, down Y/Y from $15.337 billion).

On the flip side, last month was another rough one for Vanguard's active funds, which kept the active outflows lead thanks to an estimated $9.366 billion in net March 2022 outflows, up M/M from $5.661 billion in February 2022 but down Y/Y from $1.745 billion in March 2021 inflows. Other big March 2022 active outflows sufferers included: Pimco, $8.118 billion (up M/M from $2.049 billion, down Y/Y from $30 million in net inflows); Fidelity, $3.781 billion (up M/M from $3.267 billion, down Y/Y from $5.16 billion in net inflows); J.P. Morgan (including Six Circles), $3625 billion (down M/M from $1.914 billion in net inflows, down Y/Y from $5.905 billion in net inflows); and Franklin Templeton, $3.53 billion (up M/M from $2.644 billion, up Y/Y from $1.079 billion).

T. Rowe Price took the outflows lead on the passive side last month, thanks to an estimated $776 million in net March 2022 passive outflows, up M/M from $257 million in February 2022 but down Y/Y from $1.449 billion in March 2021. Other big March 2022 passive outflows sufferers included: DWS (including Xtrackers), $699 million (up M/M from $232 million, down Y/Y from $768 million); Transamerica (including Deltashares), $545 million (up M/M from $102 million, up Y/Y from $11 million); U.S. Global Investors, $367 million (down M/M from $234 million in net inflows, down Y/Y from $136 million in net inflows); and Jackson, $360 million (down M/M from $419 million, up Y/Y from $33 million).

Overall, the 732 active fund firms tracked by the M* team (down M/M from $735, up Y/Y from 694) suffered an esetimated $70.411 billion in net active outflows in March 2022, up M/M from $32.24 billion but down Y/Y from $42.386 billion in inetflows. 311 firms gained net active inflows in March 2022, down M/M from 380 and down Y/Y from 387.

The 160 passive fund firms tracked by the M* team (down M/M from 163, up Y/Y from 144) brought in an estimated $101.064 billion in net March 2022 inflows, up M/M from $80.09 billion but down Y/Y from $114.117 billion. 83 firms gained net passive inflows in March 2022, down M/M from 86 but up Y/y from 82. 

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