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Rating:These Funds' $159B Pain Dominated Q1 Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, April 26, 2022

These Funds' $159B Pain Dominated Q1

Reported by Neil Anderson, Managing Editor

12 percent of the mutual fund industry accounted for nearly 356 percent of industry outflows last quarter.

This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in March 2022.

Money market funds had $3.629 trillion in AUM as of March 31, 2022, accounting for 12.06 percent of all mutual fund and ETF AUM. That compares with $3.692 trillion and 12.34 percent on February 28, 2022 and with $3.6 trillion and 12.65 percent on March 31, 2021.

Six of the ten money fund firms tracked by the M* team brought in net inflows in March 2022, up from three in February 2022 and up from five in March 2021.

Vanguard led the pack in the first quarter, thanks to an estimated $6.037 billion in net Q1 2022 money fund inflows. The only other Q1 money market fund inflows winner was Fidelity, with $4.755 billion.

Goldman Sachs took the lead last month, thanks to an estimated $10.803 billion in net March 2022 money fund inflows, up month-over-month from $2.926 billion in February 2022 outflows and down year-over-year from $32.262 billion in March 2021. Other big March 2022 inflows winners included: BlackRock, $5.232 billion (up M/M from $10.957 billion in net outflows, down Y/Y from $61.307 billion); and J.P. Morgan, $3.893 billion (up M/M from $12.868 billion in net outflows, down Y/Y from $12.817 billion).

On the flip side, BlackRock led the outflows pack in the first quarter, thanks to an estimated $37.435 billion in net Q1 2022 money fund outflows. Other big outflows sufferers inclued: Federated Hermes, $33.738 billion; and Northern, $26.057 billion.

Northern took the outflows lead last month, thanks to an estimated $12.031 billion in net March 2022 money fund outflows, up M/M from $4.524 billion in February 2022. Other big March 2022 outflows sufferers included: Federated, $10.173 billion (up M/M from $3.562 billion, down Y/Y from $11.705 billion in net inflows); and Morgan Stanley, $6.036 billion (up M/M from $2.487 billion, down Y/Y from $635 million in net inflows).

As a group, money funds suffered an estimated $159.138 billion in net Q1 2022 outflows, equivalent to 4.39 percent of their combined AUM.

In March 2022 alone, money funds suffered an estimated $6.735 billion in net outflows, equivalent to 0.19 percent of their combined AUM. That compares with $33.574 billion and 0.91 percent in February 2022, and with $86.394 billion in net inflows and 2.4 percent in March 2021. 

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