Net flows to the passive of the mutual fund industry rose by about 72 percent last month, even as net flows out of the active side of the industry climbed by about 32 percent, according to the latest data from the folks at a publicly traded investment research company.

Laurence D. "Larry" Fink BlackRock Chairman, CEO

This article draws from Morningstar Direct data on November 2024 open-end mutual fund and ETF flows, excluding money market funds and funds of funds. The data also excludes other asset management products, like CITs and SMAs.***

BlackRock (including iShares) led the passive pack for a second month in a row, thanks to an estimated $38.571 billion in November 2024 passive inflows, up by $5.014 billion month-over-month from October 2024 and up by $5.786 billion year-over-year from November 2023. Other big November 2024 passive inflows winners included: Vanguard, $28.468 billion (up by $8.139 billion M/M, up by $10.631 billion Y/Y); State Street's SSGA, $23.79 billion (up by $12.172 billion M/M, up by $7.46 billion Y/Y); Invesco, $20.869 billion (up by $14.77 billion M/M, up by $15.455 billion Y/Y); and Fidelity, $10.07 billion (up by $1.014 billion M/M, up by $5.158 billion Y/Y).

J.P. Morgan (including Six Circles) led the way on the active side for a seventh month in a row, thanks to an estimated $9.628 billion in November 2024 active inflows, up by $2.705 billion M/M from October 2024 and up by $8.929 billion Y/Y from November 2023. Other big November 2024 active inflows winners included: DFA, $1.43 billion (up by $82 million M/M, up by $1.546 billion Y/Y); Tuttle Capital Management, $1.366 billion (up by $1.019 billion M/M, up by $1.327 billion Y/Y); SSGA, $1.245 billion (up by $490 million M/M, up by $837 million Y/Y); and Baird (including Strategas), $1.161 billion (down by $1.426 billion M/M, up by $494 million Y/Y).

On the flip side, KraneShares took the passive outflows lead last month, suffering an estimated $1.09 billion in net November 2024 passive outflows, a $1.693-billion net flows drop M/M from October 2024 and a $1.206-billion net flows drop Y/Y from November 2023. Other big November 2024 passive outflows sufferers included: J.P. Morgan, $798 million (a $1.269-billion net flows drop M/M, a $1.738-billion net flows drop Y/Y); ProShares and ProFunds, $673 million (down by $151 million M/M, and a $3.089-billion net flows drop Y/Y); Jackson, $568 million (down by $198 million M/M, up by $405 million Y/Y); and Guggenheim (including Rydex), $410 million (a $583-million net flows drop M/M, up by $372 million Y/Y).

Franklin Templeton (including Putnam and Royce) took the active outflows lead last month, thanks to an estimated $6.503 billion in net November 2024 active outflows, up by $1.051 billion M/M from October 2024 and up by $2.175 billion Y/Y from November 2023. Other big big November 2024 active outflows sufferers included: Vanguard, $5.474 billion (up by $2.404 billion M/M, down by $2.004 billion Y/Y); Capital Group (home of America Funds), $5.271 billion (up by $14 million M/M, down by $510 million Y/Y); T. Rowe Price, $3.57 billion (down by $71 million M/M, up by $472 million Y/Y); and Fidelity, $2.16 billion (down by $4.44 billion M/M, up by $188 million Y/Y).

The 151 passive fund firms (down by one M/M but up by 11 Y/Y) tracked by the M* team brought in an estimated $129.268 billion in net November 2024 inflows, up by $36.27 billion M/M from October 2024 and up by $43.123 billion Y/Y from November 2023. 53 percent (80) of those firms brought in net passive inflows in November 2024.

The 755 active fund firms (up by three M/M, up by 38 Y/Y) tracked by the M* team suffered $14.424 billion in net November 2024 active outflows, up by $3.488 billion M/M from October 2024 but down by $38.626 billion Y/Y from November 2023. 46 percent (345) of those firms brought in net active inflows in November 2024.

***This caveat is particularly important for the largest fund firms, many of which are big players in the 401(k) business, where collective investment trusts (CITs) and separately managed accounts (SMAs) are commonly used alternatives to traditional mutual funds. 

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