Outflows from the active side of the mutual fund industry doubled last month, though the increase was dwarfed by the jump in inflows into index funds, 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 October 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) took the passive lead last month, thanks to an estimated $33.557 billion in October 2024 passive inflows, up by $23.854 billion month-over-month from September 2024 and up by $25.833 billion year-over-year from October 2023. Other big October 2024 passive inflows winners included: Vanguard, $20.347 billion (down by $663 million M/M, up by $18.883 billion Y/Y); State Street's SSGA, $11.618 billion (down by $6.542 billion M/M, up by $10.542 billion Y/Y); Fidelity, $8.056 billion (up by $6.714 billion M/M, up by $5.253 billion Y/Y); and Schwab, $7.239 billion (up by $2.297 billion M/M, up by $5.495 billion Y/Y).

J.P. Morgan (including Six Circles) led the way on the active side for a sixth month in a row, thanks to an estimated $6.923 billion in October 2024 active inflows, up by $421 million M/M from September 2024 and up by $5.128 billion Y/Y from October 2023. Other big October 2024 active inflows winners included: Baird (including Strategas), $2.587 billion (up by $116 million M/M, up by $1.822 billion Y/Y); Prudential's PGIM (including Advanced Series Trust), $2.29 billion (up by $1.352 billion M/M, and a $4.038-billion net flows improvement Y/Y); Allianz's Pimco, $2.268 billion (down by $482 million M/M, up by $1.097 billion Y/Y); and Edward Jones' Bridge Builder, $1.697 billion (up by $681 million M/M, down by $505 million Y/Y).

On the flip side, ProShares and ProShares took the passive outflows lead last month, suffering an estimated $824 million in net October 2024 passive outflows, a $2.487-billion net flows drop M/M from September 2024 but also a $1.928-billion outflows drop Y/Y from October 2023. Other big October 2024 passive outflows sufferers included: Jackson, $766 million (up by $147 million M/M, up by $470 million Y/Y); Voya, $408 million (down by $3.137 billion M/M, up by $181 million Y/Y); WisdomTree, $404 million (down by $424 million M/M, up by $106 million Y/Y); and UBS, $350 million (up by $115 million M/M, up by $344 million Y/Y).

Fidelity took the active outflows lead last month, thanks to an estimated $6.6 billion in net October 2024 active outflows, up by $6.47 billion M/M from September 2024 and up by $834 million Y/Y from October 2023. Other big October 2024 active outflows sufferers included: Franklin Templeton (including Putnam and Royce), $5.452 billion (down by $6.667 billion M/M, up by $1.414 billion Y/Y); Capital Group (home of American Funds), $5.257 billion (up by $4.925 billion M/M, down by $1.659 billion Y/Y); T. Rowe Price, $3.641 billion (up by $549 million M/M, up by $1.125 billion Y/Y); and Vanguard, $3.07 billion (down by $657 million M/M, down by $6.24 billion Y/Y).

The 152 passive fund firms (up by three M/M and up by eight Y/Y) tracked by the M* team brought in an estimated $92.998 billion in net October 2024 inflows, up by $32.993 billion M/M and up by $77.233 billion Y/Y. 51.3 percent (78) those firms brought in net passive inflows in October 2024.

The 752 active fund firms (up by one M/M, up by 36 Y/Y) tracked by the M* team suffered $10.936 billion in net October 2024 active outflows, up by $5.894 billion M/M but down by $54.066 billion Y/Y. 44.8 percent (337) of those firms brought in net active inflows in October 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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