Large fund firms' inflows spiked last month, pushing overall industry inflows into 12-figure territory, according to the latest data from the folks at a publicly traded investment research firm.

Laurence D. "Larry" Fink BlackRock Chairman, CEO

This article draws from Morningstar Direct data on November 2024 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 72 firms with at least 100 long-term mutual funds and ETFs each.

BlackRock (including iShares) led the pack for a second month in a row, thanks to an estimated $38.684 billion in net November 2024 inflows, up by $4.033 bilion month-over-month from October 2024 and up by $8.704 billion year-over-year from November 2023. Other big November 2024 inflows winners included: State Street's SSGA, $25.035 billion (up by $12.662 billion M/M, up by $8.298 billion Y/Y); Vanguard, $23.012 billion (up by $5.735 billion M/M, up by $12.635 billion Y/Y); Invesco, $19.217 billion (up by $15.252 billion M/M, up by $16.194 billion Y/Y); and J.P. Morgan (including Six Circles), $8.829 billion (up by $1.434 billion M/M, up by $7.189 billion Y/Y).

BlackRock also led the inflows pack for the trailing twelve months ending November 30, 2024, thanks to an estimated $264.338 billion in net inflows. Other big TTM inflows winners included: Vanguard, $201.547 billion; and SSGA, $106.757 billion.

On the flip side, Franklin Templeton (including Putnam and Royce) took the outflows lead last month, thanks to an estimated $6.141 billion in net November 2024 outflows, up by $993 million M/M from October 2024 and up by $2.097 billion Y/Y from November 2023. Other big November 2024 outflows sufferers included: Capital Group (home of American Funds), $5.271 billion (up by $14 million M/M, down by $510 million Y/Y); T. Rowe Price, $3.66 billion (down by $87 million M/M, up by $388 million Y/Y); Jackson, $1.899 billion (down by $591 million M/M, up by $863 million Y/Y); and TCW, $1.74 billion (down by $295 million M/M, up by $263 million Y/Y).

Cap Group led the outflows pack for the 12 months ending on November 30, 2024, thanks to an estimated $54.621 billion in net outflows. Other big TTM outflows sufferers included: Franklin, $48.661 billion; and T. Rowe, $45.898 billion.

As a group, the 72 largest fund firms brought in $110.197 billion in November 2024 inflows, which accounted for 96.2 percent of industry inflows; that compares with $75.785 billion and 92.4 percent in October 2024, and with $35.609 billion and 107.6 percent in November 2023. As of November 30, 2024, large fund firms had $29.272 trillion in AUM across 35,449 funds, accounting for 93.1 percent of industry long-term fund AUM and 82.4 percent of long-term funds.

Large firms brought in $641.642 billion in TTM inflows as of November 30, 2024.

Across the whole industry, the 798 firms (up by one M/M and up by 20 Y/Y) tracked by the M* team brought in $114.585 billion in net November 2024 inflows. (That's up by $32.523 billion M/M and up by $81.498 billion Y/Y.) The industry ended November 2024 with $31.426 trillion in AUM (up by $1.342 trillion M/M, up by $6.097 trillion Y/Y) and 43,046 long-term funds (down by 97 M/M but up by 739 Y/Y).

As of November 31, 2024, the industry brought in $687.668 billion in TTM net inflows.

***This caveat is particularly important for large 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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