MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, July 24, 2024 BlackRock Won Two-Thirds of Passive Inflows Last Month Two-thirds of inflows into index funds last month went to a single firm, according to the latest data from the folks at a publicly traded investment research company. This article draws from Morningstar Direct data on June 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 lead on the passive side, thanks to an estimated $41.131 billion in June 2024 passive inflows, up by $20.768 billion month-over-month from May 2024 and up by $20.575 billion year-over-year from June 2023. Other big June 2024 passive inflows winners included: Fidelity, $8.456 billion (down by $863 million M/M, up by $2.214 billion Y/Y); Vanguard, $7.371 billion (down by $13.111 billion M/M, down by $12.602 billion Y/Y); Invesco, $6.509 billion (down by $1.856 billion M/M, down by $1.438 billion Y/Y); and Schwab, $3.122 billion (down by $360 million M/M, up by $416 million Y/Y). J.P. Morgan (including Six Circles) led the way for a second month in a row on the active side, thanks to an estimated $4.446 billion in net June 2024 active inflows, up by $54 million M/M but down by $3.061 billion Y/Y. Other big June 2024 active inflows winners included: Nationwide, $1.952 billion (up by $2.019 billion M/M, up by $2.399 billion Y/Y); Graniteshares, $1.666 billion (up by $1.697 billion M/M, up by $1.607 billion Y/Y); Baird (including Strategas), $1.012 billion (up by $22 million M/M, down by $912 million Y/Y); and Goldman Sachs, $999 million (down by $205 million M/M, up by $2.969 billion Y/Y). On the flip side, State Street's SSGA took the outflows lead last month among passive fund firms, suffering an estimated $2.308 billion in net June 2024 passive outflows, a $14.961-billion net flows drop M/M and an $8.256-billion net flows drop Y/Y. Other big June 2024 passive outflows sufferers included: ProShares and ProFunds, $1.879 billion (a $2.128-billion net flows drop M/M, a $2.579-billion net flows drop Y/Y); Rafferty's Direxion, $1.148 billion (down by $1.444 billion M/M, up by $1.043 billion Y/Y); Grayscale, $601 million (up by $1 million M/M, up by $601 million Y/Y; and Jackson, $546 million (up by $22 million M/M, up by $355 million Y/Y). Capital Group (home of America Funds) took the active outflows lead last month, thanks to an estimated $5.432 billion in net active June 2024 inflows, up by $837 million M/M and up by $2.744 billion Y/Y. Other big active outflows sufferers included: Vanguard, $4.432 billion (down by $1.093 bilion M/M, down by $3.063 billion); Franklin Templeton, $3.056 billion (up by $455 million M/M, up by $948 million Y/Y); T. Rowe Price, $2.987 billion (up by $1.048 billion M/M, down by $1.672 billion Y/Y); and TCW, $1.911 billion (up by $16 million M/M, up by $814 million Y/Y). The 151 passive fund firms (unchanged M/M, up by five Y/Y) tracked by the M* team brought in an estimated $61.87 billion in June 2024, down by $11.921 billion M/M, down by $5.397 billion Y/Y). 42.4 percent (64) of those firms brought in net passive inflows last month. The 749 active fund firms (up by three M/M, up by 36 Y/Y) tracked by the M* team suffered $18.109 billion in net June 2024 active outflows, up by $2.668 billion M/M but down by $13.129 billion Y/Y. 40.7 percent (305) of those firms brought in net active inflows last month, down M/M from 44.2 percent but up but up Y/Y from 36.4 percent. ***This caveat is particularly important for jumbo fund firms, many of which are big players in the 401(k) business, where collecitve investment trusts (CITs) and separately managed accounts (SMAs) are commonly used alternatives to traditional mutual funds. Printed from: MFWire.com/story.asp?s=67694 Copyright 2024, InvestmentWires, Inc. All Rights Reserved |