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Global group flows: The winners and losers of 2022
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This has been one of the toughest years for active managers, with growth offerings dragging some groups ever lower.
Below we list the top and bottom 10 groups for inflows and outflows over the first 10 months of the year, the most recent timeframe available from Morningstar.
When we looked at group flows over the first half of 2022, we included money market funds. These products helped HSBC Asset Management’s top inflows.
For the year so far, it would have been Charles Schwab with a slew of money market funds, including the Value Advantage Money fund which has taken $54bn (£46bn).
But for JP Morgan, its US government money-market product had a greater net outflow than any other at $43bn. It’s easy come, easy go for such funds, as institutions park cash for the short term and then deploy it elsewhere.
This time we left money markets out and for our look at the year so far, Amplify has also rolled in ETFs to give a broader picture.
Passive winners
With ETFs included, it’s not all that surprising to see the two passive giants top the table for inflows – iShares and Vanguard.
While passives haven’t been immune to market selloffs and rising rates, our data shows how the big players have continued to take on new money in 2022, albeit at a slower pace than in previous years.
While taking second place in our product inflow rankings, Vanguard has the greatest market share, 17.34% – up one percentage point on 2021. In second place is iShares, with a 6% share, displacing Fidelity.
The firm’s top three winners were its Core S&P 500 ETF ($23bn net inflow), 20+ Year Treasury Bond ETF ($13.8bn) and Short Treasury Bond ETF ($11bn).
For Vanguard its top three draws were the 500 Index fund ($50bn), Total Stock Market Index fund ($44bn) and Total Institutional Bond II index fund ($29bn).
Active losers
Looking at the 10 funds with the greatest net outflows, active bonds giant Pimco heads the list.
As Citywire head of investment research Frank Talbot observed for Amplify recently, half a trillion dollars left active bond funds this year and, $67.5bn of that from Pimco, including $19bn from its Income fund, $7bn from the GIS Income fund and $5bn from the Total Return fund.
Following Pimco is T Rowe Price. As well as suffering from the pullback in risk assets, T Rowe has fallen foul of the broad rotation in US large caps to passives – the same phenomenon that has helped iShares and Vanguard, whose biggest winners are in that area.
Hardest hit was its Blue Chip Growth fund, with a net loss of $10bn, followed by its Equity Index 500 fund (down $5.5bn) and its Value fund (down $5bn).
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