Deutsche Bank-Asset Managers A Look at 1QTD Active Mutual Fund Performanc...-106494852

DeutscheBankIndustryDateResearch12February2024AssetManagersEuropeIndustryUpdateNorthAmericaFinancialBrokers,AssetManagers&ExchangesALookat1QTDActiveMutualFundBrianBedell,CFAPerformanceandRecentFlowTrendsResearchAnalyst+1-212-250-6600Netflowsweremixed1QTD,Jan.MFfundperformanceweakerInthisreport,weassessinvestmentperformancetrendsofthelargestactively-SamDesai,CFAmanagedmutualfundcategoriesforeachtraditionalassetmanagerinourResearchAssociatecoverageuniverse,usingdatafromMorningstarDirect.Overall,relativeinvestment+1-212-250-9761performanceinJanuarymostlyweakenedversus4Q23acrossourcoverage(albeititisstillearlyinthequarter).However,wenotethatJanusHendersonGroup(JHG-SonNguyenHold)hasexhibitednotableperformanceimprovementacrossallperiodsin1QsoResearchAssociatefar.Incontrast,performanceforT.RowePrice(TROW-Hold)in4Q23andJanuary+1-212-250-9311appearstoremainchallenged.WeseetheactivefundindustryashavingbroadlyunderperformedpassiveETFsin1Qsofar,thoughwithalessermagnitudecomparedto4Q23.NetflowsacrossourcoveragearemixedYTDsofar,however,therearesomebrightspotsincludingrobustiSharesinflowsatBlackRock(BLK-Buy),positivelong-termflowsreportedinJanuaryforInvesco(IVZ-Hold),andstrongmoneymarketinflowsforFederatedHermes(FHI-Buy).RelativeinvestmentperformancetrendsacrossourcoverageForour4Q23earningspreviewnote,InFigures1through21,we...