Tuesday, June 18, 2024
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Invesco, a prominent asset manager, experienced a substantial rebound in its US exchange-traded fund (ETF) flows in July, more than doubling its first-half performance. The company recorded a net inflow of $10.1 billion during the month, elevating Invesco to the third position in the US ETF industry, trailing iShares and Vanguard, according to Morningstar data.

This robust performance marks a notable increase from the first six months of the year, during which Invesco’s ETFs gathered $8.6 billion, securing the seventh spot in the industry.

The driving force behind Invesco’s sales surge was the $206.5 billion QQQ Trust ETF, which accounted for $5.3 billion of the total inflow in July. Investors’ embrace of Nasdaq’s special rebalancing of the Nasdaq 100 Index, aimed at reducing the weighting of the index’s largest constituents, contributed to the significant cash influx, as noted by Morningstar.

In addition to the QQQ Trust ETF, Invesco’s $43.7 billion S&P 500 Equal Weight ETF also performed well, attracting $3.4 billion in inflows. Morningstar highlighted that the fund’s flows indicated a shift of equity investors towards mid-cap companies, as they anticipate a fading performance for large-cap stocks in the first half.

In the rankings of July US ETF sales, iShares led the way with $18.6 billion, followed by Vanguard with $14.9 billion. Invesco secured the third spot with $10.1 billion, followed by State Street Global Advisors with $3.4 billion, Dimensional Fund Advisors with $2.1 billion, and First Trust with $1.1 billion.

Across the entire industry, US ETFs experienced a total inflow of $60.2 billion, marking their second-best month in 2023, with stock ETFs capturing over $45 billion of those flows.

Year-to-date, Invesco holds the fourth rank in terms of inflows, trailing Vanguard with $80.3 billion and iShares with $43 billion. JPMorgan Asset Management secured the third position with $23.1 billion in inflows. The remarkable influx of funds into Invesco’s ETFs underscores the company’s growing presence and appeal in the US ETF market.

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