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Rating:Five Midsize Firms Join the $1B Flows Club Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, November 28, 2017

Five Midsize Firms Join the $1B Flows Club

Reported by Neil Anderson, Managing Editor

October was a big month for five midsize mutual fund firms, each of which brought in more than $1 billion.

The fund flow information within this article was formulated from Morningstar data provided to MFWire by Alina Lamy, senior analyst of quantitative research at the investment research giant.

Guggenheim (including Rydex) brought in an estimated $1.832 billion in net inflows in October, more than any other fund family with $10 billion and $100 billion in AUM. Other top inflow shops in that range last month included: Van Eck, $1.457 billion; First Trust, $1.07 billion; PGIM, $1.010 billion; and Edward Jones' Bridge Builder, $1.007 billion.

On a relative basis, Rafferty's Direxion came out on top in October among midsize firms with estimated net inflows equivalent to 4.5 percent of its AUM. Other big inflow winners last month, proportionately, included: Van Eck, 3.8 percent; Guggenheim, 2.7 percent; Bridge Builder, 2.1 percent; and First Trust, 2.1 percent.

On the flip side, October was a rough month for Harbor, which suffered an estimated $1.002 billion in net outflows, more than any other midsize fund firm but down from $1.247 billion in September. Other big outflow sufferers in October included: Waddell & Reed's Ivy Funds, $763 million; Neuberger Berman, $554 million; Voya, $480 million; and GMO, $470 million.

Proportionately, Royce was the biggest outflow sufferer in October among midsize fund firms, with estimated net outflows equivalent to 2.5 percent of its AUM. Other big sufferers last month, proportionately, included: Allianz, 1.9 percent; Harbor, 1.4 percent; Neuberger, 1.4 percent; and Ivy, 1.2 percent.

As a group, fund families with between $10 billion and $100 billion in AUM each brought in a combined $4.702 billion in net inflows in October, equivalent to 0.15 percent of their combined AUM.

Yesterday M* released a report about industrywide flows, and MFWire highlighted the biggest winners and losers among the largest fund firms. Across the whole industry, active, long-term mutual funds swung back to net inflows in October, bringing in an estimated $5.585 billion. Money market funds suffered $7.234 billion in net outflows, while passive funds' net inflows rose to $71.6 billion. Among long-term, active funds, taxable bond funds, international equity funds, muni bond funds, liquid alts, and commodities funds all netted positive estimated inflows. U.S. equity funds, allocation funds, and sector equity funds all suffered estimated net outflows. 

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