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Wednesday, May 02, 2018

Ark Takes the Lead

Reported by Neil Anderson, Managing Editor

A niche Gotham ETF shop jumped to the head of the small fund firm pack in March.

The fund flows information within this article draws from Morningstar Direct data on mutual fund and ETF flows in March 2018.

Ark brought in an estimated $197 million in net inflows in March, more than any other fund firm with between $1 billion and $10 billion in AUM and up from $166 million in February. Other March winners included: Wilshire, $150 million (up from $4 million in February); Blackstone, $128 million (down from $141 million); Chiron, $117 million (down from $123 million); and Ashmore, $112 million (up from $39 million).

Proportionately, Ark was also the small fund firm winner in March, with estimated net inflows equivalent to 13.24 percent of its AUM. Other big winners proportionately included: Wilshire, 10.05 percent; Semper, 7.15 percent; Chiron, 5.82 percent; and Pacer, 5.35 percent.

On the flip side, March was a rough month for Pacific Funds, which suffered estimated net outflows of $323 million, more than any other fund firm in the $1 billion to $10 billion AUM range and up from $5 million in February. Other big sufferers in March included: Barclays, $284 million (down from $510 million in February); USCF, $237 million (up from $9 million); Manning & Napier, $159 million (down from $199 million); and Jensen, $137 million (up from $105 million).

Proportionately, USCF suffered the most last month among small fund firms, with estimated net outflows equivalent to 7.8 percent of its AUM. Other big sufferers in March included: CCM, 6.1 percent; Fairholme, 5.66 percent; Pacific Funds, 4.73 percent; and Barclays, 4.1 percent.

Fund families with between $1 billion and $10 billion in AUM each, as a group brought in $393 million in net inflows in February, equivalent to 0.08 percent of their combined AUM. That's down from $1.543 billion in net inflows in February.

M* recently released a report about industrywide flows, with a familiar new author, and MFWire highlighted the biggest winners and losers among the largest fund firms. Across the whole industry, long-term active mutual funds brought in an estimated $1.178 billion in net inflows in March, while money funds suffered $54.264 billion in net outflows and passive funds brought in $12.178 billion in net inflows. Within long-term active funds, taxable bond funds, international equity funds, muni bond funds, liquid alts, and commodities all had net inflows, while U.S. equity funds, allocation funds, and sector equity funds suffered net outflows. 

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