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Friday, October 12, 2018

A British EM Specialist Leads

Reported by Neil Anderson, Managing Editor

An emerging specialist across the pond led the U.S. pack last month when it comes to inflows in small fund firms.

The fund flows information within this article draws from Morningstar Direct data on mutual fund and ETF flows in September 2018, specifically for small fund firms (those with between $1 billion and $10 billion in fund AUM).

Ashmore brought in an estimate $295 million in net inflows in September, more than any other small fund firm and up from $163 million in August. Other big September winners included: WCM, $262 million (up from $162 million); KraneShares, $252 million (up from $16 million in net outflows); Cambiar, $212 million (up from $14 million in net outflows); and Champlain, $149 million (up from $86 million).

KraneShares led the small fund firm pack proportionately in September, with estimated net inflows equivalent to 12.71 percent of its AUM, up from 0.91 percent in net outflows in August. Other big September winners included: Ashmore, 11.02 percent (up from 6.93 percent); Nuance, 10.53 percent (up from 0.64 percent in net outflows); Fuller & Thaler, 10.25 percent (up from 5.06 percent); and Cambiar, 5.23 percent (up from 0.37 percent in net outflows).

On the flip side, September was a rough month for Driehaus, which suffered an estimated $183 million in net outflows, more than any other small fund firm and up from $176 million in August. Other big August sufferers included: PNC, $139 million (down from $12 million in net inflows); Longleaf, $101 million (down from $102 million); Hennessy, $84 million (down from $118 million); and James Advantage, $76 million (down from $217 million).

Proportionately, Driehaus also led the small fund firms in suffering in September, with estimated net outflows equivalent to 4.58 percent of its AUM, up from 4.15 percent in August. Other big September sufferers included: PNC, 3.57 percent (down from 0.29 percent in net inflows); James Advantage, 3.55 percent (down from 9.66 percent); LoCorr, 3.21 percent (down from 2.93 percent); and Fairholme, 3.2 percent (up from 3.12 percent).

As a group, small fund firms brought in a combined $1.499 billion in net inflows in September, equivalent to 0.3 percent of their combined AUM. That's up from $116 million in combined net outflows in August.

Across the whole industry, long-term open-end mutual funds and ETFs brought in a combined $28.269 billion in estimated net inflows in September, equivalent to 0.15 percent of their combined AUM. That's up from $22.219 billion in August. 

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