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Rating:Bad Day? Asset Managers Are Having a Bad Year. Not Rated 5.0 Email Routing List Email & Route  Print Print
Thursday, October 11, 2018

Bad Day? Asset Managers Are Having a Bad Year.

Reported by Neil Anderson, Managing Editor

Yesterday was a rough day for Mister Market, but it's been an even rougher year for asset managers.

As the S&P 500 fell 3.29 percent, the Dow 3.15 percent, and the Nasdaq 4.08 percent, 21 publicly traded asset managers suffered an average share price drop of 3.07 percent. Yet while the broader markets have still had a good year, despite yesterday's woes (the Dow is up 3.56 percent since December 29, i.e. the last trading day of 2017, the S&P 4.19 percent, and the Nasdaq 7.51 percent), for asset managers yesterday was just the icing on the bad news cake. Those 21 publicly traded asset managers have seen their shares drop 22.38 percent on average since December 29, even as industrywide mutual funds and ETFs have brought in $284.383 billion in estimated net inflows year-to-date (as of September 30).

The pain has not been evenly distributed. Hennessy's share price was flat yesterday, better than the rest of the pack, and Diamond Hill, Fiera, and Virtus each saw drops of less than one percent. On the flip side, shares in BlackRock, WisdomTree, T. Rowe Price, and U.S. Global Investors all dropped more than five percent yesterday.

Year-to-date, though, there is one bright spot: AllianceBernstein, whose shares have risen 16.85 percent since December 29. Virtus, T. Rowe, Fiera, and Waddell & Reed have suffered the least, seeing their stock prices slide less than ten percent this year. On the flip side, U.S. Global Investors, Invesco, WisdomTree, AMG, Janus Henderson, Federated, and Franklin Templeton have each seen their shares fall more than 30 percent this year.

Here's the full list, from smallest to biggest sufferers yesterday:

Hennessy, flat yesterday, down 15.66 percent YTD

Diamond Hill, down 0.19 percent yesterday, down 18.17 percent YTD

Fiera, down 0.41 percent yesterday, down 5.62 percent YTD

Virtus, down 0.77 percent yesterday, down 2.49 percent YTD

Artisan, down 1.37 percent yesterday, down 21.44 percent YTD

Gamco, down 1.95 percent yesterday, down 21.96 percent YTD

Legg Mason, down 1.95 percent yesterday, down 29.32 percent YTD

Federated, down 2.63 percent yesterday, down 34.26 percent YTD

AllianceBernstein, down 2.92 percent yesterday, down 16.85 percent YTD

Invesco, down 3.03 percent yesterday, down 42.15 percent YTD

AMG, down 3.06 percent yesterday, down 38 percent YTD

Franklin, down 3.17 percent yesterday, down 31.71 percent YTD

Waddell, down 3.2 percent yesterday, down 9.18 percent YTD

Janus, down 3.32 percent yesterday, 36.83 percent YTD

Cohen & Steers, down 3.41 percent yesterday, down 20.22 percent YTD

Manning & Napier, down 3.73 percent yesterday, down 21.11 percent YTD

Eaton Vance, down 4.71 percent yesterday, down 14.63 percent YTD

U.S. Global Investors, down 5.23 percent yesterday, down 62.82 percent YTD

T. Rowe, down 5.96 percent yesterday, down 3.22 percent YTD

WisdomTree, down 6.34 percent yesterday, down 41.12 percent YTD

BlackRock, down 7.17 percent yesterday, down 16.93 percent YTD. 

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