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Rating:An Inverse Index Fund Specialist Takes the Lead Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, November 20, 2018

An Inverse Index Fund Specialist Takes the Lead

Reported by Neil Anderson, Managing Editor

A leveraged and inverse index fund shop took the lead among midsize fund firms last month, and its two rivals also had strong inflows. Yet most midsize fund firms had a rough month.

The fund flows information within this article draws from Morningstar Direct data. This article digs into open-end mutual fund and ETF flows (excluding money market funds and funds of funds) for October 2018, specifically for midsize fund firms (those with between $10 billion and $100 billion in fund AUM each).

Rafferty's Direxion overtook its midsize peers last month, with estimated net inflows in October of $1.107 billion, up from $42 million in net outflows in September. Other big October winners include: Edward Jones' Bridge Builder, $900 million (up from $374 million); ProFunds and ProShares, $869 million (up from $111 million in net outflows); Guggenheim (including Rydex), $675 million (up from $45 million in net outflows); and Goldman Sachs, $564 million (up from $190 million).

Direxion also won the midsize pack proportionately last month, with estimated October net inflows equivalent to 8.78 percent of its AUM, up from 0.32 percent in net outflows. Other big October winners, proportionately, included: ProFunds, 2.7 percent (up from 0.32 percent in net outflows); Guggenheim, 2.05 percent (up from 0.14 percent in net outflows); Bridge Builder, 1.39 percent (up from 0.56 percent); and Morgan Stanley, 1.3 percent (0.84 percent).

On the flip side, October was a rough month for Harbor, which suffered an estimated $2.125 billion in net outflows — more than any other midsize firm, but down from $3.519 billion in September. Other big October outflows sufferers included: TCW, $1.733 billion (up from $571 million); First Trust, $1.547 billion (down from $1.688 billion in net inflows); Harris' Oakmark, $1.437 billion (up from $818 million); and AB, $1.27 billion (down from $436 million in net inflows).

Harbor also proportionately led the midsize pack's suffering, with estimated October net outflows equivalent to 4.16 percent of its AUM, down from 6 percent in September. Other big September outflows sufferers included: State Farm, 3.83 percent; Aberdeen Standard, 3.26 percent; William Blair, 2.9 percent; and AQR, 2.7 percent.

Of 80 midsize fund firms, 62 suffered net outflows last month. As a group, midsize fund firms suffered an estimated $21.347 billion in combined net outflows in October, equivalent to 0.72 percent of their combined AUM. That's up from $11.467 billion in September.

Industrywide, long-term, open-end mutual funds and ETFs suffered a combined $29.184 billion in net outflows in October, equivalent to 0.16 percent of their combined AUM. That's down from $28.269 billion in net industry inflows in September. 

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