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Friday, November 23, 2018

An ETF-In-a-Box Shop Takes the Lead

Reported by Neil Anderson, Managing Editor

Last month, an ETF-in-a-box shop took the lead, when it comes to inflows, among the smallest fund firms.

Samuel Ralph Masucci III
ETF Managers Group
Founder, CEO
This article draws on Morningstar Direct data on October 2018 open-end mutual fund and ETF flows (excluding money market funds and funds of funds), specifically for firms with under $1 billion each in mutual fund AUM.

ETF Managers Group's ETF Managers Trust brought in $105 million in estimated net inflows last month, more than any other sub-$1-billion-AUM fund firm. Other big October inflows winners included: GQG, $48 million (up from $17 million in net outflows in September); Deer Park, $41 million (up from $15 million); Rational Funds, $36 million (up from $17 million); and Leader, $35 million (up from $4 million in net outflows).

On a relative basis, setting aside apparent newcomers, Salt Financial led the October pack among the smallest firms, thanks to estimated net inflows equivalent to 69.23 percent of its AUM, up from 25 percent in net outflows in September. Other big October inflows winners included: Logan Circle Partners, 36.24 percent (up from 0.25 percent); Affinity, 33.88 percent (down from 37.47 percent); TOBAM, 30.48 percent (up from 0.05 percent in net outflows); and BNP Paribas, 29.66 percent (up from 5.66 percent).

There were also two apparent October newcomers (i.e. firms whose AUM was roughly equal to their monthly net inflows): Distillate Capital and iM Global Partners.

On the flip side, October was a rough month for AmplifyETFs, which suffered an estimated $91 million in net outflows — more than any other sub-$1-billion-AUM fund firm and down from $18 million in net inflows in September. Other big October outflows sufferers included: Real Estate Management Services Group, $58 million (up from $24 million); Walthausen, $31 million (up from $9 million); Toews, $30 million (up from $22 million); and Redwood, $30 million (down from $4 million in net inflows).

Proportionately, Real Estate Management Services Group led the smallest fund firms in suffering, with estimated October outflows equivalent to 635.8 percent of its AUM (i.e. its outflows were more than six times bigger than the AUM left afterwards), up from 33.34 percent in September. Other big October outflows sufferers included: Altegris, $116.35 percent (down from 3.17 percent in net inflows); Boon, 25 percent (down from negligible net flows); Forester, 23.33 percent (up from 1.73 percent); and Elkhorn, 17.65 percent (down from 15.49 percent in net inflows).

Of 523 sub-$1-billion-AUM fund firms, 296 (56.6 percent) suffered net outflows last month. As a group, such firms suffered an estimated $305 million in combined net outflows in October, equivalent to 0.32 percent of their combined AUM. That's down from $441 million in net inflows 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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