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Tuesday, February 26, 2019

Three Months, $1.311B

Reported by Neil Anderson, Managing Editor

In three months, a new mutual fund shop has brought in an estimated $1.311 billion in net inflows and now leads the small fund firm pack.

Kunal Kapoor
Morningstar
CEO
This article draws from Morningstar Direct data on January 2019 ETF and open-end mutual fund flows (excluding money-market funds and funds of funds). This article focuses specifically on the 154 firms (three more than in December) with between $1 billion and $10 billion in AUM each (in mutual funds and ETFs). 91 of those firms gained net inflows in January.

Morningstar's (M*'s) own new mutual fund arm led the small fund firm pack last month, bringing in an estimated $364 million in net January inflows, up from $302 million in December. Other big January inflows winners included: Baillie Gifford, $267 million (down from $430 million in December); BMO, $250 million (up from $198 million in net outflows); Angel Oak, $245 million (up from $385 million in net outflows); and Akre, $242 million (up from $241 million).

Proportionately, M* also won the small fund firm race, with estimated net January inflows equivalent to 27.18 percent of its AUM, down from 32.79 percent in December. Other big January inflows winners included: Nuance, 12.6 percent (up from 8.23 percent in net outflows); Fuller & Thaler, 8.08 percent (up from 7.42 percent in net outflows); Barings, 7.13 percent (up from 3.55 percent in net outflows); and GQG, 6.82 percent (up from 3.4 percent).

On the flip side, January was a rough month for Manning & Napier, which suffered an estimated $360 million in net outflows, up from $16 million in December. Other big January outflows sufferers included: Sit, $226 million (down from $313 million in December); Robeco's Boston Partners, $209 million (down from $1.203 billion); Driehaus, $151 million (down from $296 million); and Sterling Capital, $150 million (up from $134 million).

Proportionately, Sit led the midsize pack last month, with estimated net January outflows equivalent to 10.89 percent of its AUM, down from 14.05 percent in December. Other big January outflows sufferers included: Manning, 5.7 percent (up from 0.26 percent); James Advantage, 5.49 percent; Driehaus, 4.88 percent (down from 9.68 percent); and Wellesley's Miller, 4.47 percent (down from 9.7 percent).

As a group, the 154 small fund firms brought in an estimated $3.465 billion in net inflows in January, equivalent to about 0.7 percent of their combined AUM. That's up from $14.015 billion in net outflows in December.

Across the entire industry (M* tracks flows from 785 firms), long-term mutual funds and ETFs brought in a combined $38.941 billion in estimated net inflows in January, equivalent to 0.22 percent of their combined AUM. Passive funds brought in $27.216 billion in net inflows in January, while active funds brought in $11.725 billion. 

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