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Rating:DoubleLine Leads a Rebounding Mid-Size Pack Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, March 13, 2019

DoubleLine Leads a Rebounding Mid-Size Pack

Reported by Neil Anderson, Managing Editor

Jeffrey Gundlach and his team had a big February. And mid-size fund firms as a group slightly increased their share of the industry pie.

Jeffrey E. Gundlach
DoubleLine Capital
This article draws from Morningstar Direct data on February 2019 open-end mutual fund and ETF flows (excluding money-market funds and funds of funds). This article focuses specifically on the 79 firms with between $10 billion and $100 billion each (in mutual fund and ETF AUM). 36 of those firms gained net inflows in February, while 43 suffered net outflows.

Gundlach's DoubleLine led the mid-size fund firm pack last month, with estimated net February inflows of $1.688 billion, up from $1.164 billion in January. Other big February inflows winners include: Baird, $1.323 billion (up from $8 million); Old Westbury, $1.087 billion (up from $788 million); Morgan Stanley, $1.071 billion (down from $1.101 billion); and First Trust, $1.058 billion (up from $195 million).

Proportionately among mid-size firms, Old Westbury led the pack last month with estimated net February inflows equivalent to 3.26 percent of its AUM, up from 2.5 percent in January. Other big February inflows winners include: Baird, 2.69 percent (up from 0.02 percent); Cohen & Steers, 2.44 percent (up from 1.83 percent); Morgan Stanley, 2.4 percent (down from 2.6 percent); and DoubleLine, 2.14 percent (up from 1.51 percent).

On the flip side, February was another rough month for Wells Fargo, which suffered an estimated $834 million in net outflows, again more than any other mid-size firm but down from $984 million in January. Other big February outflows sufferers include: Voya, $815 million (up from $531 million); Harbor, $661 million (down from $865 million); Transamerica, including DeltaShares, $516 million (up from $145 million); and Ivy, $481 million (up from $400 million).

Proportionately, Aberdeen led the mid-size outflows pack last month, suffering estimated net February outflows equivalent to 3.37 percent of its AUM, up from 1.54 percent in January. Other big February outflows sufferers include: Rafferty's Direxion, 2.29 percent (down from 4.36 percent); Nationwide, 2.24 percent (up from 0.67 percent); Causeway, 2.12 percent (down from 0.31 percent in net inflows); and Diamond Hill, 1.73 percent (up from 0.27 percent).

As a group, the 79 mid-size fund firms (up from 78 in January) brought in an estimated $2.064 billion in combined net inflows, equivalent to 0.07 percent of their combined AUM (and accounting for 3.85 percent of industry inflows). That's up from $1.421 billion in net mid-size inflows in January (3.65 percent of industry inflows).

Across the entire industry (M* tracks flows from 782 firms), long-term mutual funds and ETFs brought in a combined $53.664 billion in estimated net inflows in February, equivalent to 0.29 percent of industry AUM. Passive funds brought in $42.184 billion in net inflows in February, while active funds brought in $11.48 billion. 

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