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Wednesday, July 17, 2019

A PE Titan Takes the Lead

Reported by Neil Anderson, Managing Editor

A private equity giant took the lead last month among small mutual fund firms.

This article draws from Morningstar Direct data on June 2019 ETF and open-end mutual fund flows, excluding money-market funds and funds of funds. More specifically, this article focuses on the 160 firms with between $1 billion and $10 billion each in fund AUM. 67 of those firms gained net inflows last month.

Blackstone's mutual fund business brought in an estimated $535 million in net June inflows, more than any other small fund firm and up from $83 million in May. Other big June winners included: Fuller & Thaler, $429 million (up from $43 million); WCM, $374 million (down from $377 million); Baillie Gifford, $306 million (up from $24 million); and Champlain, $198 million (up from $37 million).

Proportionately, Fuller & Thaler led the small fund firm pack, bringing in estimated June net inflows equivalent to 23.25 percent of its AUM, up from 3.3 percent in May. Other big June winners included: GQG, 10.57 percent (up form 4.45 percent); AAM, 8.37 percent (up from 3.18 percent); Pure, 7.37 percent (up from 0.19 percent in net outflows); and Blackstone, 6.68 percent (up from 1.13 percent).

On the flip side, June was a rough month for Robeco's Boston Partners, which suffered an estimated $386 million in net outflows, more than any other small fund firm and up from $315 million in May. Other big June sufferers included: IVA, $248 million (up from $144 million); Westwood, $228 million (down from $267 million); PNC, $173 million (down from $182 million); and Aberdeen Standard, $171 million (down from $186 million).

Proportionately, Westwood led the small fund firm outflows pack last month, with estimated net June outflows equivalent to 8.75 percent of its AUM, down from 9.78 percent in May. Other big June sufferers included: Sound Shore, 7.41 percent (up from 1.35 percent); Advisory Research, 6.98 percent (down from 0.61 percent in net inflows); PNC, 5.43 percent (down from 5.71 percent); and Chartwell, 4.84 percent (down from 10.2 percent).

As a group, the 160 small fund firms brought in an estimated $452 million in combined net June inflows, equivalent to about 0.09 percent of their combined AUM (and accounting for 0.98 percent of net industry inflows). That's up from $191 million in net outflows in May.

Across the whole industry (M* tracks flows from 778 firms), long-term mutual funds and ETFs brought in a combined $46.25 billion in estimated net inflows in June, equivalent to about 0.24 percent of industry AUM. That's up from $1.843 billion in net May outflows. Passive funds brought in $68.599 billion in net June inflows, while active funds suffered $22.349 billion in net outflows. 

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