A global equity shop backed by Natixis regained the lead last month among small fund firms, after just a one-month gap.

Paul Russell Black WCM Investment Management Co-CEO, PM

This article draws from Morningstar Direct data on July 2019 ETF and open-end mutual fund flows, excluding money-market funds and funds of funds. More specifically, this article focuses on the 161 firms with between $1 billion and $10 billion in fund AUM. 74 of those firms gained net inflows last month.

WCM brought in an estimated $455 million in net July mutual fund inflows, more than any other small fund firm and up from $374 million in June. Other big July winners included: Jensen, $317 million (up from $30 million in net outflows); BBH, $221 million (up from $28 million); Grayscale, $196 million; and Muzinich, $150 million (up from $71 million in net outflows).

Proportionately, Muzinich led the small fund firm pack, bringing in estimated July net inflows equivalent to 13.5 percent of its AUM, up from 7.4 percent in net June outflows. Other big July winners included: Grayscale, 8.05 percent (up from 0.68 percent); Innovator, 6.77 percent (up from 6.39 percent); Chickasaw Capital Management's MainGate, 6.63 percent (up from 0.49 percent); and WCM, 4.85 percent (up from 4.19 percent).

On the flip side, July was a rough month for Milleis Investissemnts Funds, which suffered an estimated $718 million in net outflows, more than any other small fund firm and down from $187 million in net June inflows. Other big July sufferers included: Foresters' First Investors Funds, $560 million (up from $123 million); Robeco's Boston Partners, $332 million (down from $386 million); Aberdeen Standard, $325 million (up from $171 million); and Brookfield, $324 million (up from $25 million).

Proportionately, Milleis also led the small fund firm outflows pack, with estimated net July outflows equivalent to 14.41 percent of its AUM, down from 3.23 percent in net June inflows. Other big July sufferers included: Stone Harbor, 8.17 percent (up from 3.02 percent); USCF, 7.93 percent (down from 3.24 percent in net inflows); Brookfield, 7.79 percent (up from 0.56 percent); and Independent Franchise Partners, 6.63 percent (down from 1.27 percent in net inflows).

As a group, the 161 small fund firms (one more than in June) suffered an estimated $1.733 billion in combined net July outflows, equivalent to about 0.32 percent of their combined AUM. That's down from $452 million in net inflows in June.

Across the whole industry (M* tracks flows from 771 firms), long-term mutual funds and ETFs brought in a combined $26.698 billion in estimated net inflows in July, equivalent to about 0.14 percent of industry AUM. That's down from $46.25 billion in net June inflows. Passive funds brought in $26.540 billion in net July inflows, while active funds brought in $158 million in net inflows. 

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