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Thursday, September 19, 2019

Small Fund Firms' Outflows Shrink

Reported by Neil Anderson, Managing Editor

Small fund firms' outflows slowed last month, even as the overall industry's net flows swung negative.

Paul Russell Black
WCM Investment Management
Co-CEO, PM
This article draws from Morningstar Direct data on August 2019 ETF and open-end mutual fund flows, excluding money-market funds and funds of funds. More specifically, this article focuses on the 159 firms with $1 billion and $10 billion in fund AUM. 71 of those firms gained net inflows last month.

WCM stayed on top of the pack with an estimated $306 million in net August inflows, down from $455 million in July. Other big August winners included: AlphaCentric, $280 million (up from $124 million); BBH, $154 million (down from $221 million); ETFMG, $139 million (up from $27 million in net outflows); and JOHCM, $138 million (up from $43 million).

Proportionately, AlphaCentric led the small fund firm pack, bringing in estimated August net inflows equivalent to 8.12 percent of its AUM, up from 4.01 percent in July. Other big August winners included: Innovator, 6.75 percent (down from 6.77 percent); AAM, 6.41 percent (up from 4.45 percent); GQG, 4.15 percent (up from 2.76 percent); and Jackson Square, 4.1 percent (up from 1.63 percent).

On the flip side, August was another rough month for Milleis Investissements Funds, which suffered an estimated $506 million in net outflows, more than any other small fund firm but down from $718 million in July. Other big August sufferers included: Foresters' First Investors Funds, $447 million (down from $560 million); Brookfield, $362 million (up from $324 million); Robeco's Boston Partners, $275 million (down from $332 million); and IVA, $228 million (down from $236 million).

Proportionately, Milleis also led the small fund firm outflows pack again, with estimated net August outflows equivalent to 11.44 percent of its AUM, down from 14.41 percent in July. Other big August sufferers included: Brookfield, 9.86 percent (up from 7.79 percent); Westwood, 5.38 percent (up from 4.48 percent); 361, 5.17 percent (up from 3.9 percent); and First Investors, 4.83 percent (down from 5.72 percent).

As a group, the 159 small fund firms (two fewer than in July) suffered an estimated $795 million in combined net August outflows, equivalent to about 0.15 percent of their combined but down from $1.733 billion in net July outflows. Small fund firms' August outflows accounted for 4.98 percent of net industry outflows for the month.

Across the whole industry (M* tracks flows from 767 firms, down from 771 in July), long-term mutual funds and ETFs suffered a combined $15.927 billion in net outflows in August, equivalent to about 0.08 percent of industry AUM. That's down from $26.698 billion in net July inflows. Passive funds suffered $4.7 billion in net August outflows, while active funds suffered $11.227 billion in net outflows. 

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