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Friday, February 14, 2020

First Trust Expands Its Lead

Reported by Neil Anderson, Managing Editor

A midwestern ETF widened its lead last month among midsize fund firms.

This article draws from Morningstar Direct data on January 2020 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. More specifically, this article focuses on the 79 firms (down from 81 in December) with between $10 billion and $100 billion each in fund AUM. 37 of those firms gained net inflows in January (up from 35 in December).

First Trust stayed on top of the pack, bringing in an estimated $2.082 billion in net inflows in January, up from $1.393 billion in December. Other big January inflows winners included: Baird, $1.294 billion (up from $1.041 billion); Morgan Stanley, $1.257 billion (up from $3 million); DoubleLine, $879 million (up from $112 million in net outflows); and AllianceBernstein, $690 million (down from $716 million).

Proportionately, Raffery's Direxion led the midsize fund firm pack last month, with estimated net January inflows equivalent to 2.8 percent of its AUM, up from 3.1 percent in net December outflows. Other big January inflows winners included: BBD, 2.5 percent (up from 1.8 percent); First Trust, 2.5 percent (up from 1.7 percent); Edgewood, 2.4 percent (up from 0.3 percent); and WCM, 2.4 percent (up from 2.1 percent).

On the flipside, January was another rough month for Harris' Oakmark, which suffered an estimated $1.612 billion in net outflows, more than any other midsize fund firm and up from $1.219 billion in December. Other big January outflows sufferers included: Harbor, $715 million (up from $498 million); Resolute's American Beacon, $631 million (down from $640 million); Primecap, $578 million (down from $609 million); and Macquarie, $540 million (up from $462 million).

Proportionately, AIG led the midsize outflows pack last month, suffering estimated net January outflows equivalent to 3.7 percent of its AUM, up from 2.4 percent in December. Other big January outflows sufferers included: American Beacon, 2.5 percent (up from 2.4 percent); Oakmark, 2.4 percent (up from 1.7 percent); FMI, 2.2 percent (up from 1.4 percent); and Carillon Tower, 2.1 percent (up from 1.6 percent).

As a group, the 79 midsize fund firms brought in an estimated $2.357 billion in net January inflows, equivalent to 0.08 percent of their combined AUM and up from $5.483 billion in net December outflows. Midsize fund firms accounted for 2.83 percent of net industry inflows in January.

Across the entire industry, the 767 fund firms tracked by the M* team brought in a combined $83.274 billion in net January inflows, equivalent to 0.4 percent of industry AUM and up from $67.673 billion in December. Passive funds brought in an estimated $65.959 billion in net inflows in January (down from $72.573 billion in December), while active funds brought in $17.315 billion in net inflows (up from $5.009 billion in net outflows. 

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