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Tuesday, June 16, 2020

Midsize Fund Firms' Inflows Return

Reported by Neil Anderson, Managing Editor

Net inflows returned to midsize fund firms last month, for the first time in four months.

Ryan Timothy Robson
Edward Jones / Olive Street Investment Advisers, LLC
Principal, Client Strategy Group / President
This article draws from Mornignstar Direct data on May 2020 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. More specifically, this article focuses on the 75 fund firms (up from 72 in April) with between $10 billion and $100 billion each in long-term MF and ETF AUM. 33 of those firms gained net May inflows, up from 31 in April.

Edward Jones' Bridge Builder regained the lead for the first time in almost two years, with estimated net May inflows of $4.001 billion, up from $747 million in April outflows. Other big May inflows winners included: Morgan Stanley, $2.977 billion (up from $1.571 billion); Baird, $2.237 billion (up from $966 million); Federated Hermes, $1.666 billion (up from $174 million); and First Trust, $1.401 billion (down from $1.515 billion).

Proportionately, Morgan Stanley took the lead last month among midsize fund firms, with estimated net May inflows equivalent to 5.3 percent of its AUM, up from 3.2 percent in April. Other big May inflows winners included: Bridge Builder, 4.9 percent (up from 1 percent in net outflows); WCM, 4.3 percent (down from 5.9 percent); Mirae (including Global X), 3.3 percent (up from 0.3 percent); and Baird, 3.1 percent (up from 1.4 percent).

On the flip side, May was a rough month for UBS, which suffered an estimated $2.36 billion in net outflows, up from $157 million in April and more than any other midsize fund firm. Other big May outflows sufferers included: Harris' Oakmak, $1.404 billion (down from $2.317 billion); Primecap, $1.396 billion (up from $1.278 billion); Victory, $1.027 billion (up from $697 million); and DoubleLine, $1.018 billion (down from $2.493 billion).

UBS also led the midsize outflows pack proportionately, with net estimated May outflows equivalent to 20.7 percent of its AUM, up from 1.2 percent in April. Other big May outflows sufferers included: Primecap, 5.5 percent (up from 5.1 percent); Matthews Asia, 3.6 percent (up from 2.7 percent); Harding Loevner, 3.4 percent (up from 0.3 percent); and Oakmark, 2.9 percent (down from 4.9 percent).

As a group, the 75 midsize fund firms brought in an estimated $4.584 billion in net inflows, equivalent to 0.17 percent of their combined AUM (and accounting for 13.89 percent of net industry inflows). That's up from $2.865 billion in net April outflows for midsize fund firms.

Across the entire industry, the 763 fund firms tracked by the M* team brought in a combined $33.001` billion in net May inflows, equivalent to 0.17 percent of their combined AUM. (That's up from $16.388 billion in net April inflows.) Active funds brought in an estimated $17.995 billion in net May inflows (up from $21.202 billion in net April outflows), while passive funds brought in an estimated $15.006 billion in net May inflows (down from $37.598 billion in April).

Editor's Note: A prior version of this story gave the wrong total number of fund firms. The correct total is 763. 

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