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Rating:For Two-Thirds of Midsize Firms, 2020 Flows Are Still In the Red Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, August 17, 2020

For Two-Thirds of Midsize Firms, 2020 Flows Are Still In the Red

Reported by Neil Anderson, Managing Editor

Two-thirds of midsize fund firms are suffering from net outflows for year. Collectively, they account for nearly 90 percent of industry outflows.

Mary Ellen Bolger Stanek
Robert W. Baird & Co.
Managing Director, Director of Asset Management
This article draws from Morningstar Direct data on July 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 with between $10 billion and $100 billion each in long-term MF and ETF AUM. 38 of those firms gained net inflows in July, though only 26 have gained net inflows year-to-date.

Baird took the lead last month, with an estimated $2.04 billion in net July inflows, up from $1.516 billion in June. Other big July inflows winners included: Ark, $1.493 billion (up from $1.082 billion); Morgan Stanley, $1.479 billion (down from $2.97 billion); First Trust, $1.261 billion (down from $1.759 billion); and Guggenheim (including Rydex), $1.141 billion (down from $1.165 billion).

Proportionately, Ark led the midsize pack last month, thanks to estimated July net inflows equivalent to an estimated 14.2 percent of its AUM, up from 13.5 percent in June. Other big July inflows winners included: Mirae (including Global X), 5 percent (up from 4.4 percent); Guggenheim, 3.1 percent (down from 3.4 percent); Aberdeen Standard, 3 percent; and WCM, 2.8 percent (down from 3.5 percent).

ProShares/ProFunds led the midsize pack for the first seven months of 2020, thanks to estimated net inflows YTD of $10.396 billion. Other big YTD inflows winners (as of July 31) included: Baird, $7.228 billion; Rafferty's Direxion, $6.812 billion; First Trust, $6.663 billion; and Edward Jones' Bridge Builder, $6.421 billion.

Proportionately, Ark leads the midsize inflows pack YTD, thanks to 2020 inflows through July 31 equivalent to an estimated 42.3 percent of its AUM. Other big YTD inflows winners included: Direxion, 39.3 percent; WCM, 23.4 percent; ProShares, 23.1 percent; and Mirae, 13.4 percent.

On the flip side, July was another rough month for Harris' Oakmark, thanks to an estimated $1.422 billion in net outflows, more than any other midsize firm and up from $1.273 billion in June. Other big July outflows sufferers included: Direxion, $1.044 billion (down from $1.025 billion in net inflows); Harbor, $827 million (up from $149 million); Primecap, $736 billion (up from $652 million); and First Eagle, $677 million (down from $685 million).

Proportionately, Direxion led the midsize outflows pack last month, thanks to estimated July outflows equivalent to an estimated 6 percent of its AUM, down from 6 percent in net June inflows. Other big July outflows sufferers included: William Blair, 4.2 percent (up from 1.9 percent); Oakmark, 2.9 percent (up from 2.6 percent); Primecap, 2.9 percent (up from 2.5 percent); and AQR, 2 percent (up from negligible outflows).

In the first seven months of 2020, Oakmark led the midsize outflows pack, suffering an estimated $11.042 billion in net YTD outflows as of July 31. Other big YTD outflows sufferers included: DoubleLine, $9.405 billion; First Eagle, $6.76 billion; Primecap, $6.483 billion; and Macquarie's Delaware, $4.788 billion.

Proportionately, Primecap led the midsize outflows pack in the first seven months of the year, thanks to estimated net YTD outflows as of July 31 equivalent to 25.2 percent of its AUM. Other big YTD outflows sufferers included: UBS, 25.1 percent; Oakmark, 22.7 percent; Matthews Asia, 18 percent; and AQR, 16.9 percent.

As a group, the 75 midsize fund firms brought in an estimated $6.036 billion in net July inflows, equivalent to 0.22 percent of their combined AUM and accounting for 14.6 percent of overall industry inflows. That's down from $11.93 billion, 0.43 percent of AUM, and 17.09 percent of industry inflows in June.

Yet YTD, midsize fund firms have suffered $57.074 billion in net outflows as of July 31, accounting for 2.05 percent of their combined AUM and 89.66 percent of net industry outflows.

Across the entire industry, the 757 fund firms (down from 758 in June) tracked by the M* team brought in an estimated $41.339 billion in net July inflows, equivalent to 0.2 percent of their combined AUM (down from $69.822 billion and 0.35 percent in June). Active funds brought in an estimated $12.052 billion in net July inflows (down from $28.617 billion in June), while passive funds brought in an estimated $29.831 billion (down from $41.295 billion). YTD, the industry has suffered an estimated $63.657 billion in net outflows, equivalent to 0.31 percent of industry AUM. 

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