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Rating:Small Fund Firms' Outflows Quadruple Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, August 18, 2020

Small Fund Firms' Outflows Quadruple

Reported by Neil Anderson, Managing Editor

Small fund firms' outflows more than quadrupled last month.

Jonathan Krane
KraneShares
Founder, CEO
This article draws from Morningstar Direct data on July 2020 ETF and open-end mutual fund flows, excluding money-market funds and funds-of-funds. More specifically, this article focuses on the 153 firms (down from 154 in June) with between $1 billion and $10 billion each in long-term fund and ETF AUM. 63 of those firms gained net inflows in July, down from 66 in June. 49 gained net inflows in the first seven months of 2020.

KraneShares took the lead last month, thanks to an estimated $519 million in net July inflows, up from $159 million in June. Other big July inflows winners included: Trust for Credit Unions, $414 million (up from $252 million); GQG, $344 million (up from $320 million); Milleis Investissements Funds, $240 million (up from $59 million); and Morningstar, $228 million (up from $22 million in net outflows).

Proportionately, Trust for Credit Unions took the lead last month among small fund firms, thanks to estimated net July inflows equivalent to 18.4 percent of its AUM, up from 13.8 percent in June. Other big July inflows winners included: AmplifyETFs, 14.4 percent (down from 16.6 percent); KraneShares, 12.4 percent (up from 4.8 percent); GraniteShares, 11.2 percent (up from 4.5 percent); and Milleis, 10.5 percent (up from 2.8 percent.

In the first seven months of the year, USCF led the pack with an estimated $5.136 billion in net inflows year-to-date as of July 31. Other big YTD inflows winners included: Polen Capital, $2.346 billion; GQG, $1.861 billion; Trust for Credit Unions, $1.239 billion; and U.S. Global Investors, $1.184 billion.

USCF also leads proportionately in the first seven months of 2020, thanks to estimated net inflows YTD equivalent to 94.2 percent of its AUM. Other big YTD inflows winners included: U.S. Global Investors, 66.7 percent; Trust for Credit Unions, 55.2 percent; Amplify, 44.5 percent; and Infinity Q, 42.1 percent.

On the flip side, July was a rough month for Sterling Capital Funds, which suffered an estimated $838 million in net outflows, more than any other small fund firm and up from $42 million in Jun. Other big July outflows sufferers included: Credit Suisse, $829 million (down from $98 million in net inflows); USCF, $769 million (up from $589 million); IVA, $537 million (up from $424 million); and Hotchkis & Wiley, $324 million (up from $137 million).

Sterling also led the small fund outflows pack proportionately last month, thanks to estimated net outflows equivalent to 15.2 percent of its AUM, up from 0.7 percent in June. Other big July outflows sufferers included: Elements Funds, 15 percent (up from 8.6 percent); USCF, 14.1 percent (up from 9.7 percent); Credit Suisse, 12.7 percent (down from 1.4 percent in net inflows); and IVA, 12.2 percent (up from 8.7 percent).

In the first seven months of 2020, FMI led the small fund firm outflows pack, thanks to an estimated $3.635 billion in net YTD outflows as of July 31. Other big YTD outflows sufferers included: Credit Suisse, $3.172 billion; IVA, $2.605 billion; AIG, $2.516 billion; and Glenmede, $2.479 billion.

Proportionately, Elements led the outflows pack for the first seven months of the year, thanks to estimated net outflows equivalent to 120.5 percent of its AUM. (In other words, Elements' YTD outflows as of July 31 are a bit bigger than its AUM left over afterwards.) Other big YTD outflows sufferers included: Robeco's Boston Partners, 65.8 percent; Milleis, 62.3 percent; IVA, 59.1 percent; and Gotham, 49.9 percent.

As a group, the 153 small fund firms tracked by the M* team suffered an estimated $3.567 billion in net outflows, equivalent to 0.72 percent of their combined AUM. That's up from $810 million and 0.16 percent in June. YTD as of July 31, small fund firms have suffered an estimated $27.661 billion in net outflows, equivalent to 5.55 percent of their combined AUM and accounting for 43.45 percent of outflows for the entire long-term mutual fund and ETF industry.

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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