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Rating:2020 Inflows Reach 46 Percent of This Shop's AUM Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, September 16, 2020

2020 Inflows Reach 46 Percent of This Shop's AUM

Reported by Neil Anderson, Managing Editor

For one midsize fund firm, 2020 inflows now account for nearly 46 percent of its AUM.

Catherine "Cathie" Wood
ARK Investment Management, LLC
Founder, Chief Executive Officer
This article draws from Morningstar Direct data on August 2020 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. More specifically, this articles focused on the 73 fund firms (down from 75 in July) with between $10 billion and $100 billion each in long-term fund AUM. 37 of those firms gained net inflows in August, though only 30 have gained net inflows year-to-date.

Morgan Stanley took the lead last month, with an estimated $2.747 billion in net August inflows, up from $1.479 billion in July. Other big August inflows winners included: Ark, $1.991 billion (up from $1.493 billion); Baird, $1.592 billion (down from $2.04 billion); Guggenheim (including Rydex), $1.35 billion (up from $1.141 billion); and First Trust, $1.306 billion (up from $1.261 billion).

Proportionately, Ark led the midsize pack again last month, thanks to estimated August net inflows equivalent to an estimated 14.2 percent of its AUM, about the same as in July. Other big August inflows winners included: Mirae (including Global X), 5.2 percent (up from 5 percent); Morgan Stanley, 3.8 percent (up from 2.2 percent); Aberdeen Standard, 3.7 percent (up from 3 percent); and Guggenheim, 3.5 percent (up from 3.1 percent).

ProShares and ProFunds still lead the midsize pack so far in 2020, thanks to estimated net inflows YTD of $11.037 billion. Other big YTD inflows winners (as of August 31) include: Baird, $8.821 billion; First Trust, $7.696 billion; Edward Jones' Bridge Builder, $6.68 billion; and Ark, $6.443 billion.

Proportionately, Ark still leads the midsize pack YTD, thanks to 2020 inflows through August 31 equivalent to 45.9 percent of its AUM. Other big YTD inflows winners include: Rafferty's Direxion, 34.6 percent; WCM, 24.65 percent; ProShares, 22.9 percent; and Mirae, 17.3 percent.

On the flip side, August was a rough month for ProShares, which suffered an estimated $1.285 billion, down from $1.024 billion in net inflows. Other big August outflows sufferers included: Neuberger Berman, $1.169 billion (up from $69 million); Harris' Oakmark, $839 million (down from $1.422 billion); Wells Fargo, $789 million (up from $66 million); and Primecap, $695 million (down from $736 million).

Proportionately, Neuberger led the midsize outflows pack last month, thanks to estimated August outflows equivalent to an estimated 3.3 percent of its AUM, up from 0.2 percent in July. Other big August outflows sufferers included: Resolute's American Beacon, 3.1 percent (up from 1.9 percent); ProShares, 2.7 percent (down from 2.3 percent in net inflows); Primecap, 2.6 percent (down from 2.9 percent); and Direction, 2.3 percent (down from 6 percent).

Oakmark also still leads the midsize pack in 2020 outflows so far, suffering an estimated $11.881 billion in net YTD outflows as of August 31. Other big YTD outflows sufferers include: DoubleLine, $9.143 billion; First Eagle, $7.288 billion; Primecap, $7.178 billion; and Macquarie, $5.208 billion.

Proportionately, Primecap still leads the midsize outflows pack this year, thanks to estimated net YTD outflows, as of August 31, equivalent to 27.2 percent of its AUM. Other big YTD outflows sufferers include: Oakmark, 23.3 percent; UBS, 22.4 percent; AQR, 18 percent; and Matthews Asia, 17.7 percent.

As a group, the 73 midsize fund firms brought in an estimated $7.361 billion in net August inflows, equivalent to 0.28 percent of their combined AUM and accounting for 17.78 percent of overall industry inflows. That's up from $6.036 billion, 0.22 percent of AUM, and 14.6 percent of industry inflows in July.

Yet YTD, midsize fund firms have suffered $40.931 billion in net outflows, equivalent to 1.54 percent of their combined AUM and accounting for 233.69 percent of net industry outflows.

Across the entire industry, the 752 fund firms (down from 757 in July) tracked by the M* team brought in an estimated $41.403 billion in net August inflows, equivalent to 0.19 percent of their combined AUM (up from $41.339 billion but down from 0.2 percent in July). Active funds brought in an estimated $25.225 billion in net August inflows (up from $12.052 billion in July), while passive funds brought in an estimated $16.196 billion (down from $29.831 billion). YTD, the industry has suffered an estimated $17.515 billion in net outflows, equivalent to 0.08 percent of industry AUM. 

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