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Thursday, October 15, 2020

Midsize Firms' Inflows Fall 78 Percent

Reported by Neil Anderson, Managing Editor

Midsize fund firms' inflows fell 78 percent last month, and the group still has negative net outflows for the year.

Mary Ellen Bolger Stanek
Robert W. Baird & Co.
Managing Director, Director of Asset Management
This article draws from Morningstar Direct data on September 2020 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. More specifically, this article focuses on the 73 fund firms with between $10 billion and $100 billion each in long-term fund AUM. 34 of those firms gained net inflows in September (down from 37 in August), 37 gained net inflows in Q3, and 30 gained net inflows in the first nine months of 2020.

Baird took the lead last month, with an estimated $2.622 billion in net September inflows, up from $1.582 billion in August. Other big September inflows winners included: Ark, $1.032 billion (down from $1.991 billion); First Trust, $1.023 billion (up from $527 million in net outflows); Guggenheim, including Rydex, $882 million (down from $1.35 billion); and ProShares and ProFunds, $830 million (up from $1.285 billion in net outflows).

Baird also led the midsize pack in the third quarter, thanks to estimated Q3 inflows of $6.254 billion. Other big Q3 inflows winners included: Ark, $4.516 billion; Morgan Stanley, $4.484 billion; First Trust, $3.59 billion; and Guggenheim, $3.373 billion.

Year-to-date, as of the end of September, ProShares led the midsize pack, with estimated net inflows of $11.876 billion. Other big YTD inflows winners included: Baird, $11.443 billion; First Trust, $8.992 billion; Ark, $7.475 billion; and Edward Jones' Bridge Builder, $7.3 billion.

On the flip side, September was a rough month for Old Westbury, which suffered an estimated $2.165 billion in net outflows, up from $32 million in August. Other big September outflows sufferers included: Harris' Oakmark, $1.225 billion (up from $839 million); Primecap, $714 million (up from $695 million); Waddell & Reed's Ivy, $549 million; and AQR, $511 million (up from $264 million).

Oakmark led the midsize outflows pack in Q3, thanks to an estimated $3.486 billion in net outflows. Other big Q3 outflows sufferers included; Old westbury, $2.436 billion; Primecap, $2.146 billion; Harbor, $1.891 billion; and Ivy, $1.632 billion.

Oakmark also led the midsize outflows pack in the first nine months of the year, with estimated net outflows of $13.106 billion. Other big YTD outflows sufferers included: DoubleLine, $9.177 billion; Primecap, $7.892 billion; First Eagle, $7.565 billion; and Macquarie's Delaware, $5.353 billion.

As a group, the 73 midsize fund firms brought in an estimated $1.625 billion in net September inflows, equivalent to 0.06 percent of their combined AUM and accounting for 15.14 percent of overall industry inflows. That's down from $7.361 billion, 0.28 percent of AUM, and 17.78 percent of industry inflows in August.

In Q3, midsize fund firms brought in an estimated $14.724 billion in net inflows, equivalent to 0.56 percent of their combined AUm. Yet YTD, midsize fund firms have suffered $42.29 billion in net outflows, equivalent to 1.6 percent of their combined AUM.

Across the entire industry, the 751 fund firms (down from 752 in August) tracked by the M* team brought an estimated $10.736 billion in net September inflows, equivalent to 0.05 percent of their combined AUM. Active funds suffered $12.348 billion in net September outflows, while passive funds brought in $23.887 billion. In Q3, the industry brought in $93.942 billion in net inflows, yet YTD it has suffered $12.121 billion in net outflows. 

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