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Wednesday, October 21, 2020

Ark's Pace Slows

Reported by Neil Anderson, Managing Editor

Despite slowing down a bit, a Gotham active ETF boutique kept the lead last month, pound for pound, as industry inflows fell.

This article draws from Morningstar Direct data on U.S. open-end mutual fund and ETF flows, excluding money market funds and funds of funds, from September 2020.

Ark still held the pole position, thanks to estimated net September inflows of $147 million per fund, down from $284 million per fund in August. Other big September inflows winners included: Spyglass, $85 million per fund (up from $62 million per fund); Edward Jones' Bridge Builder, $78 million per fund (up from $32 million per fund); EMQQ, $74 million per fund (up from $61 million per fund); and Baird, $71 million per fund.

The same five winners led in the third quarter, too, though not in the same order. Ark led with an estimated $645 million per fund in net Q3 inflows. Other big Q3 inflows winners included: Spyglass, $205 million per fund; EMQQ, $188 million per fund; Baird, $169 million per fund; and Bridge Builder, $134 million per fund.

Year-to-date, as of the end of September, Edgewood brought in an estimated $1.12 billion per fund in net inflows, more than any other fund firm. Other big YTD inflows winners included: Ark, $1.068 billion per fund; Bridge Builder, $913 million per fund; Spyglass, $631 million per fund; and Infinity Q, $390 million per fund.

On the flip side, September was a rough month for Dodge & Cox, which suffered an estimated $251 million per fund in net outflows, more than any other fund firm and up from $98 million per fund in August. Other big September outflows sufferers included: Primecap, $238 million per fund (up from $232 million per fund); Old Westbury, $180 million per fund (up from $3 million per fund); Elements, $71 million per fund (up from $17 million per fund); and IVA, $60 million per fund (down from $110 million per fund).

Primecap led the outflows pack in Q3, thanks to an estimated $715 million per fund in net outflows. Other big Q3 outflows sufferers included: Dodge & Cox, $455 million per fund; IVA, $259 million per fund; Old Westbury, $203 million per fund; and Thompson IM, $138 million per fund.

Primecap also led the outflows pack in the first nine months of 2020, thanks to an estimated $2.631 billion per fund in net YTD outflows. Other big YTD outflows sufferers included: Dodge & Cox, $2.259 billion per fund; IVA, $604 million per fund; Blackstone, $482 million per fund; and FMI, $471 million per fund.

The whole U.S. mutual fund and ETF industry, excluding money market funds and funds of funds, brought in an estimated $257,000 per fund in September, down from $1 million per fund in August. In Q3, the industry brought in $2.252 million per fund in net inflows. Yet YTD, the industry has still suffered an estimated $291,000 per fund in net outflows. 

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