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Wednesday, November 18, 2020

Nearly Half of Inflows Go to Midsize Firms

Reported by Neil Anderson, Managing Editor

Nearly half of net industry inflows went into midsize fund firms last month.

This article draws from Morningstar Direct data on October 2020 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. More specifically, this article focuses on the 76 fund firms (up from 73 in September) with between $10 billion and $100 billion each in long-term fund AUM. 35 of those firms gained net inflows in October (up from 34 in September), and 32 gained net inflows in the first ten months of 2020.

Edward Jones' Bridge Builder regained the lead last month, with an estimated $3.699 billion in net October inflows, up from $620 million in September. Other big October inflows winners included: Morgan Stanley, $2.467 billion (up from $259 million); Baird, $2.284 billion (down from $2.622 billion); Ark, $2.102 billion (up from $1.032 billion); and Guggenheim including Rydex), $1.442 billion (up from $882 million).

Ark led the midsize pack proportionately last month, thanks to estimated net October inflows equivalent to 12.4 percent of its AUM, up from 6.9 percent in September. Other big October inflows winners included: Mirae (including Global X), 3.9 percent (up from 3.7 percent); Bridge Builder, 3.9 percent (up from 0.7 percent); Guggenheim, 3.6 percent (up from 2.3 percent); and Mercer, 3.5 percent (up from 1.7 percent).

Year-to-date, as of the end of October, Baird led the midsize pack, with estimated net inflows of $13.762 billion. Other big YTD inflows winners included: ProShares and ProFunds, $12.892 billion; Bridge Builder, $10.999 billion; First Trust, $9.289 billion; and Ark, $9.577 billion.

On the flip side, October was a rough month for Harris' Oakmark, which suffered an estimated $1.06 billion in net outflows, more than any other midsize fund firm but down from $1.225 billion in September. Other big October outflows sufferers included: harbor, $781 million (up from $475 million); GMO, $687 million (up from $468 million0; Rafferty's Direxion, $626 million (up from $166 million); and Macquarie (including Delaware), $622 million (up from $145 million).

Proportionately, Direxion led the mid-size outflows pack last month, thank to estimated net October outflows equivalent to 4.1 percent of its AUM, up from 1 percent in September. Other big October outflows sufferers included: AQR, 3.2 percent (up from 2.9 percent); GMO, 2.5 percent (up from 1.6 percent); Great-West, 2.4 percent (up from 1 percent); and Oakmark, 2.3 percent (down from 2.6 percent).

In the first ten months of 2020, Oakmark led the midsize outflows pack, thanks to an estimated $14.166 billion in net outflows. Other big YTD outflows sufferers included: DoubleLine, $9.799 billion; Primecap, $8.438 billion; Victory, $8.196 billion; and First Eagle, $8.09 billion.

As a group, the 76 midsize fund firms brought in an estimated $6.38 billion in net October inflows, equivalent to 0.23 percent of their combined AUM and accounting for 47.5 percent of overall industry inflows. That's up from $1.625 billion, 0.06 percent of AUM, and 15.14 percent of industry inflows in September.

Yet YTD, midsize fund firms have suffered an estimated $49.91 billion in net outflows, equivalent to 1.76 percent of their combined AUM.

Across the entire industry, the 756 fund firms (up from 751 in September) tracked by the M* team brought in an estimated $13.432 billion in net October inflows, up from 410.736 billion in September. Active fund firms suffered $6.934 billion in net October outflows, while passive funds brought in $20.374 billion in net inflows. YTD, long-term funds and ETFs have brought in an estimated $13.913 billion in net inflows. 

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