Midsize fund firms have still suffered net outflows this year, despite a strong November.
| Catherine "Cathie" Wood
ARK Investment Management, LLC
Founder, Chief Executive Officer
This article draws from Morningstar Direct
data on November 2020 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. More specifically, this article focuses on the 75 firms (down from 76 in October
) with between $10 billion and $100 billion each in long-term fund AUM. 41 of those firms gained net inflows in November (up from 35 in October), and 33 gained net inflows in the first 11 months of 2020.
regained the lead last month, with an estimated $2.842 billion in net November inflows, up from $2.102 billion in October. Other big November inflows winners included: VanEck
, $2.031 billion (up from $450 million); Baird
, $1.392 billion (down from $2.284 billion); Mirae
(including Global X), $1.324 billion (up from $629 million); and Grayscale
, $1.098 billion (up from $456 million).
Ark led the midisize pack proportionately last month, too, thanks to estimated net November inflows equivalent to 12 percent of its AUM, down from 12.4 percent in October. Other big November inflows winners included: Grayscale, 9.2 percent (up from 6.2 percent); Mirae, 7 percent (up from 3.9 percent); VanEck, 3.8 percent (up from 0.9 percent); and WCM
, 2.4 percent (negligible change).
Year-to-date, as of the end of November, Baird still led the midsize pack, with estimated net inflows of $15.119 billion. Other big YTD inflows winners included: Ark, $12.418 billion; ProShares
and ProFunds, $11.465 billion; Morgan Stanley
, $7.62 billion; and Guggenheim
(including Rydex), $6.242 billion.
On the flip side, despite the strong YTD showing, ProShares had a rough November, suffering an estimated $1.427 billion in net outflows, more than any other midsize firm and down from $1.025 billion in net October inflows. Other big November outflows sufferers included: Harris' Oakmark
, $1.214 billion (up from $1.06 billion); AQR
, $833 million (up from $540 million); Harbor
, $727 million (down from $781 million); and Rafferty's Direxion
, $723 million (up from $626 million).
Proportionately, AQR led the midsize outflows pack last month, thanks to estimated net November outflows equivalent to 4.9 percent of its AUM, up from 3.2 percent in October. Other big November outflows sufferers included: Direxion, 4.1 percent (negligible change); ProShares, 3 percent (down from 2.3 percent inflows); Oakmark, 2.2 percent (down from 2.3 percent); and Primecap
, 2.1 percent (down from 2.2 percent).
In the first 11 months of 2020, Oakmark led the midsize outflows pack, thanks to an estimated $15.38 billion in net outflows. Other big YTD outflows sufferers included: DoubleLine
, $10.076 billion; Primecap, $9.007 billion; First Eagle
, $8.507 billion; and Ivy
, $6.213 billion.
As a group, the 75 midsize fund firms brought in an estimated $7.373 billion in net November inflows, equivalent to 0.28 percent of their combined AUM and accounting for 6.58 percent of overall industry inflows. That's up from $6.38 billion and 0.23 percent of AUM, but down from 47.5 percent of industry inflows in October.
YTD, midsize fund firms have suffered an estimated $44.61 billion in net outflows.
Across the entire industry, the 747 fund firms (down from 756 in October) tracked by the M* team brought in an estimated $112.028 billion in net November inflows, up from $15.64 billion in October. Active fund firms brought in an estimated $16.857 billion in net November inflows, while passive funds brought in $95.171 billion in net inflows. YTD, long-term funds and ETFs have brought in an estimated $128.103 billion in net inflows.
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