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Rating:Small Firm Flows Swing Back to Black, But Not YTD Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, December 16, 2020

Small Firm Flows Swing Back to Black, But Not YTD

Reported by Neil Anderson, Managing Editor

Small fund firms' inflows swung back to black last month, but they're still in the red year-to-date.

Jonathan Krane
KraneShares
Founder, CEO
This article draws from Morningstar Direct data on November 2020 ETF and open-end mutual fund flows, excluding money-market funds and funds-of-funds. More specifically, this article focuses on the 159 firms with between $1 billion and $10 billion each in long-term fund AUM. 75 of those firms gained net inflows in November (up from 73 in October), but only 61 have gained net inflows YTD.

KraneShares kept the lead last month, thanks to an estimated $737 million in net November inflows, up from $479 million in October. Other big November inflows winners included: GQG, $515 million (up from $192 million); U.S. Global Investors, $383 million (up from $125 million); ETFMG, $211 million (up from $113 million); and Alps, $174 million (up from $128 million).

Proportionately, Shenkman took the lead among the small fund firm pack, thanks to estimated net November inflows equivalent to 12.9 percent of its AUM, up from 4.5 percent in October. Other big November inflows winners included: KraneShares, 12.1 percent (up from 9.3 percent); U.S. Global Investors, 11.7 percent (up from 5.4 percent); GQG, 7.9 percent (up from 3.4 percent); and EMQQ, 7 percent (up from 4.6 percent).

YTD, as of the end of November, USCF still held the lead, thanks to an estimated $4.166 billion in net inflows. Other big YTD inflows winners included: GQG, $3.029 billion; KraneShares, $2.142 billion; U.S. Global Investors, $2.092 billion; and Trust for Credit Unions, $1.915 billion.

On the flip side, November was a rough month for FMI, which suffered an estimated $423 million in net outflows, more than any other small fund firm and up from $238 million in October. Other big November outflows sufferers included: USCF, $353 million (down from $368 million); Longleaf, $272 million (up from $87 million); IVA, $214 million (down from $259 million); and AIG, $210 million (down from $226 million).

Proportionately, Graniteshares led the small fund firm outflows pack last month, with estimated net November outflows equivalent to 12.6 percent of its AUM, up from 0.6 percent in October. Other big November outflows sufferers included: Riverpark, 11.1 percent (down from 1.9 percent in net inflows); Ashmore, 8.7 percent (up from 4.9 percent); USCF, 7.3 percent (down from 8.5 percent); and IVA, 6.7 percent (down from 8.3 percent).

YTD, as of the end of November, FMI still led the small fund firm outflows pack, thanks to an estimated $4.896 billion in net outflows. Other big outflows sufferers YTD included: IVA< $4.097 billion; Credit Suisse, $3.654 billion; Glenmede, $3.561 billion; and AIG, $3.369 billion.

As a group, the 159 small fund firms tracked by the M* team brought in an estimated $382 million in net November inflows, equivalent to 0.08 percent of their combined AUM and accounting for 0.34 percent of overall industry inflows. That's up from $104 million in net October outflows, equivalent to 0.02 percent of AUM. YTD, small fund firms have suffered an estimated $27.994 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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