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Thursday, January 21, 2021

Midsize Monthly Inflows Double

Reported by Neil Anderson, Managing Editor

Midsize fund firms' net outflows fell last year, and their inflows last month doubled.

Catherine "Cathie" Wood
ARK Investment Management, LLC
Founder, Chief Executive Officer
This article draws from Morningstar Direct data on December 2020 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. More specifically, this article focuses on the 76 firms (down from 81 at the end of 2019) with between $10 billion and $100 billion each in long-term fund AUM. 34 of those gained net inflows in 2020 (up from 30 in 2019), 41 gained net inflows in Q4 2020 (up from 37 in Q3), and 46 gained net inflows in December 2020 (up from 41 in November).

Ark took the lead last year among midsize fund firms, thanks to an estimated $20.629 billion in net 2020 inflows, up from $450 million in 2019. Other big 2020 inflows winners included: Baird, $17.444 billion (up from $13.498 billion); Morgan Stanley, $8.432 billion (down from $9.691 billion); ProShares and ProFunds, $7.53 billion (up from $2.635 billion); and Guggenheim (including Rydex), $7.53 billion (up from $1.246 billion in net outflows).

Ark also won proportionately last year among midsize firms, thanks to estimated 2020 net inflows equivalent to 59.8 percent of its AUM. Other big 2020 net inflows winners included: Mirae (including Global X), 31.3 percent; Grayscale, 28.1 percent; Polen, 28 percent; and WCM, 27.8 percent.

Ark also led the midsize pack in the fourth quarter of 2020, with estimated net Q4 inflows of $25.421 billion, up from $4.516 billion in Q3. Other big Q4 inflows winners included: Baird, $6.001 billion (down from $6.254 billion); VanEck, $4.267 billion (up from $1.32 billion); Morgan Stanley, $3.99 billion (down from $4.484 billion); and Mirae, $3.705 billion (up from $2.049 billion).

And Ark also led the pack in December alone, thanks to an estimated $8.211 billion in net inflows, up from $2.842 billion in November. Other big December inflows winners included: Baird, $2.326 billion (up from $1.392 billion); VanEck, $1.786 billion (down from $2.031 billion); Mirae, $1.752 billion (up from $1.324 billion); and Grayscale, $1.694 billion (up from $1.098 billion).

On the flip side, 2020 was another rough year for Harris' Oakmark, which suffered an estimated $16.837 billion in net outflows, more than any other midsize fund firm and up from $12.862 billion in 2019. Other big 2020 outflows sufferers included: DoubleLine, $10.723 billion (down from $10.343 billion in net inflows); Primecap, $9.923 billion (up from $3.707 billion); First Eagle, $8.561 billion (up from $5.245 billion); and Waddell & Reed's Ivy, $6.506 billion (down from $8.017 billion).

Proportionately, AQR led the midsize outflows pack last year, suffering estimated net 2020 outflows equivalent to 38 percent of its AUM. Other big 2020 outflows sufferers included: Primecap, 36 percent; Oakmark, 30 percent; UBS, 21.5 percent; and American Beacon, 19 percent.

Oakmark also led the midsize outflows pack in Q4, thanks to an estimated $3.732 billion in net outflows, up from $3.486 billion in Q3. Other big Q4 outflows sufferers included: ProShares, $3.726 billion (up from $1.073 billion); AQR, $2.446 billion (up from $1.142 billion); Voya, $2.263 billion (up from $840 million); and Primecap, $2.03 billion (down from $2.146 billion).

Yet ProShares kept the midsize outflows lead last month, suffering an estimated $1.871 billion in December outflows, up from $1.427 billion in November. Other big December outflows sufferers included: Oakmark, $1.457 billion (up from $1.214 billion); Voya, $1.401 billion (up from $358 million); AQR, $1.073 billion (up from $833 million); and Primecap, $915 million (up from $569 million).

As a group, the 76 midsize fund firms suffered an estimated $26.834 billion in combined net outflows in 2020, equivalent to 0.97 percent of their combined AUM. That's down from $31.087 billion and 1.1 percent in 2019.

In Q4, those midsize firms brought in an estimated $25.421 billion in net inflows, equivalent to 0.92 percent of their combined AUM and accounting for 11.53 percent of all industry inflows. That's up from $14.724 billion, 0.56 percent of AUM, and 15.67 percent of industry inflows in Q3.

In December alone, midsize firms brought in an estimated $15.322 billion in net inflows, equivalent to 0.55 percent of their combined AUM and 15.8 percent of all industry inflows. That's up from $7.373 billion, 0.28 percent of AUM, and 6.58 percent of industry inflows in December.

Across the entire industry, the 751 fund firms tracked by M* (down from 773 at the end of 2019) brought in a combined $220.219 billion in net inflows in 2020, equivalent to 0.92 percent of industry AUM. That's down from $419.3 billion and 2.02 percent in 2019.

In Q4 2020, the industry brought in $220.481 billion in net long-term mutual fund and ETF inflows, equivalent to 0.92 percent of industry AUM.

In December 2020 alone, the industry brought in an estimated $96.953 billion, equivalent to 0.41 percent of industry AUM and down from $112.028 billion. Passive funds brought in an estimated $59.958 billion in December inflows (down from $95.171 billion in November), while active funds brought in $36.995 billion in December inflows (up from $16.857 billion in November). 

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