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Friday, February 19, 2021

Midsize Inflows Septuple YOY

Reported by Neil Anderson, Managing Editor

Midsize fund firms started off the year with their net inflows (and inflows marketshare) last jumping by a factor of seven year-over-year.

Catherine "Cathie" Wood
ARK Investment Management, LLC
Founder, Chief Executive Officer
This article draws from Morningstar Direct data on January 2021 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 December 2020 and down from 79 in January 2020) with between $10 billion and $100 billion each in long-term fund AUM. 42 of those firms gained inflows in January 2021 (with data from one firm, Artisan, not immediately available), down from 46 in December but from 37 in January 2020.

Ark kept the lead last month, thanks to an estimated $8.205 billion in net January 2021 inflows, down from $8.211 billion in December 2020 but up from $21 million in January 2020. Other big January 2021 inflows winners included: Mirae (including Global X), $3.022 billion (up from $1.752 billion in December and up year-over-year from $284 million); Baird, $1.726 billion (down from $2.326 billion in December but up YOY from $1.294 billion); Grayscale, $1.529 billion (down from $1.649 billion in December but up YOY from $212 million); and Guggenheim (including Rydex), $1.354 billion (up from $1.142 billion in December and up YOY from $515 million in net outflows).

Proportionately, Ark led the pack last month, thanks to estimated net January 2021 inflows equivalent to 17.8 percent of its AUM. Other big inflows winners included: Mirare, 11.8 percent; BBH, 5.7 percent; Grayscale, 5.7 percent; and Guggenheimer, 3 percent.

On the flip side, last month was a rough one for Harris' Oakmark, which led the midsize pack thanks to suffering an estimated $1.342 billion in net January 2021 outflows, down from $1.457 billion in December 2020 and down from $1.612 billion in January 2020. Other big January 2021 outflows sufferers included: Harbor, $927 million (up from $502 million in December and up YOY from $715 million); GMO, $777 million (up from $536 million in December and up YOY from $321 million); MassMutual, $713 million (up from $17 million in December and up YOY from $377 million); and AQR, $588 million (down from $1.073 billion in December but up YOY from $117 million).

AQR also led the midsize outflows pack proportionately last month, suffering estimated net January 2021 outflows equivalent to 3.6 percent of its AUM. Other big outflows sufferers included: GMO, 2.7 percent; Oakmark, 2.5 percent; Akre, 2.3 percent; and MassMutual, 2 percent.

As a group, the midsize firms brought in an estimated $18.581 billion in net January 2021 inflows, equivalent to 0.66 percent of their combined AUM and accounting for 19.47 percent of all industry inflows. That's up from $15.322 billion, 0.66 percent of AUM, and 15.8 percent of industry inflows in December 2020, and it's up from $2.357 billion, 0.08 percent of AUM, and 2.83 percent of industry inflows in January 2020.

Across the entire industry, the 753 firms (up from 751 in December) brought in a combined $95.454 billion in estimated net January 2021 inflows, equivalent to 0.4 percent of their combined AUM. That's down from $96.953 billion and 0.41 percent of AUM in December 2020, but it's up from $83.274 billion and level with 0.4 percent of AUM in January 2020.

Active funds brought in an estimated $40.863 billion in net January 2021 inflows, up from $36.995 billion in December 2020 and up from $17.315 billion in January 2020. Passive funds brought in an estimated $54.591 billion in net January 2021 inflows, down from $59.958 billion in December 2020 and down from $65.959 billion in January 2020. 

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