Small fund firms' net inflows more than doubled last month, but their year-over-year inflows increase was much smaller.
| Jonathan Krane|
This article draws from Morningstar Direct
data on January 2021 ETF and open-end mutual fund flows, excluding money-market funds and funds of funds. More specifically, this article focuses on the 166 firms (up from 161 in December 2020
and 154 in January 2020
) with between $1 billion and $10 billion each in long-term fund AUM.
Small fund firms accounted for 2.27 percent of long-term fund AUM as of January 31, 2021, up from 2.17 percent on December 31, 2020 but down from 2.35 percent on January 31, 2020. 95 small fund firms brought in net inflows in January 2021, up from 79 in December and 85 in January 2020.
took the lead last month, thanks to an estimated $675 million in net January 2021 inflows, up from $188 million in net December 2020 outflows but down from $684 million in net January 2020 inflows. Other big January 2021 inflows winners included: GQG Partners
, $553 million (up from $297 million in December and up year-over-year from $201 million in January 2020); AdvisorShares
, $434 million (up from $97 million in December and up YOY from $47 million); Amplify ETFs
, $350 million (up from $346 million in December and up YOY from $9 million); and ETFMG
, $326 million (down from $396 million in December and up YOY from $5 million in net outflows).
Proportionately, AdvisorShares led the small fund firm inflows pack last month, thanks to estimated net inflows equivalent to 33.2 percent of its AUM. Other big January 2021 inflows winners included: Defiance ETFs
, 12.2 percent; Amplify, 10.4 percent; Toroso
, 10.2 percent; and KraneShares, 9.2 percent.
On the flip side, last month was a rough one for USCF
, which suffered an estimated $685 million in net January 2021 outflows, up from $207 million in December 2020 and down from $618 million in net January 2020 inflows. Other big January 2021 outflows sufferers included: Glenmede
, $405 million (down from $94 million in net December inflows and up YOY from $128 million in net outflows); IVA
, $298 million (down from $317 million in December but up YOY from $134 million); Fiera
, $236 million (up from $1 million in December and down from $30 million in net January 2020 inflows); and AIG
, $232 million (down from $256 million in December and down YOY from $404 million).
USCF also led the small fund outflows pack last proportionately, thanks to estimated net January 2021 outflows equivalent to 15.2 percent of its AUM. Other big outflows sufferers included: Muzinich
, 12.2 percent; IVA, 11.1 percent; Fiera, 9.4 percent; and Glenmede, 5.9 percent.
As a group, the 166 small fund firms brought in an estimated $3.217 billion in net January 2021 inflows, equivalent to about 0.6 percent of their combined AUM and 3.37 percent of overall industry inflows. That's up from $1.349 billion, 0.26 percent of AUM, and 1.39 percent of industry inflows. Yet the picture looks different YOY, with higher raw net inflows (up from $3.008 billion) but a drop in inflows as a percentage of AUM (0.62 percent in January 2020) and as a percentage of over industry inflows) (3.61 percent back 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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