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Rating:Small Firms' Inflows Jump 76 Percent Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, March 19, 2021

Small Firms' Inflows Jump 76 Percent

Reported by Neil Anderson, Managing Editor

Small fund firms' inflows grew by more than 76 percent last month.

Jonathan Krane
KraneShares
Founder, CEO
This article draws from Morningstar Direct data on February 2021 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. (Other asset management products, like CITs and SMAs, are also not included.) More specifically, this article focuses on the 166 firms (up from 161 in January 2021 and 155 in February 2020) with between $1 billion and $10 billion each in long-term fund AUM.

Small fund firms accounted for 2.26 percent of long-term fund AUM as of February 28, 2021, down slightly from 2.27 percent in January 2021, and down from 2.66 percent in February 2020. 98 small fund firms brought in net inflows in February 2021, up from 95 in January 2021 and 64 in February 2020.

KraneShares kept the lead lst month, thanks to an estimated $1.143 billion in net January 2021 inflows, up from $675 million in January 2021 and up from $59 million in net outflows in February 2020. Other big February 2021 inflows winners included: Amplify ETFs, $713 million (up month-over-month from $350 million in January 2021, and up year-over-year from $21 million in February 2020); Milleis Investissements Funds, $616 million (up MOM from $616 million and up YOY from $699 million in net inflows); AdvisorShares, $566 million (up MOM from $434 million and up YOY from $1 million in net outflows); and GQG, $522 million (down MOM from $553 million and up YOY from $116 million).

Proportionately, AdvisorShares kept the inflows lead last month in the small fund firm pack, bringing in estimated net inflows equivalent to 28.8 percent of its AUM. Other big February 2021 inflows winners included: Milleis, 18.1 percent; Amplify, 16.6 percent; Stone Ridge, 11.3 percent; and EMQQ, 10.3 percent.

As of the end of February, KraneShares led the small fund firm inflows pack with $1.818 billion in net YTD inflows. Other big YTD inflows winners so far included: GQG, $1.074 billion; Amplify, $1.063 billion; AdvisorShares, $1 billion; and ETFMF, $692 million.

On the slip side, last month was a rough one for Fiera Capital, which suffered an estimated $671 million in net February outflows, up from $236 million in January 2021 and down from $51 million in net February 2020 inflows. Other big February 2021 outflows sufferers included: USCF, $394 million (down MOM from $685 million and down YOY from $195 million in net outflows); Meridian, $388 million (down MOM from $6 million and up YOY from $40 million); IVA, $309 million (up MOM from $298 million and up YOY from $198 million); and Causeway, $265 million (up MOM from $106 million and up YOY from $42 million).

Fiera also led the small fund firm outflows pack last month proportionately, thanks to estimated net February 2021 outflows equivalent to 35.5 percent of its AUM. Other big outflows sufferers included: IVA< 12.7 percent; Clarkston, 8.9 percent; Meridian, 8.5 percent; and USCF, 7.9 percent.

In the first two months of 2021, USCF led the small fund firm outflows pack thanks to an estimated $1.08 billion in net YTD outflows. Other big YTD outflows sufferers included: Fiera, $906 million; IVA, $608 million; Glenmede, $602 million; and AIG, $426.

As a group, the small fund firms brought in an estimated $5.677 billion in net February 2021 inflows, equivalent to about 1.04 percent of their combined AUM and accounting for 3.93 percent of overall industry inflows. That's up from $3.217 billion, 0.6 percent of AUM, and 3.37 percent of industry AUM in January 2021. And it's up from $866 million in net outflows and 0.17 percent of AUM in outflows in February 2020.

YTD, small fund firms have brought in an estimated $8.799 billion in net inflows, equivalent to 1.63 percent of their combined AUM and accounting for 3.67 percent of overall industry inflows.

Across the entire industry, the 753 firms (down from 769 in February 2020) tracked by the M* team brought in a combined $144.457 billion in estimated net long-term fund inflows in February 2021, equivalent to 0.6 percent of long-term fund AUM. That's up from $95.454 billion and 0.4 percent of AUM in January 2021, and it's up from $27.108 billion and 0.13 percent of AUM in February 2020.

Active funds brought in an estimated $53.109 billion in net February 2021 inflows, up from $40.836 billion in January 2021 and up from $11.675 billion in February 2020. Passive funds brought in an estimated $91.347 billion in net February 2021 inflows, up from $54.591 billion in January 2021 and up from $13.784 billion in February 2020.

YTD, long-term funds have brought in an estimated $239.71 billion in net inflows, equivalent to 0.99 percent of their combined AUM. 

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