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Thursday, May 20, 2021

A Contrarian Boutique Wins In April

Reported by Neil Anderson, Managing Editor

A contrarian boutique won the inflows race last month, pound for pound, as overall industry inflows proportionately increased almost ten-fold year-over-year.

Murray Stahl
Horizon Kinetics Asset Management LLC
Chairman, CEO, Chief Investment Officer, Co-Founder
This article draws from Morningstar Direct data on open-end mutual fund and ETF flows, excluding money-market funds and funds of funds, from April 2021. (Other asset management products, like CITs and SMAs, are also not included.)

Horizon Kinetics took the lead last month, thanks to an estimated $208 million per fund in net April 2021 inflows, up month-over-month from $52 million per fund in March 2021. Other big April 2021 inflows winners included: Edward Jones' Bridge Builder, $125 million per fund (up MOM from $596 million, up year-over-year from $93 million in net April 2020 outflows); Dodge & Cox, $110 million per fund (up MOM from $10 million per fund, up YOY from $260 million per fund in net outflows); Vanguard, $106 million per fund (up MOM from $100 million per fund, up YOY from $1 million per fund]; and River Canyon, $58 million per fund (up MOM from $15 million per fund, up YOY from $6 million per fund in net outflows).

As of April 30, 2021, Ark led the inflows pack proportionately for the year, thanks to an estimated $2.144 billion per fund in net year-to-date inflows. Other big YTD inflows winners included: Bridge Builder, $991 million per fund; and Grayscale, $777 million per fund.

On the flip side, Mercer took the outflows lead last month, suffering an estimated $50 million per fund in net April 2021 outflows, up MOM from $26 million per fund and down YOY from $53 million per fund. Other big April 2021 outflows sufferers included: Primecap, $33 million per fund (down MOM from $103 million per fund, down YOY from $426 million per fund); ICM Series Trust, $25 million per fund (up MOM from $7 million per fund, down YOY from $11 million per fund in net inflows); Edgewood, $22 million per fund (down MOM from $60 million per fund in net inflows, down YOY from $381 million per fund in net inflows); and Brookfield Investment Funds, $17 million per fund (up MOM from $3 million per fund, up YOY from $10 million per fund).

Primecap led the outflows pack proportionately in the first four months of 2021, thanks to an estimated $421 million per fund in net YTD outflows. Other big YTD outflows sufferers included: Akre, $268 million per fund; and Mercer, $197 million per fund.

The whole long-term U.S. mutual fund and ETF industry brought in an estimated $3.04 million per fund in net April 2021 inflows. That's down from $3.771 million per fund in March 2021 inflows but up from $315,000 per fund in net April 2020 inflows.

In the first four months of 2021, long-term funds brought in an estimated $12.781 million per fund in net YTD inflows. 

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