Two ETF-centric firms took the lead last month among midsize fund firms' inflows, even as midsize firms overall saw their inflows fall 48 percent.

Michael Lynn Sapir ProFunds, ProShares Chairman, CEO

This article draws from Morningstar Direct data on May 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 77 firms (up from 75 in [May 2020] with between $10 billion and $100 billion each in long-term fund AUM. Those firms had $2.858 trillion in combined AUM as of May 31, 2021.

Midsize fund firms accounted for 10.93 percent of long-term fund AUM as of May 31, 2021, up from 10.83 percent on April 30, 2021 but down from 13.86 percent on May 31, 2020. 42 midsize fund firms brought in net long-term inflows in May 2021, down from 43 in April 2021 but up from 33 in May 2020.

ProShares and ProFunds the lead among midsize firms last month, thanks to an estimated $1.535 billion in net May 2021 inflows, up month-over-month from $796 million in April 2021 and up year-over-year from $734 million in May 2021. Other big May 2021 inflows winners included: Valic, $1.517 billion (up M/M from $350 million in net outflows, up Y/Y from $87 million in net outflows); Mirae (including Global X), $1.454 billion (down M/M from $1.639 billion, up Y/Y from $388 million); VanEck, $1.098 billion (down M/M from $1.25 billion, down Y/Y from $1.248 billion); and DWS (including Xtrackers), $997 million (up M/M from $334 million, up Y/Y from $168 million).

KraneShares took the lead proportionately last month, thanks to estimated net May 2021 inflows equivalent to 6.5 percent of its AUM. Other big inflows winners included: Mirae, 4.2 percent; Valic, 4.2 percent; ProShares, 2.7 percent; and Calamos, 2.2 percent.

Ark still led the midsize pack year-to-date at the end of the first five months of 2021, thanks to an estimated $15.201 billion YTD inflows as of May 31. Other big YTD inflows winners included: Mirae, $11.146 billion; and Baird, $7.703 billion.

Ark also led the midsize pack for the 12-months ended on May 31, thanks to an estimated $33.954 billion in net inflows. Other big 12-month inflows winners included: Baird, $21.475 billion; and Mirae, $11.146 billion.

On the flip side, last month was a rough one for Ark, which led the midsize pack thanks to an estimated $1.954 billion in net May 2021 outflows, down M/M from $121 million in net April 2021 inflows and down Y/Y from $700 million in net May 2020 inflows. Other big May 2021 outflows sufferers included: Voya, $1.098 billion (up M/M from $134 million, up Y/Y from $470 million); Natixis, $1.083 billion (down M/< from $28 million in net inflows, down Y/Y from $147 million in net inflows); Transamerica (including DeltaShares), $1.072 billion (down M/M from $80 million in net inflows, down Y/Y from $148 million in net inflows); Putnam, $608 million (up M/M from $457 million, down Y/Y from $509 million in net outflows.

Ark also led the midsize outflows pack proportionately last month, thanks to estimated net outflows equivalent to 4.5 percent of its AUM. Other big May 2021 outflows sufferers include: Loomis Sayles, 2.9 percent; Transamerica, 2.4 percent; Natixis, 1.9 percent; and UBS, 1.7 percent.

After the first five months of 2021, Harbor led the midsize YTD outflows pack thanks to an estimated $3.499 billion net outflows. Other big YTD inflows winners included: Voya, $2.605 billion; and AQR, $2.32 billion.

For the 12 months that ended on May 31, 2021, Harris' Oakmark led the midsize outflows pack thanks to an estimated $10.626 billion in net outflows. Other big outflows sufferers included: Harbor, $7.549 billion; and Primecap, $6.335 billion.

As a group, midsize firms brought in an estimated $2.993 billion in net May 2021 inflows, equivalent to about 0.1 percent of their combined AUM and accounting for 3.62 percent of all industry long-term inflows. That's down from $5.709 billion, 0.2 percent of AUM, and 4.54 percent of industry inflows in April 2021, and it's down from $4.584 billion, 0.17 percent of AUM, and 13.89 percent of industry inflows in May 2020.

YTD, midsize firms had $71.263 billion in net inflows as of May 31, 2021. That's equivalent to 2.49 percent of their combined AUM and accounts for 11.57 percent overall industry long-term inflows.

For the 12 months ending on May 31, midsize firms brought in an estimated $117.941 billion in net inflows. That's equivalent to 4.13 percent of their combined AUM and accounts for 11.53 percent of overall industry long-term inflows.

Across the entire industry, the 760 fund firms (down from 763 in May 2020) tracked by the M* team brought in a combined $82.763 billion in estimated net long-term fund inflows in May 2021, equivalent to about 0.32 percent of long-term fund AUM (which totaled $22.156 trillion). That's down from $125.673 billion in April 2021 but up from $33.001 billion in May 2020.

Active funds brought in an estimated $11.451 billion in net May 2021 inflows, down MOM from $31.465 billion in April 2021 and down YOY from $17.995 billion in May 2020.

In the first five months of 2021, long-term funds brought in an estimated $615.895 billion in net inflows, equivalent to 2.35 percent of their combined AUM. For the 12 months ended May 31, 2021, long-term funds brought in an estimated $1.023266 trillion in net inflows, equivalent to about 3.91 percent of their combined AUM. 

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