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Rating:VanEck Leads As Midsize Inflows Triple Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, July 19, 2021

VanEck Leads As Midsize Inflows Triple

Reported by Neil Anderson, Managing Editor

An ETF shop took the lead last month as midsize fund firms' inflows more than tripled.

This article draws from Morningstar Direct data on June 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 78 firms (up from 77 in May 2021 and 75 in June 2020) with between $10 billion and $100 billion each in long-term fund AUM.

Midsize firms had $2.866 trillion in combined long-term fund AUM as of June 30, 2021, and they accounted for 10.8 percent of overall industry long-term fund AUM. That compares with $2.858 trillion and 10.93 percent on May 30, 2021, and $2.802 trillion and 14.08 percent on June 30, 20210. 47 midsize firms brought in net long-term inflows in June 2021, up from 42 in May 2021 and 38 in June 2020.

VanEck took the lead among midsize firms last month, thanks to an estimated $2.505 billion in net June 2021 inflows, up month-over-month from $1.098 billion in net May 2021 inflows and up year-over-year from $1.191 billion in net June 2020 outflows. Other big June 2021 inflows winners included: Baird, $1.985 billion (up M/M from $283 million, up Y/Y from $1.516 billion); Mirae (including Global X), $1.217 billion (down M/M from $1.454 billion, up Y/Y from $545 million); Old Westbury, $1.037 billion (up M/M from $311 million, up Y/Y from $243 million in net outflows); and Ark, $980 million (up M/M from $1.954 billion in net outflows, down Y/Y from $1.082 billion).

KraneShares kept the lead proportionately last month, thanks to estimated net June 2021 inflows equivalent to 8.6 percent of its AUM. Other big inflows winners included: Great-West Funds, 4 percent; VanEck, 3.7 percent; Mirae, 3.3 percent; and GQG, 2.7 percent.

VanEck led the midsize pack in the second quarter of 2021, thanks to an estimated $4.853 billion in Q2 inflows. Other big Q2 inflows winners included: Mirae, $4.31 billion; and Baird, $3.407 billion.

Ark still led the midsize pack year-to-date after the first six months of 2021, thanks to an estimated $16.181 billion in net YTD inflows as of June 30. Other big YTD inflows winners included: Mirae, $12.363 billion; and Baird, $18.116 billion.

Ark also led the midsize pack for the 12 months ended on June 30, 2021, thanks to an estimated $33.852 billion in inflows. Other big 12-month inflows winners included: Baird, $21.944 billion; and Mirae, $18.116 billion.

On the flip side, last month was a rough one for Harbor, which led the midisize outflows pack thanks to an estimated $1.241 billion in net June 2021 outflows, down M/M from $542 million but up Y/Y from $149 million. Other big June 2021 outflows sufferers included: MassMutual, $1.066 billion (up M/M from $499 million, up Y/Y from $24 million); Nationwide, $823 million (up M/M from $102 million, up Y/Y from $81 million); Rafferty's Direxion, $652 million (down M/M from $24 million in net inflows, down Y/Y from $1.025 billion); and UBS, $646 million (up M/M from $259 million, up Y/Y from $93 million).

UBS led the midsize outflows pack proportionately last month, thanks to estimated net outflows equivalent to 4.5 percent of its AUM. Other big June 2021 outflows sufferers included: Nationwide, 4.2 percent; MassMutual, 2.9 percent; Direxion, 2.4 percent; and Harbor, 2.1 percent.

Harbor led the midsize outflows pack in the second quarter of 2021, thanks to an estimated $2.675 billion in net outflows. Other big Q2 2021 outflows sufferers included: MassMutual, $2.036 billion; and Voya, $1.677 billion.

Harbor also led the midsize outflows pack in the first half of 2021, thanks to an estimated $4.74 billion in yet YTD outflows as of June 30, 2021. Other big YTD outflows sufferers included: MassMutual, $3.364 billion; and Voya, $3.05 billion.

Harris' Oakmark led the midsize outflows pack for the 12 months ended on June 30, 2021, thanks to an estimated $9.278 billion in net outflows. Other big outflows sufferers included: Harbor, $8.641 billion; and Voya, $6.155 billion.

As a group, midsize firms brought in an estimated $10.028 billion in net June 2021 inflows, equivalent to about 0.35 percent of their combined AUM and accounting for 9.5 percent of all industry long-term inflows. That's up from $2.993 billion, 0.1 percent of AUM, and 3.62 percent of industry inflows in May 2021, but it's down from $11.93 billion, 0.43 percent of AUM, and 17.09 percent of industry inflows in June 2020.

In Q2 2021, midsize firms brought in an estimated $20.694 billion in net inflows. That's equivalent to 0.72 percent of their combined AUM and accounted for 6.5 percent of overall industry long-term inflows.

As of June 30, 2021, midsize firms had an estimated $82.506 billion in net YTD inflows. That's equivalent to 2.88 percent of their combined AUM and accounted for 11.42 percent of overall industry long-term inflows.

For the 12 months ended on June 30, 2021, midsize firms brought in an estimated $122.698 billion in net inflows. That's equivalent to 4.28 percent of their combined AUM and accounted for 11.59 percent of overall industry long-term inflows.

Across the entire industry, the 768 fund firms (up from 760 in May 2021 and 758 in June 2020) tracked by the M* team brought in a combined $105.503 billion in estimated net long-term fund inflows in June 2021, equivalent to about 0.4 percent of long-term fund AUM of $26.534 trillion. That's up from $82.763 billion and $26.156 trillion in May 2021 and $69.822 billion and $19.904 trillion in June 2020.

Active funds brought in an estimated $24.578 billion in net June 2021 inflows, up M/M from $11.451 billion but down Y/Y from $28.617 billion. Passive funds brought in $80.917 billion in June 2021, up M/M from $71.312 billion and up Y/Y from $41.295 billion.

In Q2 2021, long-term funds brought in an estimated $318.154 billion in net inflows, equivalent to 1.2 percent of long-term fund AUM. In the first half of 2021, long-term funds brought in $722.557 billion in net inflows, equivalent to 2.72 percent of their AUM. And in the 12 months ending June 30, 2021, long-term funds brought in $1.058807 trillion in net inflows, equivalent to 3.99 percent of their AUM. 

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