A China-focused U.S. ETF shop took the lead last month as midsize funds firms' inflows fell 64 percent.

Jonathan Krane KraneShares Founder, CEO

This article draws from Morningstar Direct data on July 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 79 firms (up from 78 in June 2021 and 75 in July 2020) with between $10 billion and $100 billion each in long-term fund AUM.

Midsize firms had $2.969 trillion in combined long-term fund AUM as of July 31, 2021, and they accounted for 11.04 percent of overall industry long-term fund AUM. That compares with $2.866 trillion and 10.8 percent on June 30, 2021, and $2.79 trillion and 13.45 percent on July 31, 2020. 40 midsize firms brought in net long-term inflows in July 2021, down from 47 in June 2021 but up from 38 in July 2020.

KraneShares took the lead among midsize firms last month, thanks to an estimated $1.585 billion in net July 2021 inflows, up month-over-month from $948 million in June 2021 inflows and up year-over-year from $519 million in July 2020 inflows. Other big July 2021 inflows winners included: Mirae (including Global X), $1.224 billion (up M/M from $1.216 billion, up Y/Y from $693 million); Baird, $1.144 billion (down M/M from $1.985 billion, down Y/Y from $2.04 billion); Federated Hermes, $817 million (up M/M from $188 million, up Y/Y from $705 million); and Baron, $733 million (up M/M from $281 million, up Y/Y from $80 million).

KraneShares kept the lead proportionately last month, thanks to estimated net July 2021 inflows equivalent to 14.4 percent of its AUM. Other big inflows winners included: BBH, 4.3 percent; Mirae, 3.2 percent; GQG, 2.2 percent; and Mercer, 1.8 percent.

Ark still led the midsize pack year-to-date after the first seven months of 2021, thanks to an estimated $14.613 billion in net YTD inflows as of July 31, 2021. Other big YTD inflows winners included: Mirae, $13.586 billion; and Baird, $10.832 billion.

Ark also led the midsize pack for the 12-month period ending July 31, 2021, thanks to an estimated $30.79 billion in net inflows. Other big inflows winners included: Baird, $21.048 billion; and Mirae, $18.647 billion.

On the flip side, last month was a rough one for Ark, which led the midsize outflows pack thanks to an estimated $1.568 billion in net July 2021 outflows, down M/M from $980 million in net inflows and down Y/Y from $1.493 billion in net inflows. Other big July 2021 outflows sufferers included: Payden, $1.053 billion (up M/M from $21 million, down Y/Y from $85 million in net inflows); Resolute's American Beacon, $611 million (down M/M from $106 million in net inflows, up Y/Y from $407 million); Lazard, $611 million (up M/M from $83 million, up Y/Y from $72 million); and Wells Fargo, $585 million (up M/M from $14 million, up Y/Y from $66 million).

Payden led the midsize outflows pack proportionately last month, thanks to estimated net outflows equivalent to 9.4 percent of its AUM. Other big July 2021 outflows sufferers included: Ark, 3.5 percent; Royce, 2.6 percent; American Beacon, 2.6 percent; and Lazard, 2.4 percent.

Harbor led the midsize outflows pack YTD as of July 31, 2021, thanks to an estimated $5.029 billion in net outflows. Other big YTD outflows sufferers included: MassMutual, $3.864 billion; and Voya, $3.608 billion.

Harbor also led the midsize outflows pack for the 12-month period ending July 31, 2021, thanks to an estimated $8.301 billion in net outflows. Other big outflows sufferers included: Harris' Oakmark, $7.993 billion; and Voya, $6.527 billion.

As a group, midsize firms brought in an estimated $3.564 billion in net July 2021 inflows, equivalent to about 0.12 percent of their combined AUM and accounting for 4.62 percent of all industry long-term inflows. That's down from $10.028 billion, 0.35 percent of AUM, and 9.5 percent of industry inflows in June 2021, and it's down from $6.036 billion, 0.22 percent of AUM, and 14.6 percent of industry inflows in July 2020.

As of July 31, 2021, midsize firms had an estimated $87.966 billion in net YTD inflows. That's equivalent to 2.96 percent of their combined AUM and accounted for 10.98 percent of overall industry long-term inflows.

For the 12-month period ending July 31, 2021, midsize firms brought in an estimated $123.751 billion in net inflows. That's equivalent to 4.17 percent of their combined AUM and accounted for 11.3 percent of overall industry long-term inflows.

Across the entire industry, the 774 fund firms (up from 768 in June 2021 and 757 in July 2020) tracked by the M* team brought in a combined $77.077 billion in estimated net long-term inflows in July 2021, equivalent to 0.27 percent of industry AUM of $26.898 trillion. That compares with $105.503 billion and $26.534 trillion in June 2021 and $41.339 billion and $20.737 trillion in AUM.

Active funds brought in an estimated $14.693 billion in net July 2021 inflows, down M/M from $24.578 billion but up Y/Y from $12.052 billion. Passive funds brought in an estimated $57.431 billion in July 2021 inflows, down M/M from $80.917 billion but up Y/Y from $29.381 billion.

In the first seven months of 2021, long-term funds brought in an estimated $801.234 billion in net inflows, equivalent to 2.98 percent of long-term fund AUM. And in the 12 months ending July 31, 2021, long-term funds brought in $1.095194 trillion in net inflows, equivalent to 4.07 percent of their AUM. 

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