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Rating:The Smallest Firms' Inflows Share Doubles In 12 Months Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, October 25, 2021

The Smallest Firms' Inflows Share Doubles In 12 Months

Reported by Neil Anderson, Managing Editor

As the smallest fund firms' inflows increased more than tenfold in a year, their inflows marketshare doubled.

Mark Travis
Intrepid Capital
Co-Founder, CEO, President
This article draws from Morningstar Direct on September 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 498 firms (up from 496 in August 2021 and 493 in September 2020) with less than $1 billion each in fund AUM.

Micro fund firms had $95 billion in total long-term fund AUM as of September 30, 2021, accounting for 0.36 percent of overall industry long-term fund AUM. That compares with $97 billion and 0.36 percent of industry AUM on August 30, 2021, and with $93 billion and 0.08 percent on September 30, 2020.

262 of those micro fund firms brought in net inflows last month, up from 258 in August 2021 and 198 in September 2020.

Intrepid Funds took the lead last month among micro fund firms, thanks to an estimated $99 million in net September 2021 inflows, up month-over-month from $6 million in August 2021 and up year-over-year from $3 million in net September 2020 outflows. Other big September 2021 inflows winners included: AGRA, $61 million (up M/M from $14 million); Merk Funds, $58 million (up M/M from $6 million, up Y/Y from $6 million); Deer Park, $47 million (up M/M from $35 million, up Y/Y from $28 million); and Highland, $46 million (down M/M from $47 million, up Y/Y from $54 million in net outflows).

Last month included three apparent newcomers: Geneva, SonicShares, and TOPS.

Canyon Partners' River Canyon led the micro fund firm pack in the third quarter of 2021, thanks to an estimated $281 million in net inflows. Other big Q3 2021 inflows winners included: CrossingBridge, $172 million; and Howard Capital Management, $140 million.

Horizon Kinetics kept the 2021 lead as of September 30, thanks to an estimated $679 million in net year-to-date inflows. Other big YTD inflows winners included: River Canyon, $631 million; and Sprucegrove Investment Management, $434 million.

The same three micro firms led the pack for the 12-month period ending September 30, 2021. River Canyon brought in an estimated $680 million in net inflows, Horizon Kinetics brought in $679 million, and Sprucegrove brought in $434 million.

On the flip side, last month was a rough one for KBI, which led the micro fund firm outflows pack thanks to an estimated $128 million in net September 2021 outflows, down M/M from $2 million in net August 2021 inflows and down Y/Y from negligible September 2020 inflows. Other big September 2021 outflows sufferers included: Acadian, $51 million (down M/M from $112 million, up Y/Y from $6 million); Schroder, $49 million (down M/M from $63 million, up Y/Y from $3 million); AAAMCO, $35 million (down M/M from $14 million in net inflows, up Y/Y from negligible outflows); and Walthausen Funds, $28 million (up M/M from $5 million, up Y/Y from $6 million).

Acadian led the micro fund firm outflows pack in Q3 2021, thanks to an estimated $156 million in net outflows. Other big Q3 2021 net outflows suffers included: KBI, $124 million; and Schroder, $114 million.

Sunbridge Capital Partners kept the 2021 micro outflows lead, thanks to an estimated $1.676 billion in net YTD outflows. Other big YTD outflows sufferers included: Schroder, $447 million; and Muzinich, $398 million.

Sunbridge also led the micro outflows pack for the 12-month period ending September 30, 2021, thanks to an estimated $1.679 billion in net outflows. Other big outflows sufferers included: Schroder, $427 million; and Phaeacian, $404 million.

As a group, micro fund firms brought in an estimated $810 million in net September 2021 inflows, equivalent to about 0.85 percent of their combined AUM and accounting for 1.42 percent of overall industry long-term inflows. That compares with $1.26 billion, 1.3 percent of AUM, and 1.29 percent of industry inflows in August 2021, and $77 million, 0.08 percent of AUM, and 0.72 percent of industry inflows in September 2020.

In Q3 2021, micro fund firms brought in an estimated $2.538 billion in net inflows, equivalent to 2.66 percent of their combined AUM and accounting for 1.09 percent of overall industry long-term inflows. YTD as of September 30, micro firms brought in a $6.55 billion in net 2021 inflows, equivalent to 6.86 percent of their AUM and accounting for 0.68 percent of industry inflows. And for the 12-month period ending September 30, 2021, micro firms brought in $6.25 billion in net inflows, equivalent to 6.55 percent of their AUM and accounting for 0.52 percent of industry inflows.

Across the entire industry, the 777 firms (up from 776 in August 2021 and 751 in September 2020) tracked by the M* team brought in a combined $57.068 billion in net long-term inflows in September 2021, equivalent to 0.22 percent of industry long-term AUM of $26.634 trillion. That compares with $97.458 billion in inflows and $27.175 trillion in AUM in August 2021 and $10.736 billion in inflows and $21.117 trillion in AUM in September 2020.

Active funds brought in an estimated $9.916 billion in September 2021 inflows, down M/M from $19.829 billion but up Y/Y from $12.348 billion in net outflows. Passive funds brought in $47.828 billion in September 2021 inflows, down M/M from $77.739 billion but up Y/Y from $23.887 billion.

In Q3 2021, long-term funds brought in $232.392 billion in net inflows, equivalent to 0.87 percent of long-term fund AUM. In the first nine months of 2021, long-term funds brought in $961.633 billion, equivalent to 3.61 percent of AUM. And in the 12 months ending September 30, 2021, long-term funds brought in $1.190631 trillion, equivalent to 4.47 percent of AUM. 

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