A thematic investing boutique took the lead last month among small fund firms.

This article draws from Morningstar Direct data on November 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 173 firms (up from 169 in October 2021 and up from 159 in November 2020) with between $1 billion and $10 billion each in long-term fund AUM.

Small firms had $567 billion in total long-term fund AUM as of November 30, 2021, accoutning for 2.08 percent of overall industry long-term fund AUM. That compares with $550 billion and 1.98 percent on October 31, 2021, and with $505 billion and 2.22 percent on November 30, 2020.

94 of those small fund firms brought in net inflows last month, down from 99 in October 2021 but up from 75 in November 2020.

Roundhill Financial took the lead last month, thanks to an estimated $670 million in net November 2021 inflows, up month-over-month from $30 million in October 2021 and up year-over-year from $2 million in November 2020. Other big November 2021 inflows winners included: AdvisorShares, $479 million (up M/M from $5 million in net outflows, up Y/Y from negligible outflows); Fuller and Thaler, $436 million (up M/M from $65 million, up Y/Y from $54 million); RBC Global Asset Management, $227 million (up M/M from $12 million in net outflows, up Y/Y from $56 million); and Credit Suisse, $210 million (up M/M from $120 million, up Y/y from $43 million).

Roundhill also took the lead proportionately last month, bringing in estimated net inflows equivalent to 56.6 percent of its long-term mutual fund AUM. Other big November 2021 inflows winners included: AdvisorShares, 24 percent; Fuller and Thaler, 7 percent; Abbey Capital, 6.5 percent; and Strategy Shares, 6 percent.

Pacer still leads the 2021 small fund firm inflows pack so far, thanks to an estimated $2.631 billion in net year-to-date inflows as of November 30, 2021. Other big YTD inflows winners included: PT Asset Management, $1.934 billion; and Clark's Navigator Funds, $1.922 billion.

The same three firms also led the small fund firm pack in the 12-month period ending November 30, 2021: Pacer with $2.692 billion in net inflows, PT with $2.16 billion, and Navigator with $2.073 billion.

On the flip side, last month was a rough one for Jackson Square, which suffered an estimated $788 million in net November 2021 outflows, more than any other small fund firm; that's up M/M from $22 million in October 2021 but down Y/Y from $31 million in net inflows in November 2020. Other big November 2021 outflows sufferers included: BMO, $483 million (up M/M from $326 million, up Y/Y from $11 million); Callahan Financial Services' Trust for Credit Unions, $326 million (up M/M from $239 million, down Y/Y from $96 million in net inflows); City National Rochdale, $325 million (up M/M from $47 million, down Y/Y from $89 million in net inflows); and Causeway, $232 million (up M/M from $14 million, up Y/Y from $178 million).

Jackson Square led the small firm outflows pack proportionately last month, thanks to estimated net November 2021 outflows equivalent to 23.1 percent of its AUM. Other big November 2021 outflows sufferers included: Trust for Credit unions, 7.6 percent; BMO, 5.5 percent; RiverPark Funds, 4.7 percent; and City National Rochdale, 4.6 percent.

USCF leads the outflows pack so far in 2021, thanks to an estimated $2.898 billion in net outflows as of November 30. Other big outflows suffers included: Jackson Square, $1.39 billion; and Glenmede, $1.14 billion.

USCF also led the outflows pack for the 12-month period ending November 30, 2021, thanks to an estimated $2.898 billion in net outflows. Other big outflows sufferers included: Jackson Square, $1.39 billion; and FMI, $1.171 billion.

As a group, small fund firms brought in an estimated $1.697 billion in net November 2021 inflows, equivalent to 0.3 percent of their combined AUM and accounting for 2.1 percent of overall industry inflows. That compares with $5.043 billion, 0.92 percent of AUM, and 6.01 percent of industry inflows in October 2021, and with $382 million, 0.08 percent of AUM, and 0.34 percent of industry inflows in November 2020.

After the first 11 months of 2021, small firms had $38.356 billion in net YTD inflows, equivalent to 6.7 percent of their combined AUM accounting for 3.41 percent of overall industry inflows. And for the 12-month period ending November 30, 2021, small firms brought in an estimated $38.067 billion in net inflows, equivalent to 7.19 percent of their AUM and accounting for 3.33 percent of industry inflows.

Across the entire industry, the 781 firms (up from 747 in November 2020) tracked by the M* team brought in a combined $80.955 billion in net long-term inflows in November 2021, equivalent to 0.3 percent of industry long-term AUM of $27.288 trillion. That compares with $83.864 billion in inflows and $27.795 trillion in AUM in October 2021, and with $112.028 billion in inflows and $22.769 trillion in AUM in November 2020.

Active funds suffered an estimated $2.051 billion in November 2021 outflows, down M/M from $5.324 billion in inflows and down Y/Y from $16.857 billion in inflows. Passive funds brought in $83.006 billion in November 2021 inflows, up M/M from $78.71 billion but down Y/y from $95.171 billion.

In the first 11 months of 2021, long-term funds brought in $1.123289 trillion in net inflows, equivalent to 4.12 percent of their combined AUM. And in the 12 months ending November 30, 2021, long-term funds brought in $1.223426 trillion in net inflows, equivalent to 4.48 percent of their AUM. 

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