An ex-TAMP led the small fund firm pack last year as the group's outflows more than reversed.
| Brendan Clark|
Clark Capital Management Group
This article draws from Morningstar Direct
data on December 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 172 firms (down from 173 in November 2021
but up from 161 in December 2020
) with between $1 billion and $10 billion each in long-term fund AUM.
Small firms had $550 billion in total long-term fund AUM as of December 31, 2021, accounting for 1.96 percent of overall industry long-term fund AUM. That compares with $567 billion and 2.08 percent on November 30, 2021, and with $518 billion and 2.17 percent on December 31, 2020.
84 of those small fund firms brought in net inflows last month, down from 94 in November 2021 but up from 79 in December 2020.
Clark Capital Management's Navigator Funds
took the lead last year, thanks to an estimated $2.101 billion in net 2021 inflows, up from $987 million in 2020. Other big 2021 inflows winners included: PT Asset Management
, $2.083 billion (up from $1.741 billion); AdvisorShares
, $1.809 billion (up from $291 million); RBC
, $1.635 billion (up from $646 million); and Milleis Investissements Funds
, $1.606 billion (up from $831 million in net outflows).
AdvisorShares took the lead proportionately last year, thanks to estimated net 2021 inflows equivalent to 91.6 percent of its year-end AUM. Other big 2021 inflows winners included: Roundhill
, 87.7 percent; Rational Advisors' Strategy Shares
, 86 percent; River Canyon
, 78 percent; and 1290 Funds
, 52.3 percent.
In Q4 2021, Roundhill led thanks to an estimated $827 million in net Q4 inflows. Other big inflows winners included Smead
, $619 million; and Navigator, $536 million.
Last month, Glenmede
took the lead, thanks to an estimated $400 million in net December 2021 inflows. Other big inflows winners included: Sands Capital
, $275 million; and Brown Capital Management
, $221 million.
On the flip side, 2021 was a rough year for 2020's leader, USCF
, which suffered an estimated $3.096 billion in net 2021 outflows, down from $3.959 billion in net 2020 inflows. Other big 2021 outflows sufferers included: Jackson Square
, $1.415 billion (down from $102 million in net inflows); Causeway
, $1.283 billion (down from $2.225 billion); BMO
, $1.125 billion (up from $240 million); and Meridian
, $1.111 billion (up from $892 million).
USCF also led the outflows pack proportionately last year, suffering estimated net 2021 outflows equivalent to 81.7 percent of its year-end 2021 AUM. Other big 2021 outflows sufferers included: Jackson Square, 43.8 percent; Meridian, 27.3 percent; BMO, 24.2 percent; and LSV
, 22.7 percent.
Last quarter, BMO led with an estimated $904 million in net outflows. Other big Q4 2021 outflows sufferers included: Jackson Square, $836 million; and Callahan Financial Services' Trust for Credit Unions
, $653 million.
USCF also took the outflows lead last month, thanks to an estimated $405 million in net December 2021 outflows. Other big December 2021 outflows sufferers included: Causeway, $303 million; and Spyglass Capital Management
, $235 million.
As a group, small fund firms brought in an estimated $34.445 billion in net 2021 inflows, equivalent to 6.27 percent of their combined AUM and accounting for 2.84 percent of overall industry long-term inflows. That's up from $26.728 billion in net 2020 outflows, equivalent to 5.16 percent of AUM.
In Q4 2021, small fund firms brought in an estimated $4.045 billion in net inflows, equivalent to 0.74 percent of their combined AUM and accounting for 1.62 percent of overall industry inflows.
Yet in December 2021 along, small fund firms suffered an estimated $379 million in net outflows, equivalent to 0.07 percent of their combined AUM. That's down from $1.697 billion in net November 2021 inflows, equilalent to 0.03 percent of AUM, and from $1.349 billion in net December 2020 inflows, equivalent to 0.26 percent of AUM.
Across the entire industry, the 799 fund firms tracked by the M* team (up from 781 in November 2021 and up from 751 in December 20202) brought in an estimated $1.21309 trillion in net inflows, equivalent to 4.33 percent of overall long-term fund AUM of $28.084 trillion on December 31, 2021. That's up from $220.218 billion, 0.92 percent, and $23.862 trillion in AUM in 2020.
In Q4 2021, the overall industry brought in $250.128 billion in net long-term fund inflows, equivalent to 0.89 percent overall long-term fund AUM.
In December 2021 alone, the overall industry brought in $87.633 billion in net long-term fund inflows, equivalent to 0.31 percent of long-term fund AUM. That's up from $80.955 billion and 0.3 percent in November 2021, but it's down from $96.953 billion and 0.41 percent in December 2020.
Passive funds brought in $95.932 billion in net long-term fund inflows in December 2021, up from $83.006 billion in November 2021 and up from $59.958 billion in December 2020. On the flip side, active funds suffered $8.299 billion in December 2021 outflows, up from $2.051 billion in November 2021 and down from $36.995 billion in December 2020 inflows.
Editor's Note: A prior version of this story, and its headline, mischaracterized Clark Capital Management Group. To clarify, the asset manager is no longer a TAMP, as it sold that business back in 2015.
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