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Rating:Innovator Leads As Small Firms' Outflows Fall 23 Percent Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, May 24, 2022

Innovator Leads As Small Firms' Outflows Fall 23 Percent

Reported by Neil Anderson, Managing Editor

An ETF shop took the lead last month as small fund firms' outflows shrunk by nearly a quarter, even as the overall industry's flows soured.

Harold Bruce "Bruce" Bond
Innovator Capital Management LLC
President, CEO
This article draws from Morningstar Direct data for April 2022 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 165 firms (down from 172 in March 2022 and from 167 in April 2021) with between $1 billion and $10 billion each in long-term fund AUM.

Small firms had $505 billion in total long-term fund AUM as of April 30, 2022, accounting for 2.05 percent of overall industry long-term fund AUM. That compares with $541 billion and 2.04 percent on March 31, 2022, and with $538 billion and 2.08 percent on April 30, 20212.

61 of those small fund firms brought in net inflows last month, down from 73 in March 2022 and from 113 in April 2021.

Innovator took the lead last month, thanks to an estimated $313 million in April 2022 inflows, up month-over-month from $298 million in March 2022 and up year-over-year from $185 million in April 2021. Other big April 2022 inflows winners included: Vivaldi, $247 million (down M/M from $267 million, up Y/Y from $18 million); LoCorr, $240 million (up M/M from $110 million, up Y/Y from $65 million); Credit Suisse, $238 million (down M/M from $376 million, up Y/Y from $147 million); and Abbey Capital, $173 million (up M/M from $113 million, up Y/Y from $19 million).

Vivaldi led proportionately last month, thanks to estimed net April 2022 inflows equivalent to 16.7 percent of its AUM. Other big inflows winners included: Horizon Kinetics, 9.7 percent; Exchange Traded Concepts, 7.7 percent; Abbey, 7.5 percent; and Highland, 7.1 percent.

After the first four months of 2022, Innovator led the way thanks to an estimated $1.229 billion in net year-to-date inflows. Other big YTD inflows winners included: Smead, $749 million; and Vivaldi, $713 million.

On the flip side, USCF took the outflows lead last month, thanks to an estimated $611 million in net April 2022 outflows, down M/M from $175 million in March 2022 inflows but up Y/Y from $139 million in April 2021. Other big April 2022 outflows sufferers included: Callahan's Trust for Credit Unions, $415 million (up M/M from $355 million, down Y/Y from $391 million in net inflows); Payden, $404 million (down M/M from $458 million, down Y/Y from $200 million in net inflows); Angel Oak, $326 million (down M/M from $576 million, down Y/Y from $232 million in net inflows); and Performance Trust, $249 million (up M/M from $78 million).

Trust for Credit Unions led the outflows pack proportionately last month, thanks to estimated net April 2022 outflows equivalent to 15.9 percent of its AUM. Other big outflows sufferers included: Ashmore, 14.7 percent; USCF, 13 percent; AlphaCentric, 9.4 percent; and RiverPark, 5.3 percent.

As of April 30, 2022, AlphaCentric led the outflows way thanks to an estimated $1.927 billion in net YTD outflows. Other big outflows sufferers included: Trust for Credit Unions, $1.504 billion; and Frontier, $1.112 billion.

As a group, small fund firms suffered an estimated $2.628 billion in net April 2022 outflows, equivalent to about 0.52 percent of their combined AUM and accounting for 2.95 percent of overall industry outflows. That's down from $3.391 billion and 0.63 percent in March 2022, and from $5.744 billion in net inflows and 1.07 percent in April 2022.

After the first four months of 2022, small fund firms had suffered an estimated $395 million in net YTD outflows, equivalent to 0.08 percent of their combined AUM and accounting for 14.76 percent of overall industry outflows.

Across the entire industry, the 796 firms tracked by the M* team (up M/M from 791 and up Y/Y from 760) suffered an estimated $89.224 billion in net April 2022 outflows, equivlalent to 0.36 percent of the industry's $24.585 trillion in long-term fund AUM . (320 firms brought in net inflows.) That's down M/M from $30.653 billion in net March 2022 inflows, equivalent to 0.12 percent of industry AUM of $26.461 trillion, and down Y/Y from $125.673 billion in net April 2021 inflows, equivalent to 0.49 percent of industry AUM of $25.801 trillion.

Active funds suffered an estimated $86.386 billion in net April 2022 outflows, up M/M from $70.411 billion but down Y/Y from $31.465 billion in net inflows. Passive funds suffered an estimated $2.838 billion in net April 2022 outflows, down M/M from $101.064 billion in net inflows and down Y/Y from $94.208 billion in net inflows.

After the first four months of 2022, the industry had suffered $2.676 billion in net YTD outflows, equivalent to 0.01 percent of industry long-term AUM. 410 firms have brought in net inflows YTD. 

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