An ETF shop kept the lead last month as small fund firms' outflows rose by 123 percent, even as the overall industry's outflows fell by more than half.

Harold Bruce "Bruce" Bond Innovator Capital Management LLC President, CEO

This article draws from Morningstar Direct data for May 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 167 firms (up from 165 in April 2022 but down from 168 in May 2021) with between $1 billion and $10 billion each in long-term fund AUM.

Small firms had $510 billion in total long-term fund AUM as of May 31, 2022, accounting for 2.08 percent of overall industry long-term fund AUM. That compares with $505 billion and 2.05 percent on April 30, 2022, and with $544 billion and 2.46% on May 31, 2021.

44 of those small fund firms brought in net inflows last month, down from 61 in April 2022 and 101 in May 2021.

Innovator kept the lead last month, thanks to an estimated $561 million in May 2022 inflows, up month-over-month from $313 million in April 2022 and up year-over-year from $130 million in May 2021. Other big May 2022 inflows winners included: LoCorr, $336 million (up M/M from $240 million, up Y/Y from $79 million); Catalyst, $259 million (up M/M from $138 million, up Y/Y from $48 million); Manning & Napier, $197 million (up M/M from $32 million, up Y/Y from $15 million); and Teucrium, $164 million (up M/M from $46 million, up Y/Y from $3 million).

Teucrium led proportionately last month, thanks to estimated net May 2022 inflows equivalent to 15.3 percent of its AUM. Other big inflows winners included: Invenomic, 10.8 percent; LoCorr, 8.6 percent; Innovator, 7.8 percent; and Abbey Capital, 6.5 percent.

After the first five months of 2022, Innovator led the way thanks to an estimated $1.79 billion in net year-to-date inflows. Other big YTD inflows winners included: LoCorr, $860 million; and Smead, $837 million.

On the flip side, Callahan's Trust for Credit Unions took the outflows lead last month, thanks to an estimated $777 million in net May 2022 outflows, up M/M from $415 million in April 2022 but down Y/Y from $95 million in net May 2021 inflows. Other big May 2022 outflows sufferers included: Angel Oak, $530 million (up M/M from $326 million, down Y/Y from $63 million in net inflows); AlphaCentric, $389 million (up M/M from $234 million, down Y/Y from $27 million in net inflows); Fuller & Thaler, $384 million (up M/M from $2 million, down Y/Y from $66 million in net inflows); and LSV, $279 million (up M/M from $69 million, down Y/Y from $17 million in net inflows).

Trust for Credit Unions led the outflows pack proportionately last month, thanks to estimated net May 2022 outflows equivalent to 42.5 percent of its AUM. Other big outflows sufferers included: AlphaCentric, 20.7 percent; Jackson Square, 12.4 percent; LSV, 10.8 percent; and PFM, 9.6 percent.

As of May 31, 2022, AlphaCentric led the 2022 outflows pack thanks to an estimated $2.316 billion in net YTD outflows. Other big outflows sufferers included: Trust for Credit Unions, $2.281 billion; and Angel Oak, $1.414 billion.

As a group, small fund firms suffered an estimated $5.871 billion in net May 2022 outflows, equivalent to about 1.15 percent of their combined AUM and accounting for 15.01 percent of overall industry outflows. That compares with $2.628 billion, 0.52 percent of AUM, and 2.95 percent of industry outflows in April 2022, and with $2.652 billion in net inflows, 0.49 percent of AUM, and 3.2 percent of industry inflows in May 2021.

After the first five months of 2022, small fund firms had suffered an estimated $6.125 billion in net YTD outflows. That's equivalent to 1.2 percent of their combined AUM and accounts for 13.14 percent of overall industry outflows.

Across the entire industry, the 787 firms tracked by the M* team (down M/M from 796 but up Y/Y from 760) suffered an estimated $39.103 billion in net May 2022 outflows, equivalent to 0.16 percent of the industry's $24.532 trillion in long-term fund AUM. (298 firms brought in net May inflows, down from 320 in April.) That's down M/M from $89.224 billion and 0.36 percent of $24.585 trillion of AUM in April 2022 and down Y/Y from $82.763 billion in net inflows and 0.32 percent of $26.156 trillion of AUM in May 2021.

Active funds suffered an estimated $109.837 billion in net May 2022 outflows, up M/M from $86.386 billion and down Y/Y from $11.451 billion in net inflows. Yet passive funds brought in an estimated $70.729 billion in net May 2022 inflows, up M/M from $2.838 billion in net outflows and down Y/Y from $71.312 billion.

After the first five months of 2022, the industry had suffered $46.598 billion in net YTD outflows, equivalent to about 0.19 percent of industry long-term AUM. 390 firms have brought in net inflows YTD. 

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