An ETF shop kept the lead last month for a third month in a row, among small fund firms.

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

This article draws from Morningstar Direct data for June 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 161 firms (down from 167 in May 2022 and 168 in June 2021) with between $1 billion and $10 billion each in long-term fund AUM.

Small firms had $511 billion in total long-term fund AUM as of June 30, 2022, accounting for 2.24 percent of overall industry long-term fund AUM. That compares with $510 billion and 2.08 percent on May 31, 2022, and with $545 billion and 2.05 percent on June 30, 2021.

42 of those small fund firms brought in net inflows last month, down from 44 in May 2022 and 98 in June 2021.

Innovator leads the 2022 small firm inflows pack so far, thanks to an estimated $2.182 billion in net year-to-date inflows as of June 30. Other big YTD inflows winners included: LoCorr, $1.052 billion; and Catalyst, $855 million.

Innovator also led last quarter, thanks to an estimated $1.265 billion in net inflows in the the second quarter of 2022 ($1.292 billion per Innovator's own estimates). Other big Q2 2022 inflows winners included: LoCorr, $768 million; and Catalyst, $568 million.

And Innovator kept the lead last month, thanks to an estimated $392 million in net June 2022 inflows, down month-over-month from $561 million May 2022 but up year-over-year from $121 million in June June 2021. Other big June 2022 inflows winners included: LoCorr, $193 million (down M/M from $336 million, up Y/Y from $127 million); Catalyst, $171 million (down M/M from $259 million, up Y/Y from $107 million); Abbey Capital, $145 million in net inflows (down M/M from $162 million, up Y/Y from $36 million); and iM Global Partner, $111 million (up M/M from $10 million, up Y/Y from $7 million.

Hood River took the lead proportionately last month, thanks to estimated net inflows equivalent to 8.8 percent of its AUM. Other big inflows winners included: AXS (including Tuttle), 8.2 percent; Highland, 6.2 percent; Innovator, 5.4 percent; and Abbey, 5.4 percent.

On the flip side, AlphaCentric leads the small firm outflows pack so far in 2022, thanks to an estimated $2.674 billion in net YTD outflows as of June 30. Other big outflows sufferers included: Callahan's Trust for Credit Unions, $2.519 billion; and Matthews Asia, $2.314 billion.

Matthews Asia led the small firm outflows pack last quarter, thanks to an estimated $1.518 billion in net Q2 2022 outflows. Other outflows sufferers included: Trust for Credit Unions, $1.43 billion; and Angel Oak, $1.292 billion.

Angel Oak took the small firm outflows lead last month, thanks to an estimated $443 million in net June 2022 outflows, down M/M from $530 million in May 2022 and down Y/Y from $199 million in June 2021 inflows. Other big June 2022 outflows sufferers included: AlphaCentric, $358 million (down M/M from $389 million, down Y/y from $76 million in net inflows); Trust for Credit Unions, $239 million (down M/M from $777 million, down Y/Y from $329 million); JOHCM, $228 million (down M/M from $575 million, down Y/Y from $227 million in net inflows); and Champlain, $215 million (up M/M from $68 million, down Y/Y from $87 million in net inflows).

AlphaCentric led the outflows pack proportionately last month, thanks to estimated net June 2022 outflows equivalent to 24.8 percent of its AUM. Other big outflows sufferers included: Trust for Credit Unions, 15.2 percent; Brookfield, 10.1 percent; Angel Oak, 6.7 percent; and RiverNorth, 6.6 percent.

As a group, small fund firms have suffered an estimated $8.737 billion in net 2022 outflows so far, as of June 30, equivalent to about 1.71 percent of their combined $511 billion in AUM and accounting for 8.2 percent of overall industry outflows YTD. And small firms suffered $9.728 billion in net Q2 2022 outflows, equivalent to 1.9 percent of their combined AUM and accounting for 4.97 percent of industry outflows.

Yet last month, small fund firms brought in $1.467 billion in net inflows, equivalent to 0.29 percent of their combined AUM. That compares with $5.871 billion in net outflows and 1.15 percent of AUM in May 2022 and with $2.866 billion in net inflows and 0.53 percent of AUM in June 2021.

Across the entire industry, the 791 firms tracked by the M* team (up M/M from 787 and up Y/Y from 768) have suffered an estimated $108.602 billion in net 2022 outflows as of June 30, equivalent to 0.48 percent of their combined $22.808 trillion in AUM. And in Q2 2022 alone, fund firms suffered an estimated $195.869 billion in net outflows, equivalent to 0.86 percent of their combined AUM.

In June 2022 alone, long-term funds and ETFs suffered $61.306 billion in net outflows, equivalent to 0.27 percent of their combined AUM. That's up M/M from $39.103 billion and 0.16 percent in May 2022, but down Y/Y from $105.503 billion in net inflows and 0.4 percent in June 2021.

Active funds suffered an estimated $90.45 billion in net June 2022 outflows, down M/M from $109.837 billion and down Y/Y from $24.578 billion in net inflows. Yet passive funds brought in $29.219 billion in June 2022 inflows, down M/M from $70.729 billion and down Y/Y from $80.917 billion. 

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