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Rating:An Abs Return Shop Wins As Micro Flows Barely Sour Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, July 25, 2022

An Abs Return Shop Wins As Micro Flows Barely Sour

Reported by Neil Anderson, Managing Editor

An absolute return-focused shop took the lead last among the smallest fund firms, though the group's flows turn slightly negative. Yet the category is still up for the year so far.

This article draws from Morningstar Direct data on 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 529 firms (up month-over-month from 515 in May 2022 and up year-over-year from 489 in June 2021) with less than $1 billion each in long-term fund AUM.

Micro fund firms had $100 billion in total long-term fund AUM as of June 30, 2022, accounting for 0.44 percent of overall industry long-term fund AUM. That compares with $95 billion and 0.39 percent on May 31, 2022, and with $96 billion and 0.36 percent on June 30, 2021.

215 of those micro fund firms brought in net inflows last month, down from 229 in May 2022 and 273 in June 2021.

So far in 2022, Advanced Series Trust leads the micro fund firm pack, thanks to an estimated $662 million in net year-to-date inflows as of June 30. Other big YTD inflows winners included: Teucrium, $590 million; and Perpetual, $389 million.

Advanced Series Trust also led the micro pack last quarter, with all of its 2022 inflows of $662 million coming in the second quarter. Other big Q2 2022 inflows winners included: Perpetual, $389 million; and Campbell & Company, $241 million.

Campbell took the lead last month, thanks to an estimated $102 million in net June 2022 inflows, up M/M from $100 million in May 2022 and up Y/Y from $1 million in June 2021. Other big June 2022 inflows winners included: FS, $82 million (up Y/YK from $5 million); Knollwood's Grant Park, $64 million (up M/M from $41 million, up Y/Y from $13 million); Alpha Architect, $53 million (up M/M from $14 million, up Y/Y from $13 million); and Pzena, $42 million (up M/M from $14 million, up Y/Y from $25 million).

June 2022 featured at least three apparent mutual fund industry newcomers: AOT, Ionic Capital Management, and Optimize Advisors.

On the flip side, Semper leads the 2022 micro outflows pack, thanks to an estimated $681 million in net YTD outflows as of June 30. Other big outflows sufferers included: Liberty Street, $413 million; and Cromwell, $407 million.

Semper also led the outflows pack last quarter, thanks to an esteimated $347 million in net Q2 2022 outflows. Other big outflows sufferers included: River Canyon, $221 million; and Liberty Street, $130 million.

Teucrium took the outflows lead last month, thanks to an estimated $124 million in net June 2022 outflows, down M/M from $164 million in May 2022 inflows and up Y/Y from $40 million in June 2021 outflows. Other big June 2022 outflows sufferers included: TransWestern, $119 million (up M/M from $1 million, down Y/Y from $11 million in net inflows); Semper, $103 million (up M/M from $102 million, down Y/Y from $5 million in net inflows); Acruence, $67 million (down M/M from $1 million in net inflows, down Y/Y from $13 million in net inflows); and ABR, $48 million (up M/M from $21 million, down Y/Y from $14 million in net inflows).

As a group, micro fund firms have brought in $4.084 billion in net 2022 inflows YTD, as of June 30, equivalent to 4.08 percent of their combined AUM. And in Q2 2022 alone, they brought in $1.737 billion in net inflows, equivalent to 1.74 percent of their combined AUM.

In June 2022, micro fund firms suffered an estimated $164 million in net outflows, equivalent to 0.16 percent of their combined AUM and accounting for 0.3 percent of overall industry outflows. That compares with $662 million in net inflows in May 2022, equivalent to 0.7 percent of AUM, and with $1.345 billion in net inflows in June 2021, equivalent to 1.4 percent of AUM and accounting for 1.27 percent of industry inflows.

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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