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Thursday, August 18, 2022

The Smallest Fund Firms' Outflows Nearly Evaporate

Reported by Neil Anderson, Managing Editor

Outflows for the smallest fund firms nearly evaporated last month. And a tactical quant shop took the inflows lead.

This article draws from Morningstar Direct data on July 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 514 firms (down month-over-month from 529 in June 2022 but up year-over-year from 496 in July 2021) with less than $1 billion each in long-term fund AUM.

Micro fund firms had $94 billion in total long-term fund AUM as of July 31, 2022, accounting for 0.39 percent of overall industry long-term fund AUM. That compares with $100 billion and 0.44 percent on June 30, 2022, and with $95 billion and 0.35 percent on July 2021.

227 of those micro fund firms brought in net inflows last month, up from 215 in June 2022 but down from 260 in July 2021.

Howard Capital Management took the lead last month, thanks to an estimated $105 million in net July 2022 inflows, up M/M from $20 million in June 2022 outflows and up Y/Y from $9 million in July 2021 inflows. Other big July 2022 inflows winners included: Core Alternative Capital, $93 million (up M/M from $12 million in net outflows, up Y/Y from $3 million); Leuthold, $90 million (up M/M from $15 million, up Y/Y from $5 million); Campbell & Company, $87 million (down M/M from $102 million, up Y/Y from negligible net inflows); and VS Trust, $86 million (up M/M from $2 million in net outflows).

July 2022 featured at least one apparent mutual fund industry newcomer: Mar Vista Investment Partners.

So far in 2022, Invenomic leads the micro fund firm inflows pack, thanks to an estimated $466 million in net year-to-date inflows as of July 31. Other big YTD winners included: Teucrium, $449 million; and Campbell, $398 million.

On the flip side, Spyglass Capital Management took the micro firm outflows lead last month, thanks to an estimated $155 million in net July 2022 outflows, up M/M from $58 million in June 2022 but down Y/Y from $62 million in July 2021 inflows. Other big July 2022 outflows sufferers included: Teucrium, $142 million (up M/M from $124 million, up Y/Y from $51 million); Semper, $48 million (down M/M from $103 million, down Y/Y from $19 million in net inflows); Reinhartfunds, $47 million (up M/M from $17 million, down Y/Y from $3 million in net inflows); and Elements, $33 million (up M/M from $25 million, up Y/Y from $8 million).

Semper still leads the 2022 micro firm outflows pack so far, thanks to an estimated $729 million in net YTD outflows as of July 31. Other big outflows sufferers included: Liberty Street, $442 million; and Cromwell Funds, $410 million.

As a group, micro fund firms suffered an estimated $1 million in net July 2022 outflows, equivalent to 0.001 percent of their combined AUM and accounting for 0.01 percent of overall industry outflows. That compares with $164 million, 0.16 percent of AUM, and 0.3 percent of industry outflows in June 2022, and with $729 million in net inflows, 0.76 percent of AUM, and 0.95 percent of industry inflows in July 2021.

As a group, micro fund firms have brought in $3.489 billion in net 2022 inflows YTD, as of July 31. That's equivalent to 3.71 percent of their combined AUM.

Across the entire industry, the 784 firms tracked by the M* team (down M/M from 791 but up Y/Y from 774) suffered an estimated $12.991 billion in net July 2022 outflows, equivalent to 0.05 percent of their combined $24.166 trillion in AUM. That's down M/M from $61.306 billion and 0.27 percent of AUM and down Y/Y from $77.077 billion in net inflows and 0.27 percent of AUM.

Active funds suffered an estimated $58.766 billion in net July 2022 outflows, down M/M from $90.45 billion and down Y/Y from $14.693 billion in net inflows. Yet passive funds brought in $45.732 billion in net July 2022 inflows, up M/M from $29.219 billion but down Y/Y from $57.431 billion.

So far in 2022, as of July 31, long-term funds and ETFs have suffered $123.051 billion in net outflows. That's equivalent to 0.51 percent of their combined AUM. 

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