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Rating:Mr. Market Took Fund Firms Down 13 Percent In September, But ... Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, October 04, 2022

Mr. Market Took Fund Firms Down 13 Percent In September, But ...

Reported by Neil Anderson, Managing Editor

The stock market took a big hit last month, and most asset managers felt that pain magnified. Yet the picture looks better from a longer-term view.

Laurence D. "Larry" Fink
BlackRock
Chairman, CEO
All 17 publicly traded U.S. mutual fund firms tracked by MFWire saw their share prices fall last month, as the S&P 500 fell 9.34 percent. The median market cap to AUM ratio of those firms is now 1.11 percent, down from 1.17 percent four months ago.

The 2022 picture is still rough so far, too. Only one of those publicly traded fund firms' shares rose in the first nine months of the year. The median firm's share price slipped 32.3 percent year-to-date as of September 30, compared with a 24.77 percent drop in the S&P 500.

For the 12 months ending September 30, 2022, three of those publicly traded fund firms saw their share prices rise. The median firm's share price slipped 25.95 percent, compared with 16.76 percent for the S&P 500.

Yet when you look at the entire pandemic period, the picture is still net positive. 13 of those 17 publicly traded fund firms have seen their share prices rise from December 31, 2019 through September 30, 2022. The S&P 500 rose 10.98 percent over that period, compared with a median fund firm share price jump of 14.38 percent.

Manning & Napier (MN) is up 634.73 percent since December 31, 2019, up 37.09 percent in the 12-month period ending September 3-0, 2022, up 47.65 percent in the first nine months of 2022, down 1.21 percent in Q3 2022, and down 3.61 percent in September 2022 alone. With AUM (as of August 31, 2022) of $18.7 billion, its $233.933-million market cap translates into about 1.3 percent of its AUM.

U.S. Global Investors (GROW) is up about 109.49 percent since 12/31/2019, down 48.57 percent in the last 12 months, down 34.62 percent YTD, down 34.68 percent in Q3 2022, and down 23.91 percent in September 2022. With average AUM of $2.9 billion in April, May, and June 2022, its $45.606-million market cap translates into 1.6 percent of its AUM.

AllianceBernstein (AB) is up 41.89 percent since 12/31/2019, down 23.27 percent in the last 12 months, down 26.17 percent YTD, down 14.34 percent in Q3 2022, and down 18.62 percent in September 2022. With AUM of $667 billion as of 8/31/2022, its $3.505-billion market cap translates into 0.5 percent of its AUM.

Diamond Hill (DHIL) is up 41.42 percent since 12/31/2019, up 5.34 percent in the last 12 months, down 15.05 percent YTD, down 4.14 percent in Q3 2022, and down 3.54 percent in September 2022. With AUM of $26.4 billion as of 8/31/2022, its $513.507-million market cap translates into about 1.9 percent of its AUM.

Virtus (VRTS) is up 37.02 percent since 12/31/2019, down 47.2 percent in the last 12 months, down 45.98 percent YTD, down 6 percent in Q3 2022, and down 16.59 percent in September 2022. With AUM of $157.769 billion as of 8/31/2022, its $1.218-billion market cap translates into about 0.8 percent of its AUM.

Affiliated Managers Group (AMG) is up 32.6 percent since 12/31/2019, down 25.95 percent in the last 12 months, down 32.01 percent YTD, down 4.07 percent in Q3 2022, and down 12.18 percent in September 2022. With AUM of $690.9 billion as of 6/30/2022, its $4.57-billion market cap translates into 0.7 percent of its AUM.

Federated Hermes (FHI) is up 15.16 percent since 12/31/2019, up 5.34 percent in the last 12 months, down 11.13 percent YTD, up 5.01 percent in Q3 2022, and down 2.76 percent in September 2022. With AUM of $631.9 billion as of 6/30/2022, its $3.017-billion market cap translates into 0.5 percent of its AUM.

BlackRock (BLK) is up 14.48 percent since 12/31/2022, down 32.67 percent in the last 12 months, down 39.9 percent YTD, down 8.97 percent in Q3 2022, and down 16.81 percent in September 2022. With AUM of $8.48741 trillion as of 6/30/2022, its $88.094-billion market cap translates into 1 percent of its AUM.

Victory Capital (VCTR) is up 14.38 percent since 12/31/2019, down 31.28 percent in the last 12 months, down 36.19 percent YTD, down 2.39 percent in Q3 2022, and down 12.17 percent in September 2022. With AUM of $159.1 billion as of 8/31/2022, its $1.768-billion market cap translates into 1.1 percent of its AUM.

WisdomTree (WETF) is up 7.86 percent since 12/31/2019, down 11.03 percent in the last 12 months, down 18.88 percent YTD, down 2.02 percent in Q3 2022, and down 1.4 percent in September 2022. With AUM of $74.619-billion as of 10/3/2022, its $727.794-million market cap translates into 1 percent of its AUM.

Cohen & Steers (CNS) is up 7.82 percent since 12/31/2019, down 22.27 percent in the last 12 months, down 32.3 percent YTD, down 0.81 percent in Q3 2022, and down 12.26 percent in September 2022. With AUM of $89.8 billion as of 8/31/2022, its $3.081-billion market cap translates into 3.4 percent of its AUM.

Artisan Partners (APAM) is up 3.66 percent since 12/31/2019, down 39.09 percent in the last 12 months, down 41.01 percent YTD, down 23.1 percent in Q3 2022, and down 20.23 percent in September 2022. With AUM of $132.7 billion as of 8/31/2022, its $1.895-billion market cap translates into 1.4 percent of its AUM.

Gamco (GBL) is up 0.59 percent since 12/31/2019, down 34.87 percent in the last 12 months, down 31.75 percent YTD, down 18.26 percent in Q3 2022, and down 15.55 percent in September 2022. With AUM of $28.713 billion as of 6/30/2022, its $457.516-million market cap translates into 1.6 percent of its AUM.

Hennessy (HNNA) is down 2.03 percent since 12/31/2019, down 5.04 percent in the last 12 months, down 17.66 percent YTD, down 15.83 percent in Q3 2022, and down 12.78 percent in September 2022. With AUM of $2.95 billion as of 10/3/2022, its $65.493-million market cap translates into 2.2 percent of its AUM.

T. Rowe Price (TROW) is down 7.71 percent since 12/31/2019, down 44.65 percent in the last 12 months, down 46.6 percent YTD, down 6.61 percent in Q3 2022, and down 11.58 percent in September 2022. With AUM of $1.339 trillion as of 8/31/2022, its $25.192-billion market cap translates into 1.9 percent of its AUM.

Franklin Resources (dba Franklin Resources, BEN) is down 9.47 percent since 12/31/2019, down 24.39 percent in the last 12 months, down 35.74 percent YTD, down 6.52 percent in Q3 2022, and down 15.94 percent in September 2022. With AUM of $1.3876 trillion as of 8/31/2022, its $11.412-billion market cap translates into 0.8 percent of its AUM.

And Invesco (IVZ) is down 16.21 percent since 12/31/2019, down 41.18 percent in the last 12 months, down 40.04 percent YTD, down 14.21 percent in Q3 2022, and down 16.82 percent in September 2022. With AUM of $1.416 trillion as of 8/31/2022, its $6.744-billion market cap translates into 0.5 percent of its AUM. 

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