A publicly traded ETF shop took the inflows lead last month among midsize fund firms.

Jonathan Laurence "Jono" Steinberg WisdomTree Investments, Inc. CEO

This article draws from Morningstar Direct data on September 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 70 firms (down from 72 in August 2022 and from 79 in September 2021) with between $10 billion and $100 billion each in long-term fund AUM.

Midsize firms had $2.42 trillion in combined long-term fund AUM as of September 30, 2022, and they accounted for 11.24 percent of overall industry long-term fund AUM. That compares with $2.475 trillion and 10.56 percent on August 31, 2022, and with $2.85 trillion and 10.57 percent on September 30, 2021.

Nine midsize firms brought in net inflows in September 2022, down month-over-month from 20 in August 2022 and down year-over-year from 34 in September 2021.

WisdomTree took the inflows lead last month, thanks to an estimated $1.917 billion in net September 2022 inflows, up M/M from $865 million in August 2022 and up Y/Y from $261 million in September 2021. Other big September 2022 inflows winners included: Rafferty's Direxion, $1.255 billion (up M/M from $553 million, up Y/Y from $961 million); Ark, $322 million (up M/M from $974 million in net outflows, up Y/Y from $1.843 billion in net outflows); Pacer, $270 million (down M/M from $982 million, up Y/Y from $206 million); and GQG, $175 million (down M/M from $304 million, up Y/Y from $84 million).

Direxion took the lead proportionately last month, thanks to net September 2022 inflows equivalent to 6.2 percent of its AUM. Other big inflows winners included: WisdomTree, 4 percent; Ark, 2.4 percent; Pacer, 1.8 percent; and GQG, 1.5 percent.

WisdomTree also led the midsize inflows pack last quarter, thanks to an estimated $3.811 billion in net inflows in the third quarter of 2022. Other big Q3 2022 inflows winners included: ProShares and ProFunds, $3.195 billion; and Direxion, $1.905 billion.

ProShares still leads the 2022 midsize inflows pack so far, thanks to an estimated $14.09 billion in net year-to-date inflows as of September 30. Other big YTD inflows winners included: WisdomTree, $10.337 billion; and Direxion, $9.784 billion.

On the flip side, DoubleLine took the midsize outflows lead last month, thanks to an estimated $1.459 billion in net September 2022 outflows, up M/M from $834 million in August 2022 and up Y/Y from $110 million in September 2021. Other big September 2022 outflows sufferers included: TCW (including MetWest), $1.32 billion (up M/M from $78 million, down Y/Y from $2.555 billion); Virtus, $1.158 billion (up M/M from $729 million, up Y/Y from $86 million); New York Life (including IndexIQ), $1.148 billion (down M/M from $227 million in net inflows, up Y/Y from $114 million in net outflows); and ProShares, $1.112 billion (down M/M from $1.409 billion in net inflows, down Y/Y from $3.234 billion in net inflows).

Edgewood took the outflows lead proportionately last month, thanks to estimated September 2022 outflows equivalent to 3.8 percent of its AUM. Other big outflows sufferers included: Calamos, 3.1 percent; Thrivent, 2.8 percent; Nationwide, 2.7 percent; and FPA, 2.5 percent.

DoubleLine also led the midsize outflows pack in Q3 2022, thanks to an estimated $3.219 billion in net outflows. Other big outflows sufferers included: Macquarie's Delaware, $3.102 billion; and Virtus, $2.871 billion.

And DoubleLine still leads the 2022 midsize outflows pack so far, thanks to an estimated $14.162 billion in net YTD outflows as of September 30. Other big outflows sufferers included: Delaware, $11.726 billion; and TCW, $11.498 billion.

As a group, midsize fund firms suffered an estimated $24.875 billion in net September 2022 outflows, equivalent to 1.03 percent of their combined AUM and accounting for 32.4 percent of overall industry long-term outflows. That compares with $8.17 billion and 0.33 percent of AUM in August 2022, and with $3.235 billion in net inflows, 0.11 percent of AUM, and 5.67 percent of industry inflows in September 2021.

Midsize firms suffered an estimated $45.634 billion in Q3 2022 outflows. That's equivalent to 1.89 percent of their combined AUM and accounts for 53.48 percent of overall industry long-term outflows.

In the first nine months of 2022, midsize fund firms suffered an estimated $132.128 billion in net outflows. That's equivalent to 5.46 percent of their combined AUM and accounts for 66.88 percent of overall industry long-term outflows.

Across the entire industry, the 781 firms tracked by the M* team (down M/M from 784 but up Y/Y from 777) suffered an estimated $76.784 billion in net September 2022 outflows, equivalent to 0.36 percent of their combined $21.521 trillion in AUM. That's down M/M from $4.816 billion in net inflows and 0.02 percent AUM, and down Y/Y from $57.068 billion in net inflows and 0.22 percent of AUM.

Active funds suffered an estimated $97.389 billion in net September 2022 outflows, up M/M from $33.062 billion but down Y/Y from $9.916 billion in net inflows. Passive funds brought in $20.732 billion in net September 2022 inflows, down M/M from $37.485 billion and down Y/Y from $47.828 billion.

In Q3 2022, long-term funds and ETFs suffered an estimated $85.333 billion in net outflows. That's equivalent to 0.4 percent of their combined AUM.

And as of September 30, long-term funds and ETFs have suffered $197.566 billion in net 2022 outflows. That's equivalent to 0.92 percent of their combined AUM. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE