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Rating:Mr. Market Boosted Fund Firms By 7.5 Percent Last Month Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, November 03, 2022

Mr. Market Boosted Fund Firms By 7.5 Percent Last Month

Reported by Neil Anderson, Managing Editor

As the stock market rebounded last month, most publicly traded asset managers felt the boost.

Frank Edward Holmes
U.S. Global Investors, Inc.
CEO, Chief Investment Officer
14 of the 15 publicly traded U.S. mutual fund firms tracked by MFWire saw their share prices rise last month, as the S&P 500 rose 7.99 percent. (The median share price jump for those fund firms was 7.5 percent.) The median market-cap-to-AUM ratio of those firms is now 1.19 percent, up from 1.11 percent one month ago. (Meanwhile, two publicly traded U.S. fund firms went private last month.)

Yet the 2022 picture is still rough so far. Shares of all 15 of those publicly traded fund firms fell in the first 10 months of the year. The median share-price fall was 29.45 percent year-to-date as of October 31, compared with an 18.76 percent drop in the S&P 500.

For the 12 months ending October 31, 2022, only one of those publicly traded fund firms saw its share price rise. The median 12-month share price drop for those fund firms was 27.58 percent, compared with 15.92 percent for the S&P 500.

Looking at the entire pandemic period, though, still shows a net positive picture on the whole. 11 of those 15 publicly traded fund firms have seen their share prices rise from December 31, 2019 through October 31, 2022. The S&P 500 rose 19.85 percent over that period, compared with a median fund firm share price jump of 20.83 percent.

U.S. Global Investors (GROW) is up about 111.68 percent since December 31, 2019, down 51.55 percent in the 12-month period ending October 31, 2022, down 33.94 percent in the first ten months of 2022, and up 1.05 percent in October 2022 alone. With AUM (as of June 30) of $2.9 billion, its $43.811-million market cap translates into about 1.5 percent of its AUM.

Diamond Hill (DHIL) is up 54.24 percent since 12/31/2019, down 6.94 percent in the last 12 months, down 7.35 percent YTD, and up 9.06 percent in October 2022. With AUM (as of October 31) of $25.5 billion, its $543.407-million market cap translates into 2.1 percent of its AUM.

AllianceBernstein (AB) is up 52.29 percent since 12/31/2019, down 27.58 percent in the last 12 months, down 20.76 percent YTD, and up 7.33 percent in October 2022. With AUM of $613 billion as of September 30, its $3.559-billion market cap translates into 0.6 percent of its AUM.

Virtus (VRTS) is up 47.3 percent since 12/31/2019, down 44.69 percent in the last 12 months, down 41.93 percent YTD, and up 7.5 percent in October 2022. With AUM of $144.974 billion as of September 30, its $1.201-billion market cap translates into 0.8 percent of its AUM.

Affiliated Managers Group (AMG) is up 47.3 percent since 12/31/2019, down 26.02 percent in the last 12 months, down 24.52 percent YTD, and up 11.01 percent in October 2022. With AUM of $690.9 billion as of June 30, its $4.732-billion market cap translates into 0.7 percent of its AUM.

Victory Capital (VCTR) is up 41.9 percent since 12/31/2019, down 21.24 percent in the last 12 months, down 20.83 percent YTD, and up 24.07 percent in October 2022. With AUM of $147.3 billion as of September 30, its $1.906-billion market cap translates into 1.3 percent of its AUM.

BlackRock (BLK) is up 34.37 percent since 12/31/2019, down 29.75 percent in the last 12 months, down 29.45 percent YTD, and up 17.38 percent in October 2022. With AUM of $7.961 trillion as of September 30, its $95.027-billion market cap translates into 1.2 percent of its AUM.

Federated Hermes (FHI) is up 20.83 percent since 12/31/2019, up 7.82 percent in the last 12 months, down 6.76 percent YTD, and up 4.92 percent in October 2022. With AUM of $624 billion as of September 30, its $3.043-billion market cap translates into 0.5 percent of its AUM.

WisdomTree (WETF) is up 18.56 percent since 12/31/2019, down 13.26 percent in the last 12 months, down 10.84 percent YTD, and up 9.92 percent in October 2022. With AUM of $7.245 billion as of November 2, its $780.952-million market cap translates into 1 percent of its AUM.

Artisan Partners (APAM) is up 9.74 percent since 12/31/2019, down 36.32 percent in the last 12 months, down 37.55 percent YTD, and up 5.87 percent in October 2022. With AUM of $120.6 billion as of September 30, its $1.896-billion market cap translates into 1.6 percent of its AUM.

Cohen & Steers (CNS) is up 3.56 percent since 12/31/2019, down 34.08 percent in the last 12 months, down 34.97 percent YTD, and down 3.94 percent in October 2022. With AUM of $79.2 billion as of September 30, its $2.826-billion market cap translates into 3.6 percent of its AUM.

Hennessy (HNNA) is down 1.02 percent since 12/31/2019, down 20.07 percent in the last 12 months, down 16.81 percent YTD, and up 1.04 percent in October 2022. With AUM of $3 billion, its $66.591-million market cap translates into 2.2 percent of its AUM.

Franklin Resources (BEN, dba Franklin Templeton) is down 1.35 percent since 12/31/2019, down 22.25 percent in the last 12 months, down 29.98 percent YTD, and up 8.97 percent in October 2022. With AUM of $1.297 trillion as of September 30, its $11.451-billion market cap translates into 0.9 percent of its AUM.

Invesco (IVZ) is down 6.3 percent since 12/31/2019, down 37.6 percent in the last 12 months, down 32.95 percent YTD, and up 11.82 percent in October 2022. With AUM of $1.323 trillion as of September 30, its $6.764-billion market cap translates into 0.5 percent of its AUM.

And T. Rowe Price (TROW) is down 6.7 percent since 12/31/2019, down 49.25 percent in the last 12 months, down 46.01 percent YTD, and up 1.1 percent in October 2022. With AUM of $1.23 trillion as of September 30, its $22.685-billion market cap translates into 1.8 percent of its AUM. 

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