An insurer's ETF business took the inflows lead last month among the smallest fund firms.

Johan Grahn Allianz Investment Management Head of ETFs

This article draws from Morningstar Direct data on October 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 527 firms (down month-over-month from 528 in September 2022 but up year-over-year from 499 in October 2021) with less than $1 billion each in long-term fund AUM.

Micro fund firms had $102 billion in total, long-term fund AUM as of October 31, 2022, accounting for 0.45 percent of overall industry long-term fund AUM. That compares with $103 billion and 0.48 percent on September 30, 2022, and with $97 billion and 0.35 percent on October 31, 2021.

197 of those micro fund firms brought in net inflows last month, down from 216 in September 2022 and 254 in October 2021.

Allianz Investment Management took the lead last month, thanks to an estimated $99 million in net October 2022 inflows, up M/M from $9 million in September 2022 and up Y/Y from $14 million in October 2021. Other big October 2022 inflows winners included: F/m Investments, $91 million; Simplify, $73 million (up M/M from $66 million, up Y/Y from $30 million); Strive, $69 million (up M/M from $32 million); and Alpha Architect, $62 million (up M/M from $19 million, up Y/Y from negligible inflows).

October 2022 featured at least two apparent mutual fund industry newcomers: Curran Investment Partners and Unlimited.

Kensington Asset Management now leads the 2022 micro firm inflows pack, thanks to an estimated $588 million in net year-to-date inflows as of October 31. Other big YTD inflows winners included: Campbell, $577 million; and Teucrium, $530 million.

On the flip side, CGM took the micro firm outflows lead last month, thanks to an estimated $119 million in net October 2022 outflows, up M/M from $5 million in September 2022 and up Y/Y from $9 million in October 2021. Other big October 2022 outflows sufferers included: Callahan's Trust for Credit Unions, $78 million (down M/M from $227 million, down Y/Y from $239 million); Frontier, $76 million (down M/M from $302 million, down Y/Y from $3 million in net inflows); Bramshill, $70 million (up M/M from $20 million, down Y/Y from $15 million in net inflows); and Merk, $67 million (down M/M from $2 million in net inflows, down Y/Y from $14 million in net inflows).

Trust for Credit Unions still leads the 2022 micro firm outflows pack, thanks to an estimated $3.392 billion in net YTD outflows as of October 31. Other big outflows sufferers YTD included: Frontier, $1.752 billion; and Semper, $810 million.

As a group, micro firms suffered $234 million in net October 2022 outflows, equivalent to 0.23 percent of their combined AUM and accounting for 1.07 percent of overall industry long-term outflows. That compares with $128 million in net inflows and 0.48 percent of AUM in September 2022, and with $1.296 billion in net inflows, 1.33 percent of AUM, and 1.55 percent of industry inflows in October 2021.

Over the first ten months of 2022, micro firms suffered a combined $2.168 billion in net outflows. That's equivalent to 2.12 percent of their combined AUM and accounts for 0.94 percent of overall industry long-term outflows.

Across the entire industry, the 787 firms tracked by the M* team (up M/M and Y/Y from 781) suffered an estimated $21.911 billion in net October 2022 outflows, equivalent to 0.1 percent of their combined $22.554 trillion in AUM. That's down M/M from $76.784 billion and 0.36 percent, and down Y/Y from $83.864 billion in net inflows and 0.3 percent of AUM.

Active funds suffered an estimated $101.864 billion in net October 2022 outflows, up M/M from $97.398 billion but down Y/Y from $5.324 billion in net inflows. Passive funds brought in $79.909 billion in net October 2022 inflows, up M/M from $20.732 billion and up Y/Y from $78.71 billion.

As of October 31, long-term funds and ETFs have suffered $231.047 billion in net 2022 outflows. That's equivalent to 1.02 percent of their combined AUM. 

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