A Gotham fund firm took the inflows lead last month among the smallest fund firms.

Robert W. Kleinschmidt Tocqueville Asset Management L.P. President, Chief Executive Officer, Chief Investment Officer

This article draws from Morningstar Direct data on November 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 (up year-over-year from 499 in November 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 November 30, 2022, accounting for 0.43 percent of overall industry long-term fund AUM. That compares with $102 billion and 0.45 percent on October 31, 2022, and with $94 billion and 0.34 percent on November 30, 2021.

207 of those micro fund firms brought in net inflows in November 2022, up month-over-month from 197 in October 2022 but down Y/Y from 258 in November 2021.

Tocqueville took the lead last month, thanks to an estimated $188 million in net November 2022 inflows, up M/M from $10 million in October 2022 outflows and up Y/Y from $4 million in November 2021 outflows. Other big November 2022 inflows winners included: Aptus ETFs, $118 million; Kensington Asset Management, $88 million (up M/M from $49 million); Campbell & Company, $85 million (up M/M from $56 million, Y/Y from negligible inflows); and Volatility Shares, $68 million (up M/M from $4 million in net outflows).

November 2022 featured at least two apparent mutual fund industry newcomers: Meet Kevin, and YieldMax ETFs.

Kensington still leads the 2022 micro firm inflows pack so far, thanks to an estimated $676 million in net year-to-date inflows as of November 30. Other big YTD inflows winners included: Campbell, $658 million; and Teucrium, $484 million.

On the flip side, CGM led the micro firm outflows pack last month for a second month in a row, thanks to an estimated $868 million in net November 2022 outflows, up M/M from $119 million in October 2022 and up Y/Y from $11 million in November 2021. Other big November 2022 outflows sufferers included: Evoke, $369 million (up M/M from $13 million); Sunbridge Capital Partners, $143 million (up M/M from $6 million, up Y/Y from $23 million); RMB Funds, $114 million (up M/M from $13 million, down Y/Y from $1 million in net inflows); and Frontier Funds, $99 million (up M/M from $76 million, down Y/Y from $12 million in net inflows).

Callahan's Trust for Credit Unions still leads the 2022 micro firm outflows pack, thanks to an estimated $3.457 billion in net YTD outflows as of November 30. Other big outflows sufferers included: Frontier, $1.851 billion; and CGM, $977 million.

As a group, micro firms suffered $1.238 billion in net November 2022 outflows, equivalent to 1.22 percent of their combined AUM and accounting for 2.35 percent of overall industry long-term outflows. That compares with $234 million, 0.23 percent of AUM, and 1.07 percent of outflows in October 2022, and with $691 million in net inflows, 0.73 percent of AUM, and 0.85 percent of industry inflows in November 2021.

Over the first eleven months of 2022, micro firms suffered a combined $4.86 billion in net outflows. That's equivalent to 4.78 percent of their combined AUM and accounts for 1.72 percent of overall industry long-term outflows.

Across the entire industry, the 788 firms tracked by the M* team (up M/M from 787, up Y/Y from 781) suffered an estimated $52.733 billion in net November 2022 outflows, equivalent to 0.22 percent of their combined $23.842 trillion in AUM. That's up M/M from $21.911 billion and 0.1 percent, and down Y/Y from $80.955 billion in net inflows and 0.3 percent.

Active funds suffered an estimated $95.552 billion in net November 2022 outflows, down M/M from $101.864 billion and up Y/Y from $2.051 billion. Passive funds brought in $42.638 billion in net November 2022 inflows, down M/M from $79.909 billion and down Y/Y from $83.006 billion.

As of November 30, long-term funds and ETFs have suffered $282.45 billion in net 2022 outflows. That's equivalent to 1.18 percent of their combined AUM. 

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