Outflows from the smallest fund firms fell 85 percent last month.
This article draws from Morningstar Direct
data on December 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 518 firms (down month-over-month from 527 in November 2022
but up year-over-year from 517 in December 2021
) with less than $1 billion each in long-term fund AUM.
Micro fund firms had $97.302 billion in total, long-term fund AUM as of December 31, 2022, accounting for 0.43 percent of overall industry long-term fund AUM. That compares with $102 billion and 0.43 percent on November 30, 2022, and with $94 billion and 0.33 percent on December 31, 2021.
211 of those micro fund firms brought in net inflows in December 2022, up M/M from 207 in November 2022 but down Y/Y from 246 in December 2021.
Campbell & Company
took the lead last year, thanks to an estimated $643 million in net 2022 inflows. Other big inflows winners included: Kensington Asset Management
, $638 million; Strive
, $481 million; AllianzIM
, $449 million; and BondBloxx
, $447 million.
North Slope Capital
led the inflows pack last quarter, thanks to an estimated $245 million in inflows in the fourth quarter of 2022. Other big Q4 2022 inflows winners included: AllianzIM, $232 million; and FS
, $145 million.
AllianzIM took the lead last month, thanks to an estimated $107 million in net December 2022 inflows, up M/M from $26 million in November 2022 and up Y/Y from $12 million in December 2021. Other big December 2022 inflows winners included: Ninety One
, $97 million (up M/M from $3 million in net outflows, up Y/Y from $32 million in net inflows); and North Slope, $83 million.
December 2022 featured at least two apparent mutual fund industry newcomers: Dipetf
and SafeGuard Asset Management
On the flip side, 2022 was a rough year for Callahan's Trust for Credit Unions
, which led the micro firm outflows pack thanks to an estimated $3.514 billion in net outflows. Other big outflows sufferers last year included: Frontier
, $1.965 billion; Semper
, $866 million; River Canyon
, $620 million; and Spyglass Capital Management
, $553 million.
Frontier led the outflows pack last quarter, thanks to an estimated $289 million in Q4 2022 outflows. Other big outflows sufferers last quarter included: Trust for Credit Unions, $201 million; and Sunbridge Capital Partners
, $186 million.
Frontier also took the outflows lead last month, thanks to an estimated $114 million in December 2022 outflows, up M/M from $99 million in November 2022 but down Y/Y from $42 million in December 2021 inflows. Other big December 2022 outflows sufferers included: Spyglass, $64 million (up M/M from $13 million, down Y/Y from $235 million); and Trust for Credit Unions, $57 million (down M/M from $66 million, down Y/Y from $89 million).
As a group, micro firms suffered $4.319 billion in net 2022 outflows, equivalent to 4.44 percent of their combined AUM and 1.2 percent of overall industry outflows. That's down Y/Y from $7.889 billion in 2021 inflows.
In Q4 2022, micro firms suffered $901 million in net outflows. That's equivalent to 0.93 percent of their combined AUM and accounts for 0.55 percent of overall industry outflows.
In December 2022, micro firms suffered $187 million in net outflows, equivalent to 0.19 percent of their combined AUM and accounting for 0.22 percent of overall industry outflows. That compares with $1.238 billion, 1.22 percent of AUM, and 2.35 percent of industry outflows in November 2022, and with $760 million in net inflows, 0.81 percent of AUM, and 0.87 percent of industry inflows December 2021.
Across the entire industry, the 788 firms tracked by the M* team (down from 799 a year ago) suffered an estimated $361.242 billion in net outflows in 2022, equivalent to 1.59 percent of the industry's combined $22.731 trillion in AUM, and the industry had 42,192 long-term funds and ETFs. That's down Y/Y from $1.21309 trillion in 2021 inflows, when the industry had $28.084 trillion in AUM.
In Q4 2022, the industry suffered $164.816 billion in net outflows. That's equivalent to 0.73 percent of the industry's AUM.
In December 2022, the industry suffered $85.82 billion in net outflows, equivalent to 0.38 percent of its AUM. That compares with $52.733 billion and 0.22 percent in November 2022, and with $87.633 billion in net inflows and 0.31 percent in December 2021.
Passive funds brought in $35.056 billion in net December 2022 inflows, down M/M from $42.638 billion in November 2022 and down Y/Y from $95.932 billion in December 2021. Yet active funds suffered $121.317 billion in net December 2022 outflows, up M/M from $95.552 billion and up Y/Y from $8.299 billion.
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