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Rating:With $3B, Pacer Takes the 2023 Lead Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, April 21, 2023

With $3B, Pacer Takes the 2023 Lead

Reported by Neil Anderson, Managing Editor

An ETF shop led the way last quarter among midsize fund firms.

Sean Edward O'Hara
Pacer ETFs Distributors / Pacer Financial
President / Director
This article draws from Morningstar Direct data on March 2023 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 71 firms (down year-over-year from 74 in March 2022) with between $10 billion and $100 billion each in long-term fund AUM.

Midsize firms had $2.422 trillion in combined long-term fund AUM across 12,660 funds as of March 31, 2023, and they accounted for 10.11 percent of industry AUM. That compares with $2.437 trillion, 13,241 funds, and 10.37 percent of industry AUM on February 28, 2023, and with $2.656 trillion and 10.03 percent of AUM on March 31, 2022.

18 midsize firms brought in net March 2023 inflows, down month-over-month from 29 in February 2023 and down Y/Y from 23 in March 2022.

Pacer led the way last quarter, thanks to an estimated $3.42 billion in net inflows in the first quarter of 2023. Other big Q1 2023 inflows winners included: WisdomTree, $2.963 billion; Baird (including Strategas), $2.518 billion; ProShares and ProFunds, $1.981 billion; and Rafferty's Direxion, $1.974 billion.

Pacer also led the pack proportionately last quarter, thanks to estimated net Q1 2023 inflows equivalent to 14.8 percent of its AUM. Other big inflows winners included: GQG, 9.1 percent; and Innovator, 8 percent.

WisdomTree took the lead last month, thanks to an estimated $1.971 billion in net March 2023 inflows, up M/M from $556 million in February 2023 and up Y/Y from $878 million in March 2022. Other big March 2023 inflows winners included: Direxion, $1.363 billion (up M/M from $68 million, up Y/Y from $471 million); and Pacer, $805 million (down M/M from $1.161 billion, down Y/Y from $1.331 billion).

On the flip side, Macquarie's Delaware led the outflows pack last quarter, thanks to an estimated $2.529 billion in Q1 2023 outflows. Other big outflows sufferers included: Virtus (including AlphaSimplex), $1.771 billion; SEI, $1.597 billion; Putnam, $1.513 billion; and Calamos, $1.423 billion.

Alger led the outflows pack proportionately last quarter, thanks to net Q1 outflows equivalent to 6.6 percent of its AUM. Other big outflows sufferers included: Calamos, 6.4 percent; and Aristotle (including Pacific), 5.1 percent.

Voya took the outflows lead last month, thanks to an estimated $1.483 billion in net March 2023 outflows, down M/M from $1.055 billion in February 2023 inflows but up Y/Y from $593 million in March 2022 outflows. Other big March 2023 outflows sufferers included: SEI, $1.18 billion (up M/M from $93 million, down Y/Y from $1.77 billion); and TCW (including MetWest), $1.035 billion (up M/M from $264 million, down Y/Y from $1.054 billion).

As a group, midsize fund firms suffered $3.9 billion in net Q1 2023 outflows. That's equivalent to 0.16 percent of their combined AUM.

Midsize fund firms suffered an estimated $10.37 billion in net March 2023 outflows, equivalent to 0.43 percent of their combined AUM and accounting for 40.62 percent of overall industry long-term outflows. That compares with $3.161 billion in net inflows and 0.13 percent of AUM in February 2023, and with $11.726 billion in net outflows and 0.44 percent of AUM in March 2022.

Across the entire industry, the 785 firms tracked by the M* team (up M/M from 782 but down Y/Y from 791) brought in an estimated $15.168 billion in net inflows in Q1 2023. That's equivalent to 0.06 percent of their combined $23.968 trillion in AUM (which is spread across 42,221 funds).

In March 2023, the industry overall suffered an estimated $25.527 billion in long-term fund outflows, equivalent to 0.11 percent of the industry's long-term AUM. That compares with $3.245 billion and 0.01 percent of AUM in February 2023, and with $30.653 billion in net inflows and 0.12 percent of AUM in March 2022.

Active funds suffered an estimated $58.306 billion in net outflows in March 2023, up M/M from $7.279 billion but down Y/Y from $70.411 billion. On the flip side, passive funds brought in $32.778 billion in March 2023 inflows, up M/M from $4.034 billion but down Y/Y from $101.064 billion. 

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