A Bay Area startup took the lead last month among small fund firms.

Leland Carroll Clemons BondBloxx Investment Management Corporation CEO, Founder

This article draws from Morningstar Direct data for April 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 159 firms (down month-over-month from 160 in March 2023 and down year-over-year from 164 in April 2022) with between $1 billion and $10 billion each in long-term fund AUM.

Small firms had $495 billion in total long-term fund AUM across 3,962 funds as of April 30, 2023, accounting for 2.05 percent of overall industry long-term fund AUM. That compares with $498 billion, 4,018 funds, and 2.08 percent on March 31, 2023, and with $505 billion and 2.05 percent on April 30, 2022.

61 of those small fund firms brought in net inflows in April 2023. That's up M/M from 57 in March 2023 and level with 61 in April 2022.

BondBloxx took the inflows lead last month, thanks to an estimated $308 million in net April 2023 inflows, up M/M from $147 million in March 2023. Other big April 2023 inflows winners included: North Slope, $255 million (down M/M from $374 million); AllianzIM, $101 million (up M/M from $53 million, up Y/Y from $57 million); Driehaus, $92 million, (up M/M from $1 million, up Y/Y from $34 million); and Performance Trust, $91 million (up M/M from $79 million, up Y/Y from $249 million in net outflows).

BondBloxx also led the pack proportionately last month, thanks to estimated net April 2023 inflows equivalent to 25.2 percent of its AUM. Other big inflows winners included: North Slope, 19.5 percent; and AllianzIM, 8.3 percent.

So far in 2023, North Slope leads the way, thanks to an estimated $906 million in net year-to-date inflows as of April 30. Other big YTD inflows winners include: Fuller & Thaler Asset Management, $739 million; and USCF, $669 million.

On the flip side, UBS took the outflows lead last month, thanks to an estimated $317 million in net April 2023 outflows, up M/M from $157 million in March 2023 but down Y/y from $776 million in April 2022. Other big April 2023 outflows sufferers included: JOHCM, $210 million (down M/M from $223 million, up Y/Y from $159 million); USCF, $184 million (down M/M from $303 million in net inflows, down Y/Y from $611 million in net outflows); KraneShares, $160 million (down M/M from $391 million, down Y/Y from $434 million); and Stone Ridge, $140 million (down M/M from $24 million in net inflows, down Y/Y from $56 million in net inflows).

Tributary led the outflows pack proportionately last month, thanks to estimated net April 2023 outflows equivalent to 8.8 percent of its AUM. Other big outflows sufferers included: Stone Ridge, 6.3 percent; and Advisors Preferred, 5.4 percent.

Credit Suisse still leads the 2023 outflows pack so far, thanks to an estimated $1.013 billion in net YTD outflows as of April 30. Other big outflows sufferers included: KraneShares, $825 million; and UBS, $677 million.

As a group, small fund firms suffered $1.706 billion in net April 2023 outflows, equivalent to 0.34 percent of their combined AUM. That compares with $3.253 billion and 0.65 percent of AUM in March 2023, and with $2.628 billion and 0.52 percent of AUM in April 2022.

As of April 30, small firms have suffered an estimated $1.174 billion in net 2023 outflows. That's equivalent to 0.24 percent of their combined AUM.

Across the industry, the 776 firms tracked by the M* team (down M/M from 785, down Y/Y from 796), brought in $6.565 billion in net inflows in April 2023, equivalent to 0.03 percent of their combined $24.131 trillion in AUM across 42,060 funds. That compares with $25.527 billion in net outflows, 0.11 percent of AUM, $23.968 trillion in AUM, and 42,221 funds in March 2023, and with $89.224 billion in net outflows, 0.36 percent of AUM, and $24.585 trillion in AUM in April 2022.

Active funds suffered an estimated $30.68 billion in net outflows in April 2023, down M/M from $58.306 billion and down Y/Y from $86.386 billion. On the flip side, passive funds brought in $37.244 billion in net April 2023 inflows, up M/M from $32.778 billion and up Y/Y from $2.838 billion in net outflows.

So far in 2023, the industry has brought in $22.844 billion in net inflows as of April 30. That's equivalent to 0.09 percent of overall industry AUM. 

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