Outflows fell more than 98 percent last month among the smallest fund firms.
This article draws from Morningstar Direct
data on 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 515 firms (down month-over month from 523 in March 2023
and down year-over-year from 524 in April 2022
) with less than $1 billion each in long-term fund AUM.
Micro fund firms had $99 billion in total long-term AUM across 2,760 funds and accounting for 0.41 percent of overall industry long-term fund AUM. That compares with $100 billion, 2,836 funds, and 0.41 percent of AUM in June 2023, and with $98 billion and 0.4 percent of AUM.
193 of those micro fund firms brought in net inflows in April 2023. That's up M/M from 197 in March 2022 and up Y/Y from 235 in March 2023.
took the micro firm inflows lead last month, thanks to an estimated $80 million in net April 2023 inflows, up M/M from $48 million in March 2023 and up Y/Y from $36 million in April 2022. Other big inflows winners included: Simplify
, $66 million (up M/M from $50 million in net outflows, up Y/Y from $39 million in net inflows); YieldMax
, $46 million (up M/M from $23 million); River Canyon
, $43 million (up M/M from $21 million, down Y/Y from $117 million); and Ambrus
, $33 million (up M/M from $32 million).
Last month there were at least two apparent newcomers, including MKAM
and Morgan Dempsey
Ambrus leads the pack so far in 2023, thanks to an estimated $191 million in net inflows year-to-date as of April 30, 2023. Other big YTD inflows winners included: Strive
, $181 million; and Kovitz
, $154 million.
On the flip side, DF Dent
took the outflows lead last month, thanks to an estimated $69 million in net April 2023 outflows, up M/M from $14 million in March 2023 and up Y/Y from $5 million in April 2022. Other big April 2023 outflows sufferers included: Lyrical
, $56 million (down M/M from $93 million, down Y/Y from $8 million in net inflows); Semper
, $42 million (up M/M from $24 million, down Y/Y from $142 million); Palmer Square
, $41 million (up M/M from $10 million, down Y/Y from $31 million in net inflows); and AlphaCentric
, $34 million (down M/M from $67 million, down Y/Y from $234 million).
Callahan's Trust for Credit Unions
leads the 2023 outflows pack so far, thanks to an estimated $523 million in net YTD outflows as of April 30. Other big outflows sufferers include: AlphaCentric, $163 million; and Lyrical, $134 million.
As a group, micro fund firms suffered an estimated $8 million in net April 2023 outflows, equivalent to 0.01 percent of their combined AUM. That compares with $451 million and 0.45 percent in March 2023, and with $1.156 billion in net inflows and 1.18 percent in April 2022.
So far in 2023, micro fund firms have brought in an estimated $154 million in net YTD inflows, as of April 30. That translates into 0.16 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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