An ETF shop took the inflows lead last month among midsize fund firms, even as the group's overall outflows fell by more than half, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on July 2023 open-end mutual fund and ETF flows, excluding money-market and funds of funds. (Other asset management products, like CITs and SMAs, are also not included.) More specifically, this article focuses on the 75 firms (up month-over-month from 71 in June 2023, up year-over-year from 73 in July 2022) with between $10 billion and $100 billion each in long-term fund AUM.

Midsize firms had $2.642 trillion in combined long-term fund AUM across 14,312 funds as of July 31, 2023, and they accounted for 10.19 percent of industry AUM. That compares with $2.455 trillion and 9.83 percent of AUM on June 30, 2023, and with $2.527 trillion as of July 31, 2022.

20 midsize firms brought in net July 2023 inflows. That's unchanged M/M but up Y/Y from 17.

VanEck took the lead last month, thanks to an estimated $2.278 billion in net July 2023 inflows, up M/M from $71 million in June 2023 and up Y/Y from $541 million in July 2022 outflows. Other big July 2023 inflows winners included: Baird (including Strategas), $1.502 billion (down M/M from $1.924 billion, up M/M from $690 million in net outflows; WisdomTree, $928 million (down M/M from $2.008 billion, down Y/Y from $1.029 billion); Pacer, $519 million (up M/M from $125 million, down Y/Y from $600 million); and Mirae's Global X, $412 million (down M/M from $808 million, up Y/Y from $49 million).

VanEck also led the way proportionately last month, thanks to estimated net inflows equivalent to 3.5 percent of its AUM. Other big July 2023 inflows winners included: Ark, 2.3 percent; and Innovator.

Baird still leads the 2023 midsize inflows pack so far, thanks to an estimated $7.975 billion in year-to-date inflows as of July 31, 2023. Other big YTD inflows winners included: WisdomTree, $7.14 billion; and Pacer, $4.617 billion.

On the flip side, ProShares and ProFunds took the outflows lead last month, thanks to an estimated $969 million in net July 2023 outflows, down M/M from $802 million in June 2023 inflows and down Y/Y from $2.896 billion in July 2022 inflows. Other big July 2023 outflows sufferers included: Macquarie's Delaware, $763 million (up M/M from $703 million, down Y/Y from $1.075 billion); SEI, $661 million (up M/M from $226 million, up Y/Y from $612 million); Virtus, $534 million (down M/M from $871 million, down Y/Y from $983 million); and Federated Hermes, $507 million (down M/M from $508 million, down Y/Y from $657 million).

Mercer led the outflows pack proportionately last month, thanks to net July 2023 outflows equivalent to 2.9 percent of its AUM. Other big July 2023 outflows sufferers included: Edgewood, 2.3 percent; and Alger, 1.8 percent.

Delaware still leads the 2023 outflows pack so far, thanks to an estimated $6.059 billion in net YTD outflows as of July 31. Other big YTD outflows sufferers included: Virtus, $4.619 billion; and SEI, $3.58 billion.

As a group, midsize firms suffered an estimated $2.415 billion in net July 2023 outflows, equivalent to 0.09 percent of their combined AUM. That compares with $5.497 billion and 0.22 percent in June 2023, and with $13.537 billion and 0.54 percent of AUM in July 2022.

As of July 31, midsize firms have suffered an estimated $23.513 billion in net 2023 outflows. That's equivalent to 0.9 percent of their combined AUM.

Across the entire industry, the 779 firms tracked by the M* team brought in $32.39 billion in net July 2023 inflows, equivalent to 0.13 percent of its $25.75 trillion in AUM across 42,167 funds. That compares with $36.029 billion in net inflows, 0.14 percent, $24.973 trillion in AUM, and 42,054 funds in June 2023, and with $12.991 billion in net outflows, 0.05 percent, and $24.166 trillion in AUM.

Active funds suffered an estimated $24.413 billion in net July 2023 outflows, down M/M from $31.238 billion in June 2023 and down Y/Y from $58.766 billion in July 2022. On the flip side, passive funds brought in $56.803 billion in net July 2023 inflows, down M/M from $67.267 billion but up Y/Y from $45.732 billion.

As of July 31, the industry has brought in $70.566 billion in net 2023 inflows. That's equivalent to 0.27 percent of its combined AUM. 

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