Editor's Note: This month, MFWire is changing up how we categorize fund firms when looking at their fund flows. We're now dividing up firms by the number of funds they offer, instead of by AUM.
| Mary Ellen Bolger Stanek|
Robert W. Baird & Co.
Managing Director, Director of Asset Management
A Midwestern asset manager leads the way this year among midsize fund firms, according to the latest data from the folks at a publicly traded investment research firm.
This article draws from Morningstar Direct
data on September 2023 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 207 firms with between 10 and 99 long-term mutual funds and ETFs each.
(including Strategas) leads the midsize inflows pack so far in 2023, thanks to an estimated $9.119 billion in net year-to-date inflows as of September 30. Other big YTD inflows winners included: Edward Jones' Bridge Builder
, $8.168 billion; Pacer
, $6.725 billion; Dodge & Cox
, $3.596 billion; and F/m
(including North Slope), $2.732 billion.
Baird also led the way last quarter, thanks to an estimated $2.647 billion in net inflows in the third quarter of 2023. Other big Q3 2023 inflows winners included: Pacer, $2.627 billion; and Dodge & Cox, $2.017 billion.
Dodge & Cox took the lead last month, thanks to an estimated $1.312 billion in net September 2023 inflows, up month-over-month from $542 million in August 2023
and up year-over-year from $1.135 billion in net outflows in September 2022. Other big September 2023 inflows winners included: Pacer, $1.064 billion (up M/M from $1.044 billion, up Y/Y from $270 million); and Baird, $575 million (up M/M from $569 million, up Y/Y from $491 million).
On the flip side, Harding Loevner
leads the 2023 midsize outflows pack so far, thanks to an estimated $2.575 billion in net YTD outflows as of September 30. Other big outflows sufferers included: Parnassus
, $2.13 billion; Cohen & Steers
, $1.975 billion; DoubleLine
, $1.606 billion; and VALIC
, $1.575 billion.
Harding Loevner also led the outflows pack last quarter, thanks to an estimated $1.325 billion in net Q3 2023 outflows. Other big outflows sufferers included: DoubleLine, $1.246 billion; and Matthews Asia
, $1.099 billion.
And Harding Loevner also led the outflows pack last month, thanks to an estimated $1.002 billion in net September 2023 outflows, up M/M from $175 million in August 2023 and up Y/Y from $437 million in September 2022. Other big September 2023 outflows sufferers included: DoubleLine, $700 million (up M/M from $573 million, down Y/Y from $1.459 billion); and Parnassus, $512 million (up M/M from $191 million, up Y/Y from $327 million).
As a group, midsize firms suffered $1.666 billion in net September 2023 outflows, ending the month with $1.409 trillion in AUM across 5,590 funds. (57 midsize firms brought in net inflows last month.) Midsize firms accounted for 5.83 percent of industry long-term fund AUM, 13.22 percent of industry long-term funds, and 13.6 percent of industry long-term fund outflows.
In Q3 2023, midsize firms brought in $2.282 billion in net inflows. 69 midsize firms netted inflows.
Over the first nine months of 2023, midsize firms brought in $13.73 billion in net inflows, accounting for 38.26 percent of overall industry long-term inflows. 74 midsize firms netted inflows.
Across the industry, the 780 firms tracked by the M* team (down M/M from 780 and down Y/Y from 781) suffered an estimated $12.246 billion in net September 2023 outflows, and ended the month with $24.155 trillion in AUM across 42,269 funds. That compares with $24.468 billion in net outflows across $25.211 trillion in AUM and 42,226 funds in August 2023, and with $76.784 billion in net outflows across $21.521 trillion in AUM in September 2022.
Active funds suffered $41.556 billion in net September 2023 outflows, up M/M from $34.337 billion in August 2023 but down Y/Y from $97.389 billion in September 2022. Passive funds brought in $29.31 billion in net September 2023 inflows, up M/M from $9.869 billion and up Y/Y from $20.732 billion.
In Q3 2023, long-term funds and ETFs suffered an estimated $3.838 billion in net outflows. And over the first nine months of 2023, they brought in $35.883 billion in net inflows.
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