A New York City ETF boutique took the lead last month, at least when it comes to inflows into the smallest 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 November 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 497 firms with fewer than ten long-term mutual funds and ETFs each.

FCF took the lead last month, thanks to an estimated $124 million in net November 2023 inflows, up month-over-month from $10 million in October 2023 and up year-over-year from $8 million in outflows in November 2022. Other big November 2023 inflows winners included: Neos, $91 million (up M/M from $44 million, up Y/Y from $1 million); Holbrook, $81 million (down M/M from $84 million, up Y/Y from $26 million); Alpha Architect, $81 million (down M/M from $122 million, up Y/Y from $50 million); and Aspiriant, $77 million (up M/M from $109 million in net outflows, up Y/Y from $2 million in net outflows).

Alpha Architect still leads the 2023 inflows pack so far, thanks to an estimated $1.071 billion in net year-to-date inflows as of November 30. Other big YTD inflows winners included: Seafarer, $798 million; and Performance Trust Asset Management, $741 million.

On the flip side, Primecap took the outflows lead last month, thanks to an estimated $307 million in net November 2023 outflows, up M/M from $180 million in October 2023 but down Y/Y from $653 million in November 2022. Other big November 2023 outflows sufferers included: Akre, $263 million (down M/M from $478 million, unchanged Y/Y); Edgewood, $237 million (down M/M from $164 million in net inflows, down Y/Y from $844 million in net outflows); Evoke, $237 million (up M/M from $43 million, down Y/Y from $369 million); and Absolute Investment Advisers, $164 million (up M/M from $24 million, down Y/Y from $28 million in net inflows).

Primecap still leads the 2023 small firm outflows pack so far, thanks to an estimated $2.262 billion in net YTD outflows as of November 30. Other big outflows sufferers included: Akre, $1.921 billion; and Edgewood, $1.756 billion.

As a group, small fund firms suffered $1.297 billion in net November 2023 outflows, with 195 firms bringing in net inflows. They ended the month with $260 billion in AUM across 1,498 funds, accounting for 1 percent of industry AUM and 3.5 percent of industry funds. That compares with $1.086 billion in net October 2023 outflows, 170 firms with net inflows, $242 billion in AUM, 1,507 funds, 1 percent of industry AUM, and 3.6 percent of industry funds in October 2023.

Over the first 11 months of 2023, small fund firms suffered $5.95 billion in combined net outflows. 241 firms brought in net inflows.

Across the industry, the 778 firms tracked by the M* team (down M/M from 779, down Y/Y from 788) brought in an estimated $33.087 billion in net November 2023 inflows, ending the month with $25.329 trillion in AUM across 42,307 funds. That compares with $49.2445 billion in net outflows across $23.571 trillion in AUM and 42,413 funds in October 2023, and with $52.733 billion in net outflows across $23.842 trillion in AUM and 42,249 funds in November 2022.

Over the first 11 months of 2023, the industry brought in $25.258 billion in net YTD inflows. 

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