A San Francisco fund firm took the lead last quarter among midsize fund firms, according to the latest data from the folks at a publicly traded investment research firm.

Dana Morton Emery Dodge & Cox CEO, Chair

This article draws from Morningstar Direct data on March 2024 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 209 firms with between 10 and 99 long-term mutual funds and ETFs each.

Dodge & Cox took the lead in the first quarter of 2024, thanks to an estimated $5.762 billion in net Q1 2024 inflows, up quarter-over-quarter from $172 million in net outflows in Q4 2023 and up year-over-year from $1.676 billion in net inflows in Q1 2023. Other big Q1 2024 inflows winners included: Pacer, $5.189 billion (down Q/Q from $5.258 billion, up Y/Y from $3.42 billion); Baird (including Strategas), $4.918 billion (up Q/Q from $2.919 billion, up Y/Y from $2.518 billion); Edward Jones' Bridge Builder, $2.034 billion (down Q/Q from $4.205 billion, down Y/Y from $3.324 billion); and GQG, $2.031 billion (up Q/Q fom $1.197 billion, up Y/Y from $1.315 billion).

Baird took the lead last month thanks to $1.502 billion in March 2024 inflows, replacing February leader Dodge & Cox. Other big March 2024 inflows winners included: Pacer, $1.411 billion; and Dodge & Cox, $1.391 billion.

On the flip side, Grayscale took the outflows lead last quarter, thanks to an estimated $14.762 billion in net Q1 2024 outflows, down Q/Q from $9 million in Q4 2023 inflows but up Y/Y from negligible outflows in Q1 2023. Other big Q1 2024 outflows sufferers included: Parnassus, $2.47 billion (up Q/Q from $1.413 billion, up Y/Y from $274 million); Baron, $1.467 billion (up Q/Q fom $659 million, down Y/Y from $100 million in net inflows); Brown Capital Management, $1.314 billion (up Q/Q from $605 million, up Y/Y from $147 million); and Brown Advisory, $1.148 billion (up Q/Q from $240 million, down Y/Y from $663 million in net inflows).

Grayscale also led the outflows pack for a third a consecutive month, thanks to an estimated $6.357 bllion in March 2024 outflows. Other big outflows sufferers included: Baron, $529 million; and Harding Loevner, $524 million.

As a group, midsize firms suffered $957 million in March 2024 outflows, and they ended the month with $1.688 trillion in combined AUM across 5,689 funds. That compares with $2.66 billion in net February 2024 inflows and $1.592 trillion in AUm and 5,849 funds on February 29, 2024, and with $1.551 trillion in AUM and 5,839 funds on December 31, 2023.

As of March 31, 2024, midsize firms accounted for 5.9 percent of industry long-term fund AUM and 13.8 percent of long-term funds. That compares with 5.8 percent of AUM and 13.7 percent of funds on Februay 29, 2024, and with 5.8 percent of AUM and 13.8 percent of funds on December 31, 2023.

Midsize firms suffered $339 million in net Q1 2024 outflows, down Q/Q from $4.857 billion. 94 midsize firms bought in net inflows in Q1 2024.

For the trailing twelve months ending March 31, 2024, midsize firms brought in $942 million in net inflows. They accounted of 0.4 percent of TTM industry inflows.

Across the whole industry, the 782 firms tracked by the M* team brought in an estimated $89.549 billion in net March 2024 inflows, ending the month with $28.428 trillion in AUM across 42,586 funds. That compares with $63.13 billion in net February 2024 inflows and with $25.527 billion in net March 2023 outflows. (As for industry size, that compares with: 778 firms, $27.618 trillion in AUM, and 42,551 funds on February 29, 2024; 782 firms, $26.572 trillion in AUM, and 42,423 funds on December 31, 2024; and 785 firms, $23.968 trillion in AUM, and 42,221 funds on March 31, 2023.)

In Q1 2024, the industry brought in $189.02 billion in net long-term inflows.

And for the TTM ending March 31, 2024, the industry brought in $249.233 billion in net inflows. 

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