An insurer's new fund family took the lead last quarter among the smallest fund firms, according to the latest data from folks at a publicly traded investment research firm.

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 501 firms (up month-over-month from 497 in February 2024 and up quarter-over-quarter from 495 in December 2023) with fewer than ten long-term mutual funds and ETFs each.

Column Funds (from Northwesten Mutual's Mason Street Advisors) took the lead in the first quarter of 2024, thanks to an estimated $3.525 billion in net inflows, up Q/Q from $25 million in Q4 2023. Other big Q1 2024 inflows winners included: 21Shares, $2.349 billion (up Q/Q from $18 million); Bitwise, $1.618 billion (up Q/Q from $8 million, up year-over-year from $1 million in net outflows in Q1 2023); Alpha Architect, $1.313 billion (up Q/Q from $262 million, up Y/Y from $321 million); and Volatility Shares, $1.034 billion (up Q/Q from $106 million).

Volatility Shares pulled ahead last month, thanks to an estimated $899 million in March 2024 inflows. Other big inflows winners included: 21Shares, $760 million; and Alpha Architect, $576 million.

On the flip side, Ark took the outflows lead last quarter, thanks to an estimated $1.855 billion in Q1 2024 outflows, down Q/Q from $323 million in Q4 2023 inflows and down Y/Y from $58 million in Q1 2023 inflows. Other big Q1 2024 outflows sufferers included: Primecap, $1.012 billion (down Q/Q from $1.058 billion, up Y/Y from $571 million); Edgewood, $916 million (up Q/Q from $115 million, up Y/Y from $373 million); Akre, $775 million (down Q/Q from $1.092 billion, up Y/Y from $292 million); and Nuance, $351 million (up Q/Q from $233 million, up Y/Y from $102 million).

Ark also took the outflows lead last month, thanks to an estimated $462 million in net March 2024 outflows. Other big outflows sufferers included: Primecap, $329 million; and Akre, $316 million.

As a group, small fund firms brought in $2.904 billion in net March 2024 inflows, with 214 of those firms netting inflows. That's up M/M from $1.777 billion in net inflows and 207 firms in February 2024.

As of March 31, 2024, small fund firms had a combined $300 billion in AUM across 1,486 funds. (That compares with $288 billion and 1,477 funds on February 29, 2024, and with $270 billion and 1,479 funds on December 31, 2023.) Small firms last month accountd for 1 percent of industry AUM, 3.5 pecent of industry funds, and 3.2 percent of industry inflows.

Small fund firms brought in $9.43 billion in net Q1 2024 inflows, accounting for 5 percent of industry inflows. 228 small firms netted inflows in Q1 2024.

For the trailing twelve months ending March 31, 2024, small fund fims bought in $613 million in net inflows, accounting for 0.2 percent of industry inflows. 236 small firms netted TTM 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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