A niche fund firm known for its leveraged and inverse index ETFs kept the lead last month among midsize fund firms, even as the group's inflows and marketshare slipped.

Michael Lynn Sapir ProShare Advisors, ProFund Advisors CEO

This article draws from Morningstar Direct data on February 2022 open-end 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 74 firms (down from 76 in January 2022 and 75 in February 2021) with between $10 billion and $100 billion each in long-term fund AUM.

Midsize firms had $2.55 trillion in combined long-term fund AUM as of February 28, 2022, and they accounted for 9.73 percent of overall industry long-term fund AUM. That compares with $2.716 trillion and 10.17 percent on January 31, 2022, and with $2.822 trillion and 11.81 percent on February 28, 2021.

35 midsize firms brought in net long-term inflows in February 2022, the same as in January 2022 but down from 47 in February 2021.

ProShares and ProFunds kept the lead last month among midsize fund firms, thanks to an estimated $2.286 billion in February 2022 inflows, down month-over-month from $2.797 billion in January 2022 and down year-over-year from $2.629 billion in February 2021. Other big February 2022 inflows winners included: VanEck, $1.976 billion (up M/M from $688 million, up Y/Y from $528 million); Pacer, $1.015 billion (up M/M from $646 million, up Y/Y from $149 million); Rafferty's Direxion, $969 million (down M/M from $2.395 billion, down Y/Y from $1.011 billion); and WisdomTree, $854 million (up M/M from $512 million, up Y/Y from $38 million).

Pacer took the lead proportionately last month, thanks to estimated net February 2022 inflows equivalent to 9 percent of its AUM. Other big inflows winners included: GQG, 3.8 percent; Direxion, 3.5 percent; ProShares, 3.4 percent; and Alps, 3.1 percent.

As of February 28, ProShares led the 2022 midsize inflows pack, thanks to an estimated $5.084 billion in net year-to-date inflows. Other big YTD inflows winners included: Direxion, $3.363 billion; and VanEck, $2.664 billion.

On the flip side, last month was a rough one for DoubleLine, which led the midsize pack with an estimated $1.694 billion in net February 2022 outflows, up M/M from $1.177 billion in January 2022 and up Y/Y from $498 million in February 2021. Other big February 2022 outflows sufferers included: Federated Hermes, $1.315 billion (up M/M from $549 million, down Y/Y from $636 million in net inflows); Guggenheim (including Rydex), $1.087 billion (up M/M from $261 million, down Y/Y from $1.42 billion in net inflows); BNY Mellon, $767 million (up M/M from $205 million, down Y/Y from $294 million in net inflows); and Voya (including TCM), $748 million (up M/M from $707 million, up Y/Y from $288 million).

MassMutual led the midsize outflows pack proportionately last month, suffering estimated net February 2022 outflows equivalent to 2.2 percent of its AUM. Other big outflows sufferers included: Alger, 2.2 percent; DoubleLine, 2.2 percent; Guggenheim, 2.1 percent; and Federated, 1.5 percent.

As of February 28, DoubleLine led the 2022 midsize outflows pack, thanks to an estimated $2.871 billion in net YTD outflows. Other big YTD outflows sufferers included: Virtus. (including Stone Harbor), $2.003 billion; and Federated, $1.864 billion.

As a group, midsize fund firms brought in an estimated $826 million in net inflows in February 2022, equivalent to 0.03 percent of their combined AUM and accounting for 1.73 percent of overall industry long-term fund inflows. That compares with $3.687 billion, 0.14 percent of AUM, and 41.26 percent of industry inflows in January 2022 and with $24.793 billion, 0.88 percent of AUM, and 17.16 percent of industry inflows in February 2021.

As of February 28, midsize firms have brought in $3.896 billion in net 2022 inflows, equivalent to 0.15 percent of their combined AUM and accounting for 6.94 percent of overall industry inflows.

Across the entire industry, the 795 firms tracked by the M* team (down M/M from 797 but up Y/Y from 753) brought in an estimated $47.85 billion in net February 2022 inflows, equivalent to 0.18 percent of overall long-term fund AUM of $26.219 trillion on February 28, 2022. That's up M/M from $8.936 billion in January 2022 inflows, equivalent to 0.03 percent of $26.709 trillion in AUM, but down Y/Y from $144.457 billion in February 2021 inflows, equivalent to 0.6 percent of $24.208 trillion in AUM.

Passive funds brought in $80.09 billion in net long-term fund inflows in February 2022, up M/M from $22.087 billion but down Y/Y from $91.347 billion. Active funds suffered $32.24 billion in net long-term fund outflows in February 2022, up M/M from $13.138 billion but down Y/Y from $53.109 billion in net inflows.

YTD, long-term funds have brought in $56.119 billion in net inflows industrywide, equivalent to 0.21 percent of long-term fund AUM. 

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