A liquid alts shop took the inflows lead last month among small fund firms, even as the group's outflows overall grew.

Jerry Szilagyi Catalyst Capital Advisors LLC President, CEO, Co-Founder

This article draws from Morningstar Direct data for November 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 158 firms (down year-over-year from 173 in November 2021) with between $1 billion and $10 billion each in long-term fund AUM.

Small firms had $502 billion in total long-term fund AUM as of November 30, 2022, accounting for 2.11 percent of overall industry long-term fund AUM. That compares with $513 billion and 2.27 percent on October 31, 2022, and with $567 billion and 2.08 percent on November 30, 2021.

49 of those small fund firms brought in net inflows in November 2022, up month-over-month from 48 in October 2022 but down Y/Y from 94 in November 2021.

Catalyst took the lead last month, thanks to an estimated $196 million in net November 2022 inflows, down M/M from $464 million in October 2022 but up Y/Y from $41 million in November 2021. Other big November 2022 inflows winners included: USCF, $185 million (down M/M from $195 million, up Y/Y from $121 million); PFM, $174 million (up M/M from $2 million, up Y/Y from $50 million); Smead, $167 million (up M/M from $51 million, up Y/Y from $85 million); and Amplify, $145 million (up M/M from $66 million, down Y/Y from $203 million).

Muzinich took the lead proportionately last month, thanks to estimated net November 2022 inflows equivalent to 11.2 percent of its AUM. Other big inflows winners included: PFM, 6.8 percent; Alpha Architect, 4.7 percent; USCF, 4.6 percent; and Amplify, 4.1 percent.

Catalyst now leads the 2022 small firm inflows pack so far, thanks to an estimated $2.204 billion in net year-to-date inflows as of November 30. Other big YTD inflows winners included: LoCorr, $1.638 billion; and BMO, $1.389 billion.

On the flip side, JOHCM, took the small firm outflows lead last month, thanks to an estimated $550 million in net November 2022 outflows, up M/M from $513 million in October 2022 and down Y/Y from $356 million in November 2021 inflows. Other big November 2022 outflows sufferers included: Polen Capital, $472 million (up M/M from $198 million, down Y/Y from $85 million in net inflows); City National Rochdale, $281 million (up M/M from $134 million, down Y/Y from $325 million); RBC GAM, $270 million (up M/M from $45 million, down Y/Y from $227 million in net inflows); and Angel Oak, $221 million (down M/M from $620 million, down Y/Y from $101 million in net inflows).

Oberweis took the small firm outflows lead proportionately last month, thanks to estimated net November 2022 outflows equivalent to 16.8 percent of its AUM. Other big outflows sufferers included: JOHCM, 7.2 percent; Vulcan Value Partners, 6.6 percent; RBC, 5.9 percent; and AlphaCentric, 5.8 percent.

Angel Oak still leads the small firm 2022 outflows pack, thanks to an estimated $3.844 billion in net YTD outflows as of November 30. Other big outflows sufferers included: JOHCM, $3.225 billion; and AlphaCentric, $2.965 billion.

As a group, small fund firms suffered $4.316 billion in net outflows last month, equivalent to 0.86 percent of their combined AUM and accounting for 8.18 percent of overall industry long-term outflows. That compares with $3.525 billion, 0.69 percent of AUM, and 16.09 percent of industry outflows in October 2022, and with $1.697 billion in net inflows, 0.3 percent of AUM, and 2.1 percent of industry inflows in November 2021.

Over the first eleven months of 2022, small firms suffered an estimated $21.419 billion in net outflows. That's equivalent to 4.27 percent of their combined AUM and accounts for 7.58 percent of overall industry long-term outflows.

Across the entire industry, the 788 firms tracked by the M* team (up M/M from 787, up Y/Y from 781) suffered an estimated $52.733 billion in net November 2022 outflows, equivalent to 0.22 percent of their combined $23.842 trillion in AUM. That's up M/M from $21.911 billion and 0.1 percent, and down Y/Y from $80.955 billion in net inflows and 0.3 percent.

Active funds suffered an estimated $95.552 billion in net November 2022 outflows, down M/M from $101.864 billion and up Y/Y from $2.051 billion. Passive funds brought in $42.638 billion in net November 2022 inflows, down M/M from $79.909 billion and down Y/Y from $83.006 billion.

As of November 30, long-term funds and ETFs have suffered $282.45 billion in net 2022 outflows. That's equivalent to 1.18 percent of their combined AUM. 

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