A quantiative ETF startup took the inflows lead proportionately last month, as industry inflows returned.

Troy Michael Cates NEOS Investments LLC Co-Founder, Managing Partner

This article draws from Morningstar Direct data on June 2023 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.)

Edward Jones' Bridge Builder led the way in the first half of 2023, thanks to an estimated $556 million in net year-to-date inflows per fund as of June 30. Other big YTD inflows winners included: Baird (including Strategas), $166 million per fund; Kovitz, $154 million per fund; F/m's North Slope Capital (part of 1251 Capital Group's Diffractive Managers Group), $135 million per fund; and Schwab, $132 million per fund.

Bridge Builder also led the pack last quarter, thanks to an estimated $279 million per fund in net inflows in the second quarter of 2023. Other big Q2 2023 inflows winners included: Neos, $117 million per fund; and Baird, $101 million per fund.

Neos gained the lead last month, thanks to an estimated $99 million per fund in net June 2023 inflows, up month-over-month from $14 million in May 2023. Other big June 2023 inflows winners included: Baird, $49 million per fund (up M/M from $24 million, up year-over-year from $9 million in net June 2022 outflows per fund); and Bridge Builder, $43 million per fund (down M/M from $178 million per fund, up Y/Y from $22 million per fund).

On the flip side, Edgewood led the outflows pack in the first half of 2023, thanks to an estimated $482 million per fund in net YTD inflows as of June 30. Other big YTD inflows winners included: Primecap, $427 million per fund; Akre, $261 million per fund; RCF's Sequoia, $218 million per fund; and Core Alternative Capital, $121 million per fund.

Edgewood also led with outflows last quarter, thanks to an estimated $296 million per fund in net Q2 2023 outflows. Other big Q2 outflows sufferers included: Primecap, $236 million per fund; and Akre, $163 million per fund.

And Edgewood also led the outflows pack for a second month in a row, thanks to an estimated $161 million per fund in net June 2023 outflows, up M/M from $86 million per fund in May 2023 but down Y/Y from $220 million per fund in June 2022. Other big June 2023 outflows sufferers included: Primecap, $131 million per fund (up M/M from $66 million per fund, up Y/Y from $87 million per fund); and Southeastern's Longleaf, $61 million per fund (up M/M from $12 million per fund, up Y/Y from $5 million per fund).

The whole long-term U.S. mutual fund and ETF industry brought in an estimated $905,000 per fund in net inflows in the first half of 2023. In Q2 2023, the industry brought in $535,000 per fund.

In June 2023, the industry brought in an estimated $857,000 per fund in net inflows. That's up M/M from $552,000 per fund in May 2023 inflows, and down Y/Y from $1.433 million per fund in net outflows in June 2022 outflows.

Editor's Note: A prior version of this story gave the wrong June 2023 outflows data. To clarify, an estimated $857,000 per fund net flowed into long-term mutual funds and ETFs in June 2023. 

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