An ETF shop took the lead last month among midsize fund firms, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on November 2023 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 207 firms (down month-over-month from 208 in October 2023) with between 10 and 99 long-term mutual funds and ETFs each.

Pacer took the lead last month, thanks to an estimated $1.668 billion in net November 2023 inflows, up M/M from $1.487 billion in October 2023 and up year-over-year from $1.146 billion in November 2022. Other big November 2023 inflows winners included: Edward Jones' Bridge Builder, $1.525 billion (down M/M from $2.184 billion, up Y/Y from $362MM); Dodge & Cox, $802 million (up M/M from $622 million in net outflows, up Y/Y from $1.478 billion in net outflows); Baird (including Strategas), $667 million (down M/M from $765 million, up Y/Y from $196 million); and GQG, $483 million (up M/M from $343 million, down Y/Y from $669 million).

Bridge Builder still leads the 2023 midsize inflows pack so far, thanks to an estimated $11.876 billion in net year-to-date inflows as of November 30. Other big YTD inflows winners included: Baird, $10.551 billion; and Pacer, $9.88 billion.

On the flip side, DoubleLine took the outflows lead last month, thanks to an estimated $964 million in net November 2023 outflows, up M/M from $408 million in October 2023 but down Y/Y from $1.712 billion in November 2022. Other big November 2023 outflows sufferers included: Parnassus, $886 million (up M/M from $196 million, down Y/Y from $1.212 billion); Bessemer's Old Westbury, $542 million (up M/M from $256 million, up Y/Y from $374 million); Matthews Asia, $519 million (up M/M from $441 million, down Y/Y from $819 million); and Corebridge's VALIC, $387 milllion (up M/M from $212 million, up Y/Y from $62 million).

Meanwhile, Harding Loevner still leads the 2023 outflows pack so far, thanks to an estimated $3.257 billion in net YTD outflows as of November 30. Other big outflows sufferers included: Parnassus, $3.212 billion; and DoubleLine, $2.978 billion.

As a group, midsize firms suffered $1.224 billion in net November 2023 outflows, with 65 firms netting inflows, and they ended the month with a combined $1.468 trillion in AUM and 5,621 funds. (That compares with $1.57 billion in net outflows, 58 firms with inflows, $1.433 trillion in AUM, and 5,665 funds in October 2023.) Midsize firms accounted for 5.8 percent of industry long-term fund AUM and 13.3 percent of industry long-term funds.

Over the first 11 months of 2023, midsize firms brought in $11.162 billion in net inflows. 75 midsize firms have netted inflows YTD.

Across the industry, the 778 firms tracked by the M* team (down M/M from 779, down Y/Y from 788) brought in an estimated $33.087 billion in net November 2023 inflows, ending the month with $25.329 trillion in AUM across 42,307 funds. That compares with $49.2445 billion in net outflows across $23.571 trillion in AUM and 42,413 funds in October 2023, and with $52.733 billion in net outflows across $23.842 trillion in AUM and 42,249 funds in November 2022.

Over the first 11 months of 2023, the industry brought in $25.258 billion in net YTD inflows. 

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