MutualFundWire.com: Pacer Leads As Midsize Outflows Shrink By $5B

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Monday, December 19, 2022

Pacer Leads As Midsize Outflows Shrink By $5B

An ETF shop took the inflows lead last month among midsize fund firms as the group's outflows shrunk by about $5 billion.

Sean Edward O'Hara
Pacer ETFs Distributors / Pacer Financial
President / Director

This article draws from Morningstar Direct data on 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 73 firms (up month-over-month from 70 in October 2022 but down year-over-year from 75 in November 2021) with between $10 billion and $100 billion each in long-term fund AUM.

Midsize firms had $2.537 trillion in combined long-term fund AUM as of November 30, 2022, and they accounted for 10.64 percent of overall industry long-term fund AUM. That compares with $2.396 trillion and 10.62 percent on October 31, 2022, and with $2.784 trillion and 10.2 percent on November 30, 2021.

19 midsize firms brought in net inflows in November 2022, up M/M from 10 in October 2022 but down Y/Y from 36 in November 2021.

Pacer took the inflows lead last month, thanks to an estimated $1.146 billion in net November 2022 inflows, down M/M from $1.195 billion in October 2022 but up Y/Y from $163 million in November 2021. Other big November 2022 inflows winners included: WisdomTree, $1.143 billion (down M/M from $2.068 billion, up Y/Y from $173 million); ProShares and ProShares, $930 million (up M/M from $730 million in net outflows, down Y/Y from $1.034 billion); Innovator, $903 million (up M/M from $809 million, up Y/Y from $43 million in net outflows); and Neuberger Berman, $774 million (up M/M from $74 million, up Y/Y from $166 million).

Innovator took the lead proportionately last month, thanks to net November 2022 inflows equivalent to 8.4 percent of its AUM. Other big inflows winners included: Pacer, 5.9 percent; GQG, 5 percent; WisdomTree, 2 percent; and Rafferty's Direxion, 1.9 percent.

ProShares still leads the 2022 midsize inflows pack so far, thanks to an estimated $14.216 billion in net year-to-date inflows as of November 30. Other big YTD inflows winners included: WisdomTree, $13.548 billion; and Direxion, $10.926 billion.

On the flip side, Macquarie's Delaware led the midsize outflows pack last month for the second month in a row, thanks to an estimated $1.999 billion in net November 2022 outflows, up M/M from $1.558 billion in October 2022 and up Y/Y from $1.523 billion in November 2021. Other big November 2022 outflows sufferers included: DoubleLine, $1.712 billion (up M/M from $1.313 billion, up Y/Y from $711 million); Artisan Partners, $1.63 billion (up M/M from $642 million); BNY Mellon, $1.261 billion (up M/M from $1.189 bilion, up Y/Y from $538 million); and Parnassus $1.212 billion (up M/M from $275 million, up Y/Y from $231 million).

Matthews Asia took the outflows lead proportionately last month, thanks to estimated net November 2022 outflows equivalent to 6.8 percent of its AUM. Other big outflows sufferers included: Edgewood, 4.9 percent; UBS, 3.8 percent; Parnassus, 3.2 percent; and Primecap, 3.2 percent.

DoubleLine still leads the 2022 midsize outflows pack so far, thanks to an estiamted $17.188 billion in net YTD outflows as of November 30. Other big outflows sufferers included: Delaware, $15.158 billion; and TCW (including MetWest), $13.348 billion.

As a group, midsize fund firms suffered an estimated $20.139 billion in combined net November 2022 outflows, equivalent to 0.79 percent of their combined AUM and accounting for 38.19 percent of overall industry long-term outflows. That compares with $24.383 billion, 1.02 percent of AUM, and 111.28 percent of industry outflows in October 2022, and with $2.415 billion in net inflows, 0.09 percent of AUM, and 10.2 percent of industry inflows in November 2021.

Over the first eleven months of 2022, midsize fund firms suffered an estimated $173.909 billion in net outflows. That's equivalent to 6.86 percent of their combined AUM and accounts for 63.7 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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