MutualFundWire.com: ProShares Takes the Lead With $15B

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Friday, January 20, 2023

ProShares Takes the Lead With $15B

Among midsize fund firms, a nice ETF shop led the way last year in terms of flows.

Michael Lynn Sapir
ProShare Advisors, ProFund Advisors
CEO

This article draws from Morningstar Direct data on December 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 71 firms (down month-over-month from 73 in November 2022 and down year-over-year from December 2021) with between $10 billion and $100 billion each in long-term fund AUM.

Midsize firms had $2.352 trillion in combined long-term fund AUM as of December 31, 2022, and they accounted for 10.35 percent of overall industry long-term fund AUM. That compares with $2.537 trillion and 10.64 percent on November 30, 2022, and with $2.921 trillion and 10.4 percent on December 31, 2021.

11 midsize firms brought in net inflows in December 2022, down M/M from 19 in November 2022.

ProShares and ProFunds took the inflows lead last year, thanks to an estimated $14.681 billion in 2022 inflows. Other big inflows winners included: WisdomTree, $14.569 billion; Pacer, $11.16 billion; Rafferty's Direxion, $10.85 billion; and Innovator, $5.582 billion.

Pacer took the lead proportionately last year, thanks to net 2022 inflows equivalent to 67.6 percent of its AUM. Other big inflows winners included: Innovator, 51.5 percent; Direxion, 47 percent; GQG, 35.6 perent; and WisdomTree, 26.1 percent.

WisdomTree led the midsize inflows pack last quarter, thanks to an esetimated $4.231 billion in inflows in the fourth quarter of 2022. Other big Q4 2022 inflows winners included: Pacer, $3.282 billion; and Innovator, $2.153 billion.

WisdomTree also took the inflows lead last month, thanks to an estimated $1.02 billion in net December 2022 inflows, down M/M from $1.143 billion in November 2022 but up Y/Y from $469 million in December 2021. Other big December 2022 inflows winners included: Pacer, $942 million (down M/M from $1.146 billion, up Y/Y from $681 million); and ProShares, $465 million (down M/M from $930 million, down Y/Y from $901 million).

On the flip side, 2022 was a rough year for DoubleLine, which suffered an estimated $19.669 billion in net outflows, more than any other midsize fund firm. Other big outflows sufferers included: Macquarie's Delaware, $16.239 billion; TCW (including MetWest), $15.51 billion; Virtus, $14.167 billion; and SEI, $12.062 billion.

Proportionately, Alger took the outflows lead last year, suffering estimated net 2022 outflows equivalent to 42.9 percent of its AUM. Other big outflows sufferers included: DoubleLine, 36. 9 percent; BBH, 34.1 percent; Edgewood, 32 percent; and Guggenheim (including Rydex), 30.9 percent.

DoubleLine also led the outflows pack last quarter, thanks to an estimated $5.506 billion in Q4 2022 outflows. Other big outflows sufferers included: Delaware, $4.638 billion; and BNY Mellon, $4.313 billion.

DoubleLine also took the lead proportionately last month, thanks to an estimated $2.481 billion in December 2022 outflows, up M/M from $1.712 billion in November 2022 and up Y/Y from $1.489 billion in December 2021. Other big December 2022 outflows sufferers included: TCW, $2.162 billion (up M/M from $451 million, up Y/Y from $1.174 billion); and BNY Mellon, $1.864 billion (up M/M from $1.261 billion, up Y/Y from $803 million).

As a group, midsize fund firms suffered $195.905 billion in net 2022 outflows, equivalent to 8.33 percent of their combined AUM and accounting for 0.54 percent of overall industry long-term outflows. That's down from $86.011 billion in net 2021 inflows.

In Q4 2022, midsize fund firms suffered $72.608 billion in net outflows. That's equivalent to 3.09 percent of their combined AUM and accounted for 44.05 percent of industry outflows.

In December 2022 alone, midsize fund firms suffered $32.146 billion in net outflows, equivalent to 1.37 percent of their combined AUM and accounting for 37.46 percent of industry outflows. That compares with $20.139 billion, 0.79 percent of AUM, and 38.19 percent of industry outflows in November 2022, and with $6.909 billion and 0.24 percent of AUM in December 2021.

Across the entire industry, the 788 firms tracked by the M* team (down from 799 a year ago) suffered an estimated $361.242 billion in net outflows in 2022, equivalent to 1.59 percent of the industry's combined $22.731 trillion in AUM, and the industry had 42,192 long-term funds and ETFs. That's down Y/Y from $1.21309 trillion in 2021 inflows, when the industry had $28.084 trillion in AUM.

In Q4 2022, the industry suffered $164.816 billion in net outflows. That's equivalent to 0.73 percent of the industry's AUM.

In December 2022, the industry suffered $85.82 billion in net outflows, equivalent to 0.38 percent of its AUM. That compares with $52.733 billion and 0.22 percent in November 2022, and with $87.633 billion in net inflows and 0.31 percent in December 2021.

Passive funds brought in $35.056 billion in net December 2022 inflows, down M/M from $42.638 billion in November 2022 and down Y/Y from $95.932 billion in December 2021. Yet active funds suffered $121.317 billion in net December 2022 outflows, up M/M from $95.552 billion and up Y/Y from $8.299 billion.

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