MutualFundWire.com: In 2022, Mr. Market Took a 20-Percent Bite Out of Fund Firms, But ...

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Tuesday, January 24, 2023

In 2022, Mr. Market Took a 20-Percent Bite Out of Fund Firms, But ...

As the stock market fell last year, most publicly traded asset managers felt the pain.

Frank Edward Holmes
U.S. Global Investors, Inc.
CEO, Chief Investment Officer

14 of the 15 publicly traded U.S. mutual fund firms tracked by MFWire saw their share prices fall in 2022, as the S&P 500 fell 19.44 percent. (The median share price fall for those fund firms was 20.4 percent.) The median market-cap-to-AUM ratio of those firms is now 1.3 percent, up from 1.19 percent at the end of October.

In December 2022 alone, 13 of those 15 fund firms saw their share prices fall. As the S&P 500 fell 5.9 percent, the median fund firm's share price fell 2.55 percent.

Looking at the entire pandemic period, though, still shows a net positive picture on the whole. 13 of those 15 publicly traded fund firms have seen their share prices rise from December 31, 2019 through December 30, 2022. The S&P 500 rose 18.84 percent over that period, compared with a median fund firm share price jump of 29.36 percent.

U.S. Global Investors (GROW) ended 2022 up about 112.35 percent since December 2019, fell 32.55 percent in 2022, and fell 3.5 percent in December 2022. With average AUM of $2.9 billion in the quarter ended September 30, 2022, its $52.109-million market cap translates into about 1.8 percent of its AUM.

Affiliated Managers Group (AMG) ended 2022 up 87.87 percent since 12/31/2019, fell 3.85 percent in 2022, and fell 1.24 percent in December 2022. With AUM (as of 9/30/2022) of $644.6 billion, its $6.248-billion market cap translates into about 1 percent of its AUM.

Virtus (VRTS) ended 2022 up 68.7 percent since 12/31/2019, fell 33.5 percent in 2022, and fell 1.29 percent in December 2022. With AUM of $145 billion (as of 9/30/2022), its $1.58-billion market cap translates into 1.1 percent of its AUM.

Diamond Hill (DHIL) ended 2022 up 67.15 percent since 12/31/2019, rose 0.41 percent in 2022, and rose 3.97 percent in December 2022. With AUM of $24.8 billion (as of 12/31/2022), its $555.401-million market cap translates into 2.2 percent of its AUM.

BlackRock (BLK) ended 2022 up 51.62 percent since 12/31/2019, fell 20.4 percent in 2022, and fell 0.35 percent in December 2022. With AUM of $8.594485 trillion (as of 12/31/2022), its $112.02-billion market cap translates into 1.3 percent of its AUM.

AllianceBernstein (AB) ended 2022 up 47.13 percent since 12/31/2019, fell 23.45 percent in 2022, and fell 14.82 percent in December 2022. With AUM of $613 billion (as of 9/30/2022), its $3.823-billion market cap translates into 0.6 percent of its AUM.

Victory Capital (VCTR) ended 2022 up 36.54 percent since 12/31/2019, fell 23.84 percent in 2022, and fell 6.65 percent in December 2022. With AUM of $153 billion (as of 12/31/2022), its $2.02-billion market cap translates into 1.3 percent of its AUM.

Federated Hermes (FHI) ended 2022 up 29.36 percent since 12/31/2019, fell 0.16 percent in 2022, and fell 4.35 percent in December 2022. With AUM of $624.4 billion, its $3.388-billion market cap translates into 0.5 percent of its AUM.

WisdomTree (WT, formerly WETF) ended 2022 up 21.11 percent since 12/31/2019, fell 9.02 percent in 2022, and fell 2.15 percent in December 2022. With AUM of $86.595-billion (as of 1/23/2023), its $835.158-million market cap translates into 1 percent of its AUM.

Artisan Partners (APAM) ended 2022 up 20.68 percent since 12/31/2019, fell 31.31 percent in 2022, and fell 14.38 percent in December 2022. With AUM of $127.9 billion (as of 12/31/2022), its $2.435-billion market cap translates into 1.9 percent of its AUM.

Franklin Resources (dba Franklin Templeton) (BEN) ended 2022 up 16.21 percent since 12/31/2019, fell 17.51 percent in 2022, and fell 0.45 percent in December 2022. With AUM of $1.3875 trillion (as of 12/31/2022), its $15.183-billion market cap translates into 1.1 percent of its AUM.

Cohen & Steers (CNS) ended 2022 up 14.67 percent since 12/31/2019, fell 27.99 percent in 2022, and fell 2.55 percent in December 2022. With AUM of $80.4-billion (as of 12/31/2022), its $3.576-billion market cap translates into 4.4 percent of its AUM.

Invesco (IVZ) ended 2022 up 13.57 percent since 12/31/2019, fell 18.71 percent in 2022, and fell 5.86 percent in December 2022. With AUM of $1.4092 trillion (as of 12/31/2022), its $8.595-billion market cap translates into 0.6 percent of its AUM.

T. Rowe Price (TROW) ended 2022 down 0.17 percent since 12/31/2019, fell 42.24 percent in 2022, and fell 11.8 percent in December 2022. With AUM of $1.28 trillion (as of 12/31/2022), its $26.519-billion market cap translates into 2.1 percent of its AUM.

And Hennessy (HNNA) ended 2022 down 0.94 percent since 12/31/2019, fell 16.75 percent in 2022, and fell 5.3 percent in December 2022. With AUM of $3.1 billion, its $74.222-million market cap translates into 2.4 percent of its AUM.

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