MutualFundWire.com: Mr. Market Boosted Fund Firms By 9 Percent In January

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Wednesday, February 1, 2023

Mr. Market Boosted Fund Firms By 9 Percent In January

As stocks rose last month, asset managers felt the love of Mister Market.

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

All 15 of the publicly traded U.S. mutual fund firms tracked by MFWire saw their share prices rise last month, as the S&P 500 rose 6.18 percent. (The median share price jump for those fund firms was 8.82 percent.) The median market-cap-to-AUM ratio of those firms has now risen to 1.32 percent.

Yet, thanks to Mr. Market's rough 2022, shares in most publicly traded fund firms are down since 2021. 12 of those firms have seen their share prices fall in the last 13 months (from December 31, 2021 through January 31, 2023). The S&P 500 fell 14.47 percent over that period, compared with a median fund firm share price drop of 15.04 percent.

Looking at the entire pandemic period, though, still shows a net positive picture for publicly traded fund firms. All 15 of those firms saw their share prices rise between December 31, 2019 and January 31, 2023. The S&P 500 rose 26.178 percent over that period, compared with a median fund firm share price jump of 44.15 percent.

U.S. Global Investors (GROW) ended last month up 130.61 percent since December 2019, fell 26.75 percent since December 2021, and rose 8.6 percent in January 2023. With average AUM of $2.9 billion in the quarter ended September 30, 2022, its $53.467-million market cap translates into about 1.8 percent of its AUM.

Affiliated Managers Group (AMG) ended last month up 104.84 percent since 12/31/2019, rose 4.83 percent since 12/31/2021, and rose 9.03 percent in January 2023. With AUM (as of 9/30/2022) of $644.6 billion, its $6.53-billion market cap translates into about 1 percent of its AUM.

Virtus (VRTS) ended last month up 87.09 percent since 12/31/2019, fell 26.25 percent since 12/31/2021, and rose 10.9 percent in January 2023. With AUM (as of 12/30/2022) of $149.376 billion, its $1.548-billion market cap translates into 1 percent of its AUM.

Diamond Hill (DHIL) ended last month up 70.23 percent since 12/31/2019, rose 2.26 percent since 12/31/2021, and rose 1.84 percent in January 2023. With AUM of $24.8 billion (as of 12/31/2022), its $568.278-million market cap translates into 2.3 percent of its AUM.

AllianceBernstein (AB) ended last month up 62.67 percent since 12/31/2019, fell 15.37 percent since 12/31/2021, and rose 10.56 percent in January 2023. With AUM of $613 billion (as of 9/30/2022), its $3.799-billion market cap translates into 0.6 percent of its AUM.

BlackRock (BLK) ended last month up 61.47 percent since 12/31/2019, fell 15.23 percent since 12/31/2021, and rose 6.49 percent in January 2023. With AUM of $8.594485 trillion (as of 12/31/2022), its $113.364-billion market cap translates into 1.3 percent of its AUM.

Victory Capital (VCTR) ended last month up 49.72 percent since 12/31/2019, fell 16.49 percent since 12/31/2019, and rose 9.65 percent last month. With AUM of $153 billion (as of 12/31/2022), its $2.024-billion market cap translates into 1.3 percent of its AUM.

Artisan Partners (APAM) ended last month up 49.61 percent since 12/31/2019, fell 14.85 percent since 12/31/2021, and rose 23.97 percent in January 2023. With AUM of $127.9 billion (as of 12/31/2022), its $2.486-billion market translates into 1.9 percent of its AUM.

Federated Hermes (FHI) ended last month up 38.69 percent since 12/31/2019, rse 7.04 percent since 12/31/2021, and rose 7.22 percent in January 2023. With AUM of $624.4 billion, its $3.499-billion market cap translates into 0.6 percent of its AUM.

Franklin Resources (dba Franklin Templeton, BEN) ended last month up 37.44 percent since 12/31/2019, fell 2.44 percent since 12/31/2021, and rose 18.27 percent in January 2023. With AUM of $1.3875 trillion (as of 12/31/2022), its $15.592-billion market cap translates into 1.1 percent of its AUM.

WisdomTree (WT) ended last month up 28 percent since 12/31/2019, fell 3.84 percent since 12/31/2021, and rose 5.69 percent in January 2023. With AUM of $87.181 billion (as of yesterday), its $848.345-million market cap translates into 1 percent of its AUM.

Cohen & Steers (CNS) ended last month up 27.42 percent since 12/31/2019, fell 19.99 percent since 12/31/2021, and rose 11.12 percent in January 2023. With AUM of $80.4 billion (as of 12/31/2022), its $3.578-billion market cap translates into 4.5 percent of its AUM.

Invesco (IVZ) ended last month up 16.86 percent since 12/31/2019, fell 16.36 percent since 12/31/2021, and rose 2.89 percent in January 2023. With AUM of $1.4092 trillion (as of 12/31/2022), its $8.398-billion market cap translates into 0.6 percent of its AUM.

Hennessy (HNNA) ended last month up 15.21 percent since 12/31/2019, fell 3.17 percent since 12/31/2021, and rose 16.31 percent in January 2023. With AUM of $3.1 billion, its $73.5341-million market cap translates into 2.4 percent of its AUM.

And T. Rowe Price (TROW) ended last month up 6.61 percent since 12/31/2019, fell 38.32 percent since 12/31/2021, and rose 6.79 percent in January 2023. With AUM of $1.28 trillion (as of 12/31/2022), its $25.936-billion market cap translates into 2 percent of its AUM.

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