MutualFundWire.com: Grayscale's Outflows Shrink By $3B

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Wednesday, March 20, 2024

Grayscale's Outflows Shrink By $3B

A cryptocurrency-focused fund firm's outflows shrunk by 53 percent last month, according to the latest data from the folks at a publicly traded investment research firm.

David Vincent "Dave" LaValle
Grayscale Investments, LLC
Global Head of ETFs

This article draws from Morningstar Direct data on February 2024 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 209 firms (down month-over-month from 210 in January 2024) with between 10 and 99 long-term mutual funds and ETFs each.

Dodge & Cox led the pack for a second consecutive month, thanks to an estimated $2.033 billion in net February 2024 inflows, down M/M from $2.339 billion in January 2024 but up year-over-year from $1.039 billion in February 2023. Other big February 2024 inflows winners included: Pacer, $1.631 billion (down M/M fom $2.148 billion, up Y/Y from $1.161 billion); Baird (including Strategas), $1.604 billion (down M/M fom $1.812 billion, up Y/Y fom $1.227 billion); Edward Jones' Bridge Builder, $777 million (up M/M from $695 million, up Y/Y from $466 million); and GQG, $644 million (up M/M from $508 million, up Y/Y from $350 million).

Over the 12 months ending on February 29, 2024, Baird led the pack with an estimated $13.539 billion in net inflows. Other big trailing 12 months inflows winners included: Pacer, $13.146 billion; and Bridge Builder, $12.872 billion.

On the flip side, Grayscale repeated atop the outflows pack, thanks to an estimated $2.791 billion in February 2024 outflows, down M/M from $5.916 billion in January 2024 and down Y/Y from zero net flows in February 2023. Other big February 2024 outflows sufferers included: Brown Advisory, $999 million (up M/M from $67 million, down Y/Y from $253 million in net inflows); Amplify ETFs, $650 million (up M/M from $72 million, down Y/Y from $123 million in net inflows); Mercer Funds, $521 million (up M/M from $70 million, down Y/Y from $84 million in net inflows); and DoubleLine, $447 million (up M/M from $37 million, up Y/Y from $28 million).

For the TTM ending February 29, 2024, Grayscale led the mid-size fund firm pack with an estimated $8.396 billion in net outflows. Other big TTM outflows sufferers included: DoubleLine, $5.693 billion; and Parnassus, $5.328 billion.

As a group, midsize firms brought in $2.66 billion in February 2024 inflows, and they ended the month with $1.592 trillion in combined AUM across 5,849 funds. That compares with $2.518 billion in net January 2024 outflows and with $1.536 trillion in AUM and 5,851 funds on January 31.

As of February 29, 2024, midsize firms accounted for 5.8 percent of industry long-term fund AUM, 13.7 percent of long-term funds, and 4.2 percent of long-tem fund inflows. That compares with 5.8 percent of AUM in January 2024 and with 13.8 percent of funds on January 31.

Midsize firms suffered $3.949 billion in net TTM outflows, as of February 29.

Across the industry, the 778 firms tracked by the M* team (up M/M from 773, down Y/Y from 782) brought in an estimated $63.13 billion in net February 2024 inflows, ending the month with $27.618 trillion in AUM across 42,551 funds. That compares with $35.941 billion in net inflows, $26.623 trillion in AUM, and 42,446 funds in January 2024, and with $3.245 billion in net outflows, $23.493 trillion in AUM, and 42,324 funds in February 2023.

For the TTM, long-term funds brought in $120.133 billion in net inflows.

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