MutualFundWire.com: With $4.3B, Baird Pulls Ahead

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Friday, July 19, 2024

With $4.3B, Baird Pulls Ahead

A Midwestern fund firm took the lead last quarter among midsize fund firms as the group's inflows returned, according to the latest data from the folks at a publicly traded investment research firm.

Mary Ellen Bolger Stanek
Robert W. Baird & Co.
Managing Director, Director of Asset Management

This article draws from Morningstar Direct data on June 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 210 firms (the same as in May 2024 but up by one quarter-over-quarter from March 2024) with between 10 and 99 long-term mutual funds and ETFs each.

Baird (including Strategas) took the lead in the second quarter of 2024, thanks to an estimated $4.315 billion in net Q2 2024 inflows, down by $603 million Q/Q but up by $360 million year-over-year from Q2 2023. Other big Q2 2024 inflows winners included: Pacer, $2.749 billion (down by $2.44 billion Q/Q, up by $2.071 billion Y/Y); GQG, $2.054 billion (up by $23 million Q/Q, up by $1.505 billion Y/Y); Envestnet's ActivePassive, $1.79 billion (up by $1.644 billion Q/Q, up by $1.616 billion Y/Y); and Zega's YieldMax, $1.681 billion (up by $878 million Q/Q, up by $1.504 billion Y/Y).

Graniteshares took the lead last month thanks to $1.406 billion in net June 2024 inflows. Other big inflows winners included: Baird, $1.012 billion; and Edward Jones' Bridge Builder, $925 million.

On the flip side, Grayscale led the outflows pack for a second quarter in a row, thanks to an estimated $3.653 billion in net Q2 2024 outflows, down by $11.109 billion Q/Q but up by $3.653 billion Y/Y. Other big Q2 2024 outflows sufferers included: DoubleLine, $1.984 billion (up by $1.395 billion Q/Q, up by $1.451 billion Y/Y); Parnassus, $1.375 billion (down by $1.075 billion Q/Q, up by $733 million Y/Y); Baron, $1.284 billion (down by $183 million Q/Q, up by $1.234 billion Y/Y); and Harding Loevner, $1.03 billion (up by $10 million Q/Q, up by $296 million Y/Y).

Grayscale also took the outflows lead last month, thanks to an estimated $601 million in June 2024 outflows. Other big outflows sufferers included: DoubleLine, $427 million; and Polen Capital, $419 million.

As a group, midsize firms brought in $3.638 billion in June 2024 inflows, and they ended the month ith $1.638 trillion in combined AUM across 5,899 funds. That compares with $1.381 billion in May 2024 inflows and $1.629 trillion in AUM and 5,896 funds on May 31, and with $957 million in March 2024 outflows and $1.688 trillion in AUM and 5,689 funds on March 31.

As of June 30, 2024, midsize firms accounted for 5.7 percent of industry long-term fund AUM and 13.8 percent of long-term funds, and they accounted for 8.3 percent of long-term inflows in June.

Midsize firms brought in $5.182 billion in net Q2 2024 inflows. They accounted for 5.7 percent of industry inflows last quarter.

Across the whole industry, the 793 firms (up by two M/M and up by 11 Q/Q) tracked by the M* team brought in about $43.761 billion in net June 2024 inflows. The industry ended June 2024 with $28.728 trillion in AUM across 42,814 funds. (That's up by $455 billion and 140 funds M/M, up by $300 billion and 228 funds Q/Q, and up by $3.3 trillion and 760 Y/Y.

In Q2 2024, the industry brought in $91.375 billion in net inflows.

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