MutualFundWire.com: With $2.6B, Baird Keeps the Lead

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Tuesday, November 26, 2024

With $2.6B, Baird Keeps the Lead

A Midwestern fund firm kept the inflows lead last month among midsize fund firms, even as the group's overall net flows dropped by 29 percent, 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 October 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 (up by two year-over-year from October 2023) with between 10 and 99 long-term mutual funds and ETFs each.

Baird (including Strategas) kept the lead last month for a second month in a row, thanks to $2.587 billion in net October 2024 inflows, up by $116 million month-over-month from September 2024 and up by $1.822 billion Y/Y from October 2023. Other big October 2024 inflows winners included: Edward Jones' Bridge Builder, $1.679 billion (up by $681 million M/M, down by $505 million Y/Y); Tidal's YieldMax, $819 million (up by $451 million M/M, up by $630 million Y/Y); GQG, $768 million (up by $116 million M/M, up by $425 million Y/Y); and BBH, $742 million (up by $685 million M/M, an $810-million net inflows improvement Y/Y).

Baird also led the pack for the trailing twelve months ending October 31, 2024, thanks to an estimated $18.742 billion in net inflows. Other big TTM inflows winners included: Pacer, $12.281 billion; and Dodge & Cox, $11.294 billion.

On the flip side, Parnassus took the outflows lead last month, thanks to an estimated $829 million in net October 2024 outflows, up by $401 million M/M from September 2024 and up by $633 million Y/Y from October 2023. Other big October 2024 outflows sufferers included: Mercer, $741 million (up by $661 million M/M, up by $404 million Y/Y); Harding Loevner, $408 million (up by $46 million M/M, down by $36 million Y/Y); Corebridge's VALIC, $314 million (up by $17 million M/M, up by $102 million Y/Y); and Baron, $285 million (up by $68 million M/M, up by $21 million Y/Y).

Grayscale led the outflows pack for the trailing twelve months ending October 31, 2024, thanks to an estimated $22.313 billion in net outflows. Other big TTM outflows sufferers included: Parnassus, $7.162 billion; and DoubleLine, $5.411 billion.

As a group, midsize fund firms brought in $6.353 billion in net October 2024 inflows, down by $2.592 billion M/M but a $7.923-billion net flows improvement Y/Y. As of October 31, 2024, midsize firms had a combined $1.714 trillion in AUM (down by $95 billion M/M, up by $281 billion Y/Y) across 6,004 long-term mutual funds and ETFs (up by 15 M/M and up by 339 Y/Y). Midsize firms end October 2024 accounting for 5.7 percent of long-term fund and ETF AUM and 13.9 percent of the total fund count, and they contributed 7.7 percent of total industry inflows last month.

As of October 31, 2024, midsize firms had brought in $22.857 billion in net TTM inflows, accounting for 3.8 percent of overall long-term fund and ETF inflows.

Across the whole industry, the 797 firms (up by four M/M and up by 18 Y/Y) tracked by the M* team brought in $82.062 billion in net October 2024 inflows. (That's up by $27.099 billion M/M and a $131.3065-billion Y/Y improvement.) The industry ended October 2024 with $30.084 trillion in AUM (down by $475 billion M/M but up by $6.513 trillion Y/Y) and 43,143 long-term funds (up by 10 M/M and up by 730 Y/Y).

As of October 31, 2024, the industry brought in $598.61 billion in TTM net inflows.

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