A cryptocurrency-focused asset manager took the inflows lead last month among the smallest fund firms, according to the latest data from the folks at a publicly traded investment research firm.

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 497 firms (up month-over-month from 495 in January 2024) with fewer than ten long-term mutual funds and ETFs each.

21Shares pulled ahead last month, thanks to an estimated $949MM in net February 2024 inflows, up M/M from $640 million in January 2024. Other big February 2024 inflows winners included: Bitwise, $499 million (down M/M from $627 million, up year-over-year from $1 million in net outflows in February 2023); Alpha Architct, $456 million (up M/M from $272 million, up Y/Y from $16 million); Performance Trust Asset Management, $276 million (down M/M from $308 million, up Y/Y from $102 million); and Neos, $185 million (up M/M from $130 million, up Y/Y from $2 million).

Column Funds (from Northwestern Mutual's Mason Street Advisors) leads the pack for the trailing 12 months that ended on February 29, 2024, bringing in $3.485 billion in net inflows. Other big TTM inflows winners included: 21Shares, $1.607 billion; and Alpha Architect, $1.452 billion.

On the flip side, Edgewood took the outflows lead last month, thanks to an estimated $500 million in net February 2024 outflows, up M/M from $124 million in January 2024 and up Y/Y from $186 million in February 2023. Other big February 2024 outflows sufferers included: Ark, $370 million (down M/M from $1.022 billion, up Y/Y from $64 million); Primecap, $333 million (down M/M from $350 million, up Y/Y from $206 million); Champlain, $177 million (up M/M from $4 million, down Y/Y from $382 million); and Nuance, $138 million (up M/M from $127 million, up Y/Y from $49 million).

Primecap leads the outflows pack for the last 12 months, thanks to an estimated $3.211 billion in net TTM outflows as of February 29, 2024. Other big outflows sufferers included: Akre, $2.633 billion; and Edgewood, $2.353 billion.

As a group, small fund firms brought in $1.777 billion in net February 2024 inflows, with 207 of those firms netting inflows. That's down M/M from $4.534 billion in net inflows and 215 firms in January 2024.

As of February 29, 2024, small fund firms had a combined $288 billion in AUM across 1,477 funds. (That compares with $274 billion and 1,487 funds on January 31.) Small firms last month accounted for 1 percent of industry AUM, 3.5 percent of industry funds, and 2.8 percent of industry inflows.

Small firms suffered $2.255 billion in TTM outflows as of February 29, 2024. 218 of them brought in net inflows in that time.

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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