A B-D's multi-manager mutual fund family took the lead last month among midsize fund firms, according to the latest data from the folks at a publicly traded investment research firm.

Ryan Timothy Robson Edward Jones / Olive Street Investment Advisers, LLC Principal, Client Strategy Group / President

This article draws from Morningstar Direct data on October 2023 mutual fund and ETFs 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 208 firms with between 10 and 99 long-term mutual funds and ETFs each.

Edward Jones' Bridge Builder took the lead last month, thanks to an estimated $2.184 billion in net October 2023 inflows, up month-over-month from $315 million in September 2023 and up year-over-year from $938 million in October 2022. Other big October 2023 inflows winners included: Pacer, $1.487 billion (up M/M from $1.064 billion, up Y/Y from $1.195 billion); Baird (including Strategas), $765 million (up M/M from $575 million, up Y/Y from $782 million in net outflows); F/m (including North Slope), $479 million (down M/M from $568 million, up Y/Y from $91 million); and GQG, $343 million (up M/M from $134 million, up Y/Y from $119 million).

Bridge Builder also now leads the 2023 midsize inflows pack so far, thanks to an estimated $10.352 billion in net year-to-date inflows as of October 31. Other big YTD inflows winners included: Baird, $9.884 billion; and Pacer, $8.212 billion.

On the flip side, Dodge & Cox took the outflows lead last month, thanks to an estimated $622 million in net October 2023 outflows, down M/M from $1.312 billion in September 2023 inflows but up Y/Y from $736 million in October 2022 outflows. Other big October 2023 outflows sufferers included: Harding Loevner, $444 million (down M/M from $1.002 billion, down Y/Y from $525 million); Matthews Asia, $441 million (down M/M from $476 million, down Y/Y from $589 million); Cohen & Steers, $420 million (up M/M from $229 million, down Y/Y from $637 million); and DoubleLine, $408 million (down M/M from $700 million, down Y/Y from $1.313 billion).

Meanwhile, Harding Loevner still leads the 2023 outflows pack so far, thanks to an estimated $3.019 billion in net YTD outflows as of October 31. Other big outflows sufferers included: Cohen & Steers, $2.395 billion; and Parnassus, $2.326 billion.

As a group, midsize firms suffered $1.57 billion in net October 2023 outflows, with 58 firms netting inflows, and they ended the month with a combined $1.433 trillion in AUM and 5,665 funds. (That compares with $1.666 billion in net outflows, 57 firms with inflows, $1.409 trillion in AUM, and 5,590 funds in September 2023.) Midsize firms accounted for 6.08 percent of industry long-term fund AUM, 13.36 percent of industry long-term funds, and 3.19 percent of industry long-term fund outflows in October 2023. (That compares with 5.83 percent of AUM, 13.22 percent of funds, and 13.6 percent of outflows in September 2023.)

Over the first ten months of 2023, midsize firms brought in $12.286 billion in net inflows. 75 midsize firms netted inflows in that time.

Across the industry, the 779 firms tracked by the M* team (down M/M from 780 and down Y/Y from 787) suffered an estimated $49.245 billion in net October 2023 outflows, ending the month with $23.571 trillion in AUM across 42,413 funds. That compares with $12.246 billion in net outflows, $24.155 trillion in AUM, and 42,226 funds in September 2023, and with $21.911 billion in net outflows and $22.554 trillion in AUM in October 2023.

Over the first ten months of 2023, fund firms suffered $8.191 billion in net outflows. 

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