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Rating:ETC Breaks $1B and Nationwide Shines Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, August 24, 2017

ETC Breaks $1B and Nationwide Shines

Reported by Waiho Zhang


Nationwide's Destination Funds team really outdid themselves for the month of July, generating over $500 million in estimated net inflows.

The fund flow information within this article was formulated from the exclusive data provided to MFwire by Annette Larson, a senior analyst of quantitative research at MorningStar.

Destination Funds placed first in the $1B to $10B bracket for the month of July with an estimated total of $547 million in net open-end mutual fund and ETF flows, M* estimates. Following close behind Destination was Global X Management with estimated net inflows of $247 million. Other winners in July included: Barclays Capital, with estimated inflows of $217 million; Liberty Street, with estimated net inflows of $192 million; and Exchange Traded Concepts (ETC), with $177 million. ETC also broke $1 billion AUM for the month of July.

Exchange Traded Concepts led the $1B to $10B pack on a relative basis for the month of July, bringing in estimated net inflows that were 16.31 percent of its total AUM. IndexIQ placed second again this month with an estimated net inflow that was 9.5 percent of its total AUM. Following IndexIQ were: Destination Funds, with 6.74 percent; Liberty Street, with 6.14 percent; and VictoryShares, with 5.54 percent.

As for outflows, out of the 162 firms in the $1B to $10B bracket, 76 of them, roughly 47 percent, generated net outflows. This was 7 percent higher than in June. The fund firm that suffered the most was USCF, with estimated open-ended mutual fund and ETF net outflows of $824 million dollars. This magnitude of outflow is more than double the outflows that came a month earlier from RiverPark, which suffered the most in June. The firm that suffered the second most in July was Baillie Gifford, with estimated outflows of $277 million. Other firms that suffered heavy outflows for the month of July within the $1B to $10B bracket include: Rydex, with $183 million; Manning & Napier, with $176 million; and Driehaus, with $129 million.

On a relative basis, USCF also suffered the most with estimated outflows that were 16.31 percent of its total AUM. Coming in second was Hodges Capital with estimated outflows that were 6.74 percent of its total AUM. Other firms that suffered the most relative outflows in July included: LoCorr Funds, with 4.73 percent; Wilshire, with 4.05 percent; and Gotham, with 3.73 percent.

Industry wide, long-term, active mutual funds generated estimated net inflows of $1.333 billion in the month of July. This is a decrease of $425 million compared to the month of June. The inflows in passive funds also decreased from $56.41 billion in June to $47.01 billion in July. Money market funds took the biggest hit last month, experiencing estimated net outflows of $64.825 billion.

Within long term active mutual funds, taxable bond funds brought in an estimated $13.624 billion in inflows. International equity funds brought in an estimated $7.083 billion; municipal bond funds brought in an estimated 2.481 billion; commodities funds brought in an estimated $1.007 billion; and alternative funds brought in an estimated $10 million.

Meanwhile, long term, active U.S. equity funds dipped last month with estimated net outflows of $19.627 billion. Allocation funds had estimated net outflows of $2.798 billion, and sector equity funds had estimated net outflows of $446 million.

The information garnered above regarding general industry performance was extracted from research conducted by Chicago-based research specialist Morningstar, who released its "Morning Direct Asset Flows Commentary: United States" report for July 2017.  

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