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Rating:Muzinich, KraneShares, and Chilton Rise Up! Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, August 25, 2017

Muzinich, KraneShares, and Chilton Rise Up!

Reported by Waiho Zhang

Muzinich, Kraneshares, and Chilton Funds were all big winners last month in the under $1 billion AUM range.

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

Out of the 540 fund firms with AUMs under $1 billion, Muzinich placed first in terms of total net inflows for the month of July, netting an estimated $179 million. Coming in second, once again, was Kraneshares with estimated net open-end mutual fund and ETF inflows of $104 million. Coming in third was Chilton Funds with $81 million, and following it was Chiron Investment Management with $64 million. AlphaCentric came in fifth place with an estimated inflow of $58 million. Overall inflows in July for fund firms with AUMs under $1B were a bit lower than in June.

The firm that had the best relative inflows in the under $1B bracket for July was Spirited Funds with estimated inflows that were 33.34 percent of its total AUM. Coming in second was Toroso Investments with estimated inflows that were 33.32 percent its total AUM. Other big winners in terms of relative inflows included: Investment Managers Series Trust, with 32.22 percent; Amplify, with 24.9 percent; and Recon Capital, with 23.18 percent.

As for outflows, the firm that suffered the most was GuideMark, with estimated outflows of $122 million. The firm that suffered the second most was FDP, with $28 million in estimated outflows. Other firms with under $1B AUM that suffered large outflows for the month of July included: Absolute Strategies, with an estimated $27 million in outflows; Altegris, with an estimated $23 million in outflows; and Longboard, with an estimated $20 million in outflows.

The firm with under $1 billion AUM that suffered the most in terms of relative outflows was HundredFold that had an estimated outflow that was 17.85 percent of its total AUM. Coming in second was GuideMark with 15.01 percent. Other firms that suffered big relative outflows included: Barrow Funds, with 11.02 percent; First Security, with 8.86 percent; and TeucriumTrading LLC, with 8.6 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 have 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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