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Thursday, December 28, 2017

A Series Trust Soars to the Top

Reported by Kenny He

November was a great month for UMB's Investment Managers Series Trust.

The fund flows information within this article was formulated from Morningstar data provided to MFWire by Alina Lamy, senior analyst of quantitative research at the investment research giant.

The Investment Managers Series Trust brought in an estimated $210 million in net inflows in November, more than any fund firm with under $1 billion in AUM. Coming in behind at second place was ARK ETF Trust with $144 million net inflows, up $64 million from last month. Other top inflow winners included: Innovator Funds with $93 million; Fuller & Thaler with $52 million; and Elkhorn with $51 million.

As for net inflows relative to AUM, Caravan and Vert Asset Management stood out with 100 percent and 99.9 percent respectively, likely indicating new entrants to the business. Proportionally, Investment Managers Series Trust was another big winner with estimated inflows equivalent to 70.3 percent of its AUM, nearly 38.1 percent more than its previous month. Other big winners included: Recurrent Advisors with 58.7 percent and Weiss with 36.3 percent.

On the other hand, Clarkson Funds was the biggest sufferer with an estimated $78 million in net outflows last month. Coming in second place was TD Asset Management with an estimated $68 million in net outflows. Other big net outflow sufferers with under $1 billion in AUM at the end of the month included: Oak Ridge with $59 million; Eagle MLP with $50 million; and Apex Capital Management with $47 million.

The biggest sufferers in terms of relative outflow was RVX with estimated net outflows of 105.4 percent of its month-end AUM. Another fellow sufferer in relative outflows was Wear with estimated net outflows of 100 percent of its total AUM (i.e. its November estimated net outflows equaled its AUM after those outflows). Other sufferers among the small fund firms included: Cognios Capital with 68.5 percent; QUANTX with 40 percent; and Insignia Macro with 29.2 percent.

As a group, fund families with under $1 billion in AUM brought in an estimated $418 million in net inflows in November, equivalent to about 0.46 percent of their combined AUM.

Industrywide, long-term, actively managed mutual funds took a blow in November and suffered an estimated $5.954 billion in net outflows, while passive funds brought in $49.401 billion in net inflows and money market funds brought $52.544 billion.

Among long-term, active funds, taxable bonds brought in $11.886 billion with international equity trailing behind at $4.401 billion. Other winning categories included, municipal bonds with $1.646 billion, liquid alternatives with $615 million; and commodities with $80 million. The biggest sufferers in the long-term active fund categories were U.S. equity with 17.92 billion in net outflows, sector equity with $3.459 billion in net outflows, and allocation funds with $3.203 billion in net outflows. 

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