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Tuesday, January 30, 2018

Global X's Lead Shrinks

Reported by Neil Anderson, Managing Editor

Last month Global X again led the small fund firm pack in net inflows, yet its lead narrowed.

The fund flows information within this article draws from Morningstar Direct data. This article digs into fund flows for December 2017. See our companion article for information on fund flows for the full 2017 calendar year.

Global X brought in an estimated $337 million in net inflows in December, more than any other fund family with between $1 billion and $10 billion in AUM but down from $710 million in November. Other top inflow shops in that AUM range in December included: Tortoise, $235 million; Payden, $204 million; Blackstone, $202 million; and Pacer, $137 million.

On a relative basis, Pacer jumped into the lead among fund families with between $1 billion and $10 billion in AUM, with estimated December net inflows equivalent to 8.77 percent of its AUM. Other big winenrs last month included: Navigator , 6.53 percent; Tortoise, 6.2 percent; Conestoga, 6.17 percent; and Meeder, 5.61 percent.

On the flip side, December was a rough month for Baillie Gifford, which suffered an estimated $435 million in net outflows, more than any other fund firm in the $1 billion to $10 billion AUM range. Other big sufferers last month included: Manning & Napier, $259 million; CGM, $216 million; Selected, $154 million; and Salient, $150 million.

Proportionately, CGM had the roughest December among fund firms with $1 billion to $10 billion in AUM, suffering estimated net outflows equivalent to 9.78 percent of its AUM. Other big sufferers last month included: Selected, 6.52 percent; Hodges, 5.9 percent; Baillie Gifford, 5.3 percent; and Salient, 4.9 percent.

As a group, fund families with between $1 billion and $10 billion in each suffered $1.225 billion in net outflows in December, equivalent to 0.26 percent of their combined AUM. That's down from $320 million in net inflows in November.

Last week M* released a report about industrywide flows, and MFWire highlighted the biggest winners and losers among the largest fund firms. Across the whole industry, long-term, actively managed mutual funds suffered estimated net outflows of $7.81 billion in December, while money funds brought in $43.788 billion in net inflows and passive funds brought in $58.363 billion. Among long-term, active funds, taxable bond funds and international equity funds had overall net inflows, while U.S> equity funds, sector equity funds, muni bond funds, liquid alts, commodities funds, and allocation funds all suffered outflows. 

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