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Monday, July 09, 2018

A Value Equity Shop Leads This Pack

News summary by MFWire's editors

May was a good month for a certain value equity mutual fund shop.

The fund flows information within this article draws from Morningstar Direct data on mutual fund and ETF flows in May 2018, specifically for small fund firms (those with between $1 billion and $10 billion in fund and ETF AUM).

LSV brought in an estimated $278 million in net inflows in May, more than any other small fund firm and up from $59 million in April. Other big May winners included: KraneShares, $259 million (up from $21 million); AlphaCentric, $253 million (up from $170 million); JOHCM, $251 million (up from $30 million); and Pacer, $218 million (up from $109 million).

Proportionaately, AlphaCentric won May among small fund firms, thanks to estimated net inflows equivalent to 11.73 percent of its AUM, up from 8.97 percent in April. Other big inflows winners proportionately in May included: KraneShares, 11.08 percent (up from 1.03 percent); Semper, 9.71 percent (up from 5.39 percent); Pacer, 9.32 percent (up from 5.27 percent); and LSV, 8.57 percent (up from 2.01 percent).

On the flip side, May was a rough month for Seafarer, which estimated net outflows of $275 million, up from $7 million in net inflows in April. Other big sufferers in May included: Hennessy, $160 million (up from $131 million); Wasatch, $101 million (up from $8 million); Homestead, $98 million (up from $51 million); and Leuthold, $84 million (up from $7 million).

Proportionately, Seafarer also led the outflows pack among small fund firms, suffering estimated net outflows in May equivalent to 10.15 percent of its AUM, up from 0.23 percent in net inflows in April. Other big sufferers in May included: Leuthold, 7.66 percent (up from 0.58 percent); Water Island Capital's Arbitrage, 4.16 percent (up from 0.77 percent); MainGate, 3.79 percent (down from 0.75 percent in net inflows); and James, 3.21 percent (up from 3.18 percent).

As a group, fund families with between $1 billion and $10 billion each brought in a combined $1.818 billion in net inflows in May, equivalent to 0.39 percent of their combined AUM. That's up from $586 million in net inflows in April.

M* recently released a report about industrywide flows, and MFWire highlighted the biggest winners and losers among the largest fund firms. Across the whole industry, passive funds brought in $41.3 billion in net inflows in May, while active funds suffered $900 million in net outflows. 

Edited by: Neil Anderson, Managing Editor

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