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Rating:A Low Vol Shop Climbs Into First Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, July 10, 2018

A Low Vol Shop Climbs Into First

Reported by Neil Anderson, Managing Editor

A low volatility U.S. equity shop in Utah recently jumped to the lead among the smallest fund firms.

The information within this article draws from Morningstar Direct data on May 2018 open-end mutual fund and ETF flows, specifically for the smallest fund firms (those with under $1 billion in mutual fund AUM).

Summit Global Investments brought in $137 million in net inflows in May, more than any other fund family with less than $1 billion in AUM and up from $107 million in April. Other big winners in May included: GQG, $114 million (up from $59 million); Wealthfront, $109 million (down from $441 million); Ppm America, $58 million (an apparently new entrant); and HSBC, $54 million (up from $2 million in net outflows).

On a relative basis, setting aside apparent newcomers, Belpointe Asset Management led the smallest fund firms in May, with estimated net inflows equivalent to 80.06 percent of its AUM (down from 100 percent in April). Other big winners in May included: PPTY, 41.66 percent (down from 90.48 percent); Adams Harkness, 37.05 percent (up from 15.14 percent); JVIF, 34.6 percent (down from 100 percent); and Event Shares, 33.34 percent (up from 18.79 percent in net outflows).

There were also four apparent newcomers (i.e. firms where their AUM was roughly equal to their monthly net inflows) in May. Those firms were: Exchange Traded Concepts, Salt Financial, Ppm, and InfraCap.

On the flip side, May was a rough month for American Independence, which suffered $79 million in estimated net outflows, more than any other fund firm with less than $1 billion in AUM and up from $2 million in April. Other big sufferers in May include: Scharf, $73 million (up from $19 million); Port Street, $61 million (up from $1 million); WBI, $27 million (down from $6 million in net inflows); and Green Century, $23 million (down from $3 million in net inflows).

Proportionately, Port Street led the outflows pack among the smallest firms in May, with estimated net outflows equivalent to 63.67 percent of its AUM, up from 0.55 percent in April. Other big sufferers in May included: World Funds, 55.58 percent; NWM Momentum, 34.51 percent; ETF Managers Capital, 33.34 percent; and Wasmer Schroeder, 22.97 percent.

As a group, fund families with less than $1 billion in AUM (each) brought in an estimated $611 million in net inflows in May, equivalent to 0.66 percent of their combined AUM. That's down from $974 million 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. 

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