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Wednesday, August 15, 2018

ARK Wins July

Reported by Neil Anderson, Managing Editor

An ETF startup backed by Resolute led the small fund firm pack last month.

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

ARK brought in an estimated $194 million in net inflows in July, more than any other small fund firm but down from $271 million in June. Other big winners in July included: Pacer, $179 million (up from $58 million); WCM, $168 million (up from $76 million); Pear Tree, $146 million (down from $538 million); and Thompson IM, $138 million (up from $88 million).

ARK led the small fund firm pack proportionately, too, for the second month in a row, thanks to July net inflows equivalent to 8.41 percent of its AUM, down from 12.76 percent in June. Other big winners in June included: Pacer, 6.74 percent (up from 2.42 percent); Semper, 5.95 percent (down from 7.42 percent); Acadian, 4.51 percent (up from 0.03 percent in net outflows); and USCF, 4.35 percent (up from 7.06 percent in net outflows).

On the flip side, July was a rough month for Brown Advisory, which suffered an estimated $1.047 billion in net outflows, up from $321 million in June. Other big sufferers in July included: Seafarer, $166 million (up from $68 million); CRM, $165 million (up from $96 million); RiverPark, $133 million (up from $15 million); and Westwood, $129 million (up from $41 million).

Proportionately, Brown Advisory also led the outflows pack among small fund firms, suffering estimated net outflows in July equivalent to 10.98 percent of its AUM, up from 3.08 percent in June. Other big July sufferers included: CRM, 8.63 percent (up from 4.75 percent); Schroder, 8.13 percent (down from 2.58 percent in net inflows); RiverPark, 7.49 percent (up from 0.81 percent); and Equinox, 6.84 percent (up from 0.14 percent).

As a group, fund families with between $1 billion and $10 billion in AUM each suffered a combined $430 million in net outflows in July, equivalent to 0.09 percent of their combined AUM. That's up from $343 million in outflows in June.

Across the whole industry, mutual funds and ETFs brought in $31.915 billion in estimated net inflows in July, equivalent to about 0.17 percent of industry AUM (which reached $18.794 trillion as of the end of July). That's up from $23.037 billion in net industry outflows in June. 

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