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Rating:In November, a PE Titan Took the Lead Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, December 19, 2018

In November, a PE Titan Took the Lead

Reported by Neil Anderson, Managing Editor

A publicly traded, private equity giant led the small mutual fund firm pack last month, though most small fund firms suffered.

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 November 2018, specifically for small fund firms (those with between $1 billion and $10 billion each in fund AUM).

Blackstone took the lead among small fund firms last month, bringing in an estimated $765 million in net November inflows, up from $62 million in net outflows in October. Other big November winners included: USCF, $405 million (up from $12 million in net outflows); KraneShares, $260 million (up from $202 million); Payden, $192 million (up from $103 million); and Frost, $159 million (up from $19 million).

Proportionately, USCF led the small fund firm pack last month, with estimated November net inflows equivalent to 15.23 percent of its AUM, up from 0.43 percent in net outflows in October. Other big November winners included: KraneShares, 11.62 percent (up from 10.77 percent); Blackstone, 11.11 percent (up from 1.01 percent in net outflows); Acadian, 6.52 percent (down from 11.84 percent); and AAM, 4.37 percent (up from 1.91 percent).

On the flip side, November was a rough month for Southeastern's Longleaf, which suffered an estimated $853 million in net outflows, more than any other small fund firm and up from $67 million in net outflows in October. Other big November sufferers included: Manning & Napier, $277 million (up from $83 million); Brown Advisory, $206 million (up from $93 million); Hennessy, $195 million (down from $338 million); and Brown Capital Management, $176 million (down from $22 million in net inflows).

Longleaf also suffered the most proportionately in November, with estimated net outflows equivalent to 12.87 percent of its AUM, up from 0.89 percent in October and more than any other small fund firm. Other big November sufferers included: Vulcan, 8.01 percent (up from 3.75 percent); James Advantage, 7.62 percent (down from 8.23 percent); Shelton Capital, 5.34 percent (down from 0.24 percent in net inflows); and Highland, 5.33 percent (down from 5.87 percent).

Of 150 small fund firms (with a combined $470 billion in AUM), 98 suffered net outflows in November while 52 gained net inflows. As a group, small fund firms suffered an estimated $2.2 billion in combined net outflows in November, equivalent to 0.47 percent of their combined AUM. That's up from $1.646 billion in October.

Industrywide, among 783 fund firms with a combined $18.102 trillion in long-term mutual fund and ETF AUM, their funds suffered a combined $1.443 billion in net outflows, equivalent to about 0.01 percent of their combined AUM. That's down from $29.184 billion in net industry outflows in October. 

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