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Rating:First Trust Dethrones Baird Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, July 16, 2019

First Trust Dethrones Baird

Reported by Neil Anderson, Managing Editor

A midwestern ETF shop unseated another midwestern firm as mid-size flows king last month.

This article draws from Morningstar Direct data on June 2019 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. More specifically, this article focuses on the 77 firms with between $10 billion and $100 billion each in fund AUM. Only 24 of those gained net inflows in June.

First Trust took the lead last month, with estimated net June inflows of $1.561 billion, up from $390 million in May. Other big June winners included: Morgan Stanley, $1.113 billion (up from $956 million); DoubleLine, $971 million (up from $811 million); Baird (the March, April, and May winner), $906 million (down from $1.133 billion); and AllianceBernstein, $404 million (up from $142 million).

Proportionately, Global X parent Mirae led the mid-size pack, with estimated net June inflows equivalent to 3.06 percent of its AUM, up from 2.1 percent in May. Other big June winners included: Brown Advisory, 2.72 percent (up from 1.71 percent); Morgan Stanley, 2.2 percent (up from 2 percent); First Trust, 2.14 percent (up from 0.57 percent); and Baird, 1.55 percent (down from 1.99 percent).

On the flip side, June was a rough month for Harris' Oakmark, which suffered an estimated $1.448 billion in net outflows, more than any other mid-size fund firm and up from $768 million in May. Other big June sufferers included: VanEck, $1.111 billion (down from $116 million in net inflows); Rafferty's Direxion, $1.06 billion (down from $455 million in net inflows); Lazard, $918 million (up from $29 million); and Voya, $735 million (up from $334 million).

Proportionately, Direxion led the mid-size outflows pack last month, suffering estimated net June outflows equivalent to 7.72 percent of its AUM, down from 3.59 percent in net May inflows. Other big June sufferers included: Lazard, 3.31 percent (up from 0.11 percent); Glenmede, 2.81 percent (up from 1.14 percent); VanEck, 2.68 percent (down from 0.3 percent in net inflows); and AIG, 2.43 percent (up from 1.71 percent).

As a group, the 77 mid-size fund firms (one fewer than in May) suffered an estimated $10.069 billion in combined net outflows in June, equivalent to about 0.36 percent of their combined AUM. That's up from $4.297 billion in net mid-size outflows in May.

Across the whole industry (M* tracks flows from 778 firms), long-term mutual funds and ETFs brought in a combined $46.25 billion in estimated net inflows in June, equivalent to about 0.24 percent of industry AUM. That's up from $1.843 billion in net May outflows. Passive funds brought in $68.599 billion in net June inflows, while active funds suffered $22.349 billion in net outflows. 

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