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Rating:A Global Equity Shop Three-Peats Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, October 16, 2019

A Global Equity Shop Three-Peats

Reported by Neil Anderson, Managing Editor

A global equity shop backed by Natixis has kept the flows lead for three months in a row.

Paul Russell Black
WCM Investment Management
Co-CEO, PM
This article draws from Morningstar Direct data on September 2019 ETF and open-end mutual fund flows, excluding money-market funds and funds of funds. More specifically, this article focuses on the 155 firms (four fewer than in August) with between $1 billion and $10 billion each in fund AUM. 62 of those firms gained net inflows last month.

WCM stayed on top of the small fund firm pack, as it has since July), thanks to an estimated $315 million in net September inflows, up from $306 million in August. Other big September winners included: AlphaCentric, $147 million (down from $280 million); Clark Capital Management's Navigator, $147 million (down from $280 million); PT Asset Management, $99 million (down from $126 million); and Pacer, $96 million (down from $101 million).

Proportionately, AssetMark's GuideMark and GuidePath led the small fund firm pack, bringing in estimated September net inflows equivalent to 5.95 percent of their AUM, up from 0.17 percent in net August outflows. Other big September winners included: GQG, 5.54 percent (up from 4.15 percent); Innovator, 4.28 percent (down from 6.75 percent); AAM, 4.15 percent (down from 6.41 percent); and AlphaCentric, 4.07 percent (down from 8.12 percent).

Year-to-date through September 30, WCM leads the small-fund firm pack with an estimated $2.384 billion in net inflows. Other big winners in the first nine months of 2019 included: Morningstar, $1.452 billion; Pacer, $1.429 billon; Polen Capital, $1.161 billion; and Clark's Navigator, $1.116 billion.

On the flip side, September was a rough month for Foresters' First Investors Funds (then from Foresters, now from Macquarie, as expected), which suffered an estimated $335 million in net outflows, more than any other small fund firm but down from $447 million in August. Other big September sufferers included: Robeco's Boston Partners, $217 million (down from $275 million); Pear Tree, $197 million (down from $27 million in net inflows); IVA, $186 million (down from $228 million); and Milleis Investissements Funds, $158 million (down from $506 million).

Proportionately, Stone Harbor led the small fund firm outflows pack, with estimated net September outflows equivalent to 7.9 percent of its AUM, up from 2.27 percent in August. Other big September sufferers included: Pear Tree, 4.08 percent (down from 0.56 percent in net inflows); First Investors, 3.72 percent (down from 4.83 percent); Milleis, 3.65 percent (down from 11.44 percent); and Third Avenue, 3.5 percent (up from 2.82 percent).

Boston Partners led the small fund firm outflows pack year-to-date, with an estimated $2.617 billion in net outflows for the first nine months of 2019. Other big sufferers YTD included: First Investors, $2.087 billion; IVA, $1.355 billion; Westwood, $1.319 billion; and Tweedy Browne, $1.117 billion.

As a group, the 155 small fund firms suffered an estimated $1.27 billion in combined net September outflows, equivalent to about 0.25 percent of their combined AUM. That's up from $795 million in August.

Across the whole industry (M* tracks flows from 767 firms), long-term mutual funds and ETFs brought in $39.916 billion in net inflows in September, equivalent to 0.21 percent of industry AUM. That's up from $15.927 billion in net August outflows. Passive funds brought in $52.576 billion in net September inflows, while active funds suffered $12.66 billion in net outflows.

Small fund firms brought in $2.476 billion in combined net inflows year-to-date, equivalent to 0.49 percent of their combined AUM and 0.94 percent of net industry inflows. The overall industry has brought in $264.483 billion in net inflows YTD, equivalent to 1.36 percent of industry AUM. 

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