and his team at his startup took the lead last year among the smallest fund firms.
| Peter S. Kraus|
This article draws from Morningstar Direct
data on December 2019 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. More specifically, this article focuses on the 512 firms (up from 507 in November
but down from 528 a year earlier
) with less than $1 billion each in fund AUM. 237 of those firms gained net inflows in December, and the same number got net inflows for the full year.
brought in an estimated $375 million in net inflows in 2019, more than any other sub-$1-billion-AUM fund firm. Other big 2019 inflows winners included: Horizon Investments
, $360 million (up from $127 million); newcomer Aware
, $341 million; Infinity Q
, $329 million (up from $232 million); and Bramshill
, $262 million (up from $30 million).
The inflows picture looked very different in December. Trust for Credit Unions
led the pack with an estimated $90 million in net December inflows, up from $2 million in net November outflows. Other big December inflows winners included: Needham
, $75 million (up from $8 million); Abbey Capital
, $56 million (up from negligible outflows); Red Cedar
, $52 million (up from $50 million); and Aware, $52 million (up from $18 million).
December newcomers included: Alpha Fiduciary
, Raub Brock
, and Standpoint Asset Management
. Other 2019 newcomers included: Aegon Asset Management
, Aperture, Aware, Cornerstone
, Foothill Capital Management
, Karner Blue Capital
, Kennedy Capital Management
, Levin Easterly
, North Capital
, Pacific Global
, Palm Valley
, Red Cedar, Rimrock Funds Trust
, RYZZ Capital Management
, Strategic Asset Management
, Tactical Fund Advisors
, and Xsquare Capital
On the flip side, 2019 was a rough year for James Advantage
, which suffered an estimated $609 million in net outflows, more than any other sub-$1-billion-AUM fund firm but down from $1.382 billion in 2018. Other big 2019 outflows sufferers included: Highland
, $408 million (down from $580 million); Power Mutual Funds
, $384 million (up from $5 million); WBI
, $316 million (up from $117 million); and Elements
, $282 million (up from negligible flows).
Like on the inflows side, the December inflows picture looked a bit different from that of the full year. Eagle MLP
led the pack with an estimated $147 million in net December outflows, up from $27 million in November. Other big December outflows sufferers included: Equinox
, $143 million (up from $12 million); Gerstein Fisher
, $82 million (up from $12 million); LS
, $62 million (up from $13 million); and James Advantage, $40 million (up from $27 million).
As a group, the 512 fund firms with less than $1 billion each in fund AUM suffered an estimated $690 million in net 2019 outflows, equivalent to about 0.74 percent of their combined AUM. That's down from $2.669 billion in net 2018 inflows, equivalent to about 2.89 percent of AUM.
For December alone, those same small fund firms suffered an estimated $87 million in net outflows, equivalent to about 0.09 percent of their combined AUM. That's down from $164 million and 0.18 percent in November.
Across the entire industry, the 773 fund firms tracked by M* brought in a combined $419.312 billion in net inflows into long-term mutual funds and ETFs in 2019, equivalent to 2.02 percent of industry AUM. That's up from $162.401 billion in 2018. 353 firms generated net 2019 inflows.
In December alone, the industry brought in an estimated $67.673 billion in net inflows, equivalent to 0.33 percent of industry AUM and up from $55.224 billion in November. Passive funds brought in an estimated $72.573 billion in net inflows in December (up from $55.119 billion in November), while active funds suffered $5.009 billion in net outflows (down from $105 million in net inflows).
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