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Rating:Ark Repeats As Small Firms' Outflows Plummet Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, July 21, 2020

Ark Repeats As Small Firms' Outflows Plummet

Reported by Neil Anderson, Managing Editor

An active ETF shop took the lead last month as small fund firms' outflows fell nearly 80 percent.

Catherine Wood
ARK Investment Management, LLC
Founder and Chief Executive Officer
This article draws from Morningstar Direct data on June 2020 ETF and open-end mutual fund flows, excluding money-market funds and funds-of-funds. More specifically, this article focuses on the 154 firms (up from 151 in May) with between $1 billion and $10 billion each in long-term fund and ETF AUM. 56 of those firms gained net inflows in the first half of 2020, 64 in Q2 alone, and 66 in June.

USCF leads the small fund firm pack so far this year, thanks to estimated net inflows of $5.905 billion in the first half of 2020. Other big inflows winners included: Ark, $2.959 billion; Polen, $2.159 billion; GQG, $1.517 billion; and Grayscale, $1.408 billion.

USCF also led in first half proportionately, with estimated net inflows equivalent to 97 percent of its AUM. Other big inflows winners in the first half of the year included: U.S. Global Investors, 65 percent; Liberty Street, 47.8 percent; Trust for Credit Unions, 45.1 percent; and Amplify ETFs, 39.5 percent.

And USCF also led in the second quarter, thanks to an estimated $2.801 billion in net inflows, down from $2.911 billion in Q1. The rest of the Q2 inflows winners list also mimicked the full first half of the year, including: Ark, $2.379 billion (up from $580 million); Polen, $1.38 billion (up from $779 million); GQG, $1.014 billion (up from $502 million); and Grayscale, $906 million (up from $502 million).

Proportionately, U.S. Global Investors led the small fund firm pack last quarter, thanks to estimated net Q2 inflows equivalent to 47.1 percent of its AUM, up from 46 percent in Q1. Other big Q2 inflows winners included: USCF, 46 percent (down from 96.2 percent); Amplify, 37.6 percent (up from 4.3 percent); Liberty Street, 30.4 percent (down from 34.7 percent); and Ark, 29.8 percent (up from 17.7 percent).

In June, Ark kept and increased its lead from May, bringing in an estimated $1.082 billion in net inflows, up from $700 million in May. Other big June inflows winners included: Polen, $389 million (up from $407 million); Nuance, $380 million (up from $105 million); Grayscale, $360 million (up from $347 million); and GQG, $320 million (down from $434 million).

Proportionately, Amplify took the lead last month among small fund firms, thanks to estimated net June inflows equivalent to 16.6 percent of its AUM, up from 11.7 percent in May. Other big June inflows winners included: Trust for Credit Unions, 13.8 percent (up from 7.4 percent); U.S. Global Investors, 13.6 percent (down from 19.7 percent); Ark, 13.5 percent (up from 11.5 percent); and Nuance, 13.3 percent (up from 4.2 percent).

On the flip side, it has been a rough year for FMI, which suffered an estimated $3.311 billion in net outflows in the first half of 2020, more than any other small fund firm. Other big outflows sufferers included: Credit Suisse, $2.344 billion; AIG, $2.268 billion; Glenmede, $2.185 billion; and Robeco's Boston Partners, $2.152 billion.

Proportionately, Elements Funds has had the roughest 2020 so far, among small fund firms, thanks to estimated net outflows in the first half of the year equivalent to 96.7 percent of its AUM. Other big outflows sufferers included: Milleis Investissements Funds, 79.7 percent; Boston Partners, 58.8 percent; Gotham, 43.6 percent; and IVA, 42.5 percent.

In the second quarter, FMI also led the small fund firm pack, thanks to an estimated $1.693 billion in net Q2 outflows, up from $1.619 billion in Q1. Other big Q2 outflows sufferers included: Causeway, $1.517 billion (up from $218 million); Credit Suisse, $1.372 billion (up from $119 million); Blackstone, $1.253 billion (up from $359 million); and IVA, $1.206 billion (up from $862 million).

Proportionately, Elements led the small fund firm pack in Q2, too, thanks to estimated net outflows equivalent to 56.5 percent of its AUM, up from 30.5 percent in Q1. Other big Q2 outflows sufferers included: LSV, 36.1 percent (up from 4.6 percent); Tortoise, 25.8 percent (up from 8.7 percent); Boston Partners, 25.6 percent (up from 28.8 percent); and IVA, 24.8 percent (up from 15.4 percent).

And FMI also led the small fund firm outflows pack in June, too, thanks to an estimated $641 million in net outflows, up from $532 million in May. Other big June outflows sufferers included: USCF, $589 million (down from $29 million in net inflows); Blackstone, $504 million (up from $247 million); IVA, $424 million (up from $373 million); and Causeway, $373 million (down from $956 million).

Proportionately, USCF led the small fund firm outflows pack last month, thanks to estimated net June outflows equivalent to 9.7 percent of its AUM, down from 0.5 percent in net May inflows. Other big June outflows sufferers included: IVA, 8.7 percent (up from 7.2 percent); Blackstone, 8.7 percent (up from 4 percent); Elements, 8.6 percent (up from 5.2 percent); and FMI, 8 percent (up from 6.3 percent).

As a group, the 154 small fund firms suffered an estimated $19.092 billion in net outflows in the first half of 2020, equivalent to 3.78 percent of their combined AUM and accounting for 18.91 percent of net industry outflows. In Q2, small fund firms suffered an estimated $4.564 billion in net outflows (down from $15.703 billion in Q1), equivalent to 0.9 percent of their combined AUM (down from 3.2 percent).

In June, small fund firms suffered an estimated $810 million in net outflows, equivalent to 0.16 percent of their combined AUM. That's down from $4.026 billion and 0.83 percent, respectively.

Across the entire industry, the 758 fund firms (down from 763 in May) tracked by the M* team suffered an estimated $100.974 billion in net outflows in the first half of 2020, equivalent to 0.51 percent of their combined AUM. Yet in Q2 the industry brought in an estimated $121.511 billion in net inflows, equivalent to 0.61 percent of industry AUM. That's up from $223.83 billion in net Q1 inflows, equivalent to 1.31 percent of net inflows.

In June alone, the industry brought in an estimated $69.822 billion in net inflows, equivalent to 0.35 percent of industry AUM (up from $33.001 billion and 0.17 percent in May). Active funds brought in an estimated $28.617 billion in net June inflows, while passive funds brought in an estimated $41.295 billion. 

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