About 47 percent of the smallest fund firms brought in net inflows in the first seven months of the year.
| Craig Thomas Callahan|
ICON Advisers, Inc.
This article draws from Morningstar Direct
data on July 2020 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. More specifically, this article focuses on the 501 firms (down from 502 in June
) with less than $1 billion each in long-term fund and ETF AUM. 222 of those firms gained net inflows in July (up from 216 in June), and 233 gained net year-to-date inflows by the end of July.
took the micro firm lead last month, thanks to an estimated $202 million in net July inflows, up from $14 million in net June outflows. Other big July inflows winners included: Toroso Ivnestments
, $103 million (up from $37 million); Exchange Traded Concepts
(ETC), $99 million (up from $59 million); ICM Series Trust
, $96 million (up from $2 million); and Inspire
, $79 million (up from $14 million in net outflows).
and Kayne Anderson
were both apparent newcomers to the business in July.
So far in 2020, ETC leads the pack, thanks to an estimated $604 million in net YTD inflows as of July 31. Other big YTD inflows winners included: Toroso, $583 million; Spyglass Capital Management
, $485 million; Axonic
, $480 million; and Liberty Street
, $429 million.
On the flip side, July was a rough month for Vivaldi
, which suffered an estimated $82 million in net outflows, more than any other micro fund firm and down from $9 million in June. Other big July outflows sufferers included: LS
, $54 million (up from $44 million); Liberty Street, $50 million (down from $47 million in net inflows); Poplar Forest Capital
, $38 million (up from $14 million); and Chartwell Investment Partners
, $35 million (up from $15 million).
So far this year, Schroder
leads the micro firm outflows pack, thanks to estimated $704 million in net outflows by the end of July. Other big YTD outflows sufferers include: Chiron
, $678 million; CRM
, $471 million; Highland
, $324 million; and 361
, $256 million.
As a group, the 501 fund firms with less than $1 billion each in long-term fund and ETF AUM brought in an estimated $828 million in net July inflows, equivalent to 0.87 percent of their combined AUM and accounting for 2 percent of net industry inflows. That's up from $179 million in net outflows, equivalent to 0.19 percent of AUM, back in June.
Year-to-date, as of the end of July, the micro fund firms brought in an estimated $276 million in net inflows, equivalent to 0.29 percent of their combined AUM.
Across the entire industry, the 757 fund firms (down from 758 in June) tracked by the M* team brought in an estimated $41.339 billion in net July inflows, equivalent to 0.2 percent of their combined AUM (down from $69.822 billion and 0.35 percent in June). Active funds brought in an estimated $12.052 billion in net July inflows (down from $28.617 billion in June), while passive funds brought in an estimated $29.831 billion (down from $41.295 billion). YTD, the industry has suffered an estimated $63.657 billion in net outflows, equivalent to 0.31 percent of industry AUM.
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