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Rating:After a Spike, Small Fund Firms' Outflows Collapse Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, September 17, 2020

After a Spike, Small Fund Firms' Outflows Collapse

Reported by Neil Anderson, Managing Editor

After a big jump in August, small fund firms' outflows receded last month.

Scott Anthony Moore
Nuance Investments, LLC
President, Chief Investment Officer, Co-Owner
This article draws from Morningstar Direct data on August 2020 ETF and open-end mutual fund flows, excluding money-market funds and funds-of-funds. More specifically, this article focuses on the 158 firms (up from 153 in July) with between $1 billion and $10 billion each in long-term fund AUM. 74 of those firms gained net inflows in August, up from 63 in July. 57 gained net inflows in the first eight months of 2020.

Nuance Investments took the lead last month, thanks to an estimated $314 million in net August inflows, up from $41 million in July. Other big August winners included: GQG, $305 million (down from $344 million); Milleis Investissements Funds, $286 million (up from $240 million); Trust for Credit Unions, $241 million (down from $414 million); and U.S. Global Investors, $238 million (up from $71 million).

Proportionately, AmplifyETFs, took the lead last month among small fund firms, thanks to estimated net August inflows equivalent to 12.9 percent of its AUM, up from 14.4 percent in July. Other big August inflows winners included: Milleis, 11.4 percent (up from 10.5 percent); U.S. Global Investors, 10.9 percent (up from 4 percent); Trust for Credit Unions, 9.7 percent (down from 18.4 percent); and Nuance, 9.5 percent (up from 1.4 percent).

In the first eight months of the year, USCF led the pack with an estimated $5.056 billion in net inflows YTD. Other big YTD inflows winners, as of August 31, included: Polen Capital, $2.521 billion; GQG, $2.166 billion; Trust for Credit Unions, $1.48 billion; and U.S. Global Investors, $1.422 billion.

USCF also leads proportionately in the first eight months of the year, thanks to estimated net inflows YTD equivalent to 87.2 percent of its AUM. Other big YTD inflows winners, as of August 31, included: U.S. Global Investors, 65.3 percent; Exchange Traded Concepts, 61.2 percent; Trust for Credit Unions, 59.5 percent; and Spyglass Capital Management, 52.5 percent.

On the flip side, August was a rough month for IVA, which suffered an estimated $661 million in net outflows, more than any other small fund firm and up from $537 million in July. Other big August outflows sufferers included: FMI, $388 million (up from $323 million); Longleaf, $298 million (up from $148 million); PFM Multi-Manager Series Trust, $258 million (down from $4 million in net inflows); and Glenmede, $233 million (down from $294 million).

IVA also led the small fund firm outflows pack proportionately last month, thanks to estimated net outflows equivalent to 17 percent of its AUM, up from 12.2 percent in July. Other big August outflows sufferers included: AssetMark (including GuidePath and GuideMark), 15.6 percent (up from 0.3 percent); PFM, 14.5 percent (down from 0.2 percent in net inflows); Longleaf, 6.2 percent (up from 2.8 percent); and Boston Partners, 5.2 percent (down from 5.5 percent).

In the first eight months of 2020, FMI led the small fund firm outflows pack, thanks to an estimated $4.023 billion in net YTD outflows. Other big YTD outflows sufferers, as of August 31, included: Credit Suisse, $3.291 billion; IVA, $3.266 billion; AIG, $2.731 billion; and Glenmede, $2.712 billion.

Proportionately, IVA led the outflows pack for the first eight months of the year, thanks to estimated net outflows equivalent to 84.1 percent of its AUM. Other big YTD outflows sufferers, as of August 31, included: Boston Partners, 72.3 percent; FMI, 51.5 percent; Gotham, 50.6 percent; and Credit Suisse, 48 percent.

As a group, the 158 small fund firms tracked by the M* team suffered an estimated $634 million in net August outflows, equivalent to 0.12 percent of their combined AUM. That's down from $3.567 billion and 0.72 percent in July. YTD as of August 31, small fund firms have suffered an estimated $25.381 billion in net outflows, equivalent to 4.97 percent of their combined AUM and accounting for 144.91 percent of net outflows for the entire long-term mutual fund and ETF industry.

Across the entire industry, the 752 fund firms (down from 757 in July) tracked by the M* team brought in an estimated $41.403 billion in net August inflows, equivalent to 0.19 percent of their combined AUM (up from $41.339 billion but down from 0.2 percent in July). Active funds brought in an estimated $25.225 billion in net August inflows (up from $12.052 billion in July), while passive funds brought in an estimated $16.196 billion (down from $29.831 billion). YTD, the industry has suffered an estimated $17.515 billion in net outflows, equivalent to 0.08 percent of industry AUM. 

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