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Tuesday, September 22, 2020

Ark's Flood Continues

Reported by Neil Anderson, Managing Editor

A Gotham active ETF boutique kept the lead last month, pound for pound, as industry inflows per fund climbed a bit.

Catherine "Cathie" Wood
ARK Investment Management, LLC
Founder, Chief Executive Officer
This article draws from Morningstar Direct on U.S. open-end mutual fund and ETF flows, excluding money market funds and funds of funds, from August 2020.

Ark stayed on top, with estimated net inflows of $284 million per fund in August, up from $213 million per fund in July. Other big August inflows winners included: Spyglass Capital Management, $62 million per fund (up from $59 million per fund); EMQQ, $61 million per fund (up from $53 million per fund); Infinity Q, $50 million per fund (up from $39 million per fund); and Nuance, $45 million per fund (up from $6 million).

In the first eight months of 2020, Edgewood topped the pack with an estimated $1.111 billion per fund in net inflows. Other big inflows winners, as of August 31, included: Ark, $920 million per fund; Edward Jones' Bridge Builder, $835 million per fund; Spyglass, $546 million per fund; and Infinity Q, $355 million per fund.

On the flip side, August was another rough month for Primecap, which suffered an estimated $232 million per fund in net outflows, again more than any other fund firm but down from $245 million per fund in July. Other big August outflows sufferers included: IVA, $110 million per fund (up from $89 million per fund); Dodge & Cox, $98 million per fund (down from $107 million per fund); PFM Multi-Manager Series Trust, $86 million per fund (down from $1 million per fund in net inflows); and Longleaf Partners, $60 million per fund.

Primecap also led the outflows pack for the first eight months of 2020, thanks to an estimated $2.393 billion per fund in net YTD outflows, as of August 31. Other big YTD outflows sufferers so far included: Dodge & Cox, $2.008 billion per fund; IVA, $544 million per fund; Blackstone, $461 million per fund; and FMI, $447 million per fund.

The whole U.S. mutual fund and ETF industry, excluding money market funds and funds of funds, brought in an estimated $1 million per fund in net inflows. Yet YTD, as of August 31, the industry suffered an estimated $424,000 per fund in net outflows. 

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