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Rating:37 Percent of Small Fund Firms Have Net 2020 Inflows Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, October 16, 2020

37 Percent of Small Fund Firms Have Net 2020 Inflows

Reported by Neil Anderson, Managing Editor

37 percent of small fund firms netted inflows in the first nine months of 2020.

John Parish Love
USCF
President, CEO
This article draws from Morningstar Direct data on September 2020 ETF and open-end mutual fund flows, excluding money-market funds and funds-of-funds. More specifically, this article focuses on the 156 firms (down from 158 in August) with between $1 billion and $10 billion each in long-term fund AUM. 69 of those firms gained net inflows in September (down from 74 in August), 73 gained net inflows in Q3, and 58 gained net inflows YTD as of the end of September.

Payden took the lead last month, thanks to an estimated $591 million in net September inflows, up from $17 million in August. Other big September inflows winners included: KraneShares, $299 million (up from $8 million in net outflows); Champlain, $231 million (up from $99 million); U.S. Global Investors, $161 million (down from $238 million); and Polen, $159 million (down from $175 million).

KraneShares led the small fund firm pack in the third quarter, thanks to an estimated $811 million in net Q3 inflows. Other big Q3 inflows winners included: GQG, $805 million; Trust for Credit Unions, $805 million; Payden, $693 million; and PT Asset Management, $545 million.

Year-to-date, as of the end of September, USCF held the lead, thanks to an estimated $4.887 billion in net inflows. Other big YTD inflows winners included: Polen, $2.679 billion; GQG, $2.322 billion; Trust for Credit Unions, $1.63 billion; and U.S. Global Investors, $1.583 billion.

On the flip side, September was a rough month for Glenmede, which suffered an estimated $498 million in net outflows, more than any other small fund firm and up from $233 million in August. Other big September outflows sufferers included: Manning & Napier, $434 million (up from $14 million); IVA, $358 million (down from $661 million); Credit Suisse, $254 million (up from $119 million); and Hotchkis and Wiley, $216 million (up from $57 million).

IVA led the small fund firm outflows pack in Q3, thanks to an estimated $1.555 billion in net outflows. Other big Q3 outflows sufferers included: Credit Suisse, $1.201 billion; Glenmede, $1.025 billion; USCF, $1.017 billion; and FMI, $924 million.

Year-to-date, as of the end of September, FMI led the small fund firm outflows pack, thanks to an estimated $4.235 billion net YTD outflows. Other big YTD outflows sufferers included: IVA, $3.623 billion; Credit Suisse, $3.454 billion; Glenmede, $3.21 billion; and AIG, $2.933 billion.

As a group, the 156 small fund firms tracked by the M* team suffered an estimated $616 million in net September outflows, equivalent to 0.12 percent of their combined AUM. That's down slightly from $634 million in August.

In Q3, small fund firms suffered an estimated $4.324 billion in net outflows, equivalent to 0.86 percent of their combined AUM. And YTD, they suffered an estimated $25.98 billion in net outflows, equivalent to 5.14 percent of their combined AUM.

Across the entire industry, the 751 fund firms (down from 752 in August) tracked by the M* team brought an estimated $10.736 billion in net September inflows, equivalent to 0.05 percent of their combined AUM. Active funds suffered $12.348 billion in net September outflows, while passive funds brought in $23.887 billion. In Q3, the industry brought in $93.942 billion in net inflows, yet YTD it has suffered $12.121 billion in net outflows. 

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