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Rating:16 Percent of 2020 Outflows Come From the Smallest Firms Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, October 20, 2020

16 Percent of 2020 Outflows Come From the Smallest Firms

Reported by Neil Anderson, Managing Editor

Long-term fund flows are not yet in the black for the industry for 2020, and more than 16 percent of those outflows came from the smallest of fund firms.

Guillermo Trias
CEO, Partner
Toroso Investments
This article draws from Morningstar Direct data on September 2020 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. More specifically, this article focuses on the 493 firms (down from 495 in August) with less than $1 billion each in long-term fund AUM. 198 of those firms gained net inflows in September (down from 215 in August), 213 gained net Q3 inflows, and 232 gained net year-to-date inflows as of the end of September.

Renaissance Capital took the micro firm lead last month, thanks to an estimated $99 million in net September inflows, up from $41 million in August. Other big September inflows winners included: Cambria, $84 million (up from $17 million); ABR, $83 million (up from $33 million); EMQQ, $74 million (up from $61 million); and Teucrium, $71 million (up from $47 million).

Apparent newcomers in September included Chevy Chase Trust Company and Evolutionary Tree.

Toroso led the micro fund firm pack in the third quarter of 2020, thanks to an estimated $229 million in net inflows. Other big Q3 inflows winners included: EMQQ, $188 million; Icon, $169 million; Cambria, $159 million; and Renaissance, $155 million.

Toroso also led YTD, thanks to an estimated $708 million in net YTD inflows as of September 30. Other big YTD inflows winners included: Axonic, $567 million; Rational, $387 million; EMQQ, $361 million; and Liberty Street, $343 million.

On the flip side, September was another rough month for Elements, which suffered an estimated $714 million in net outflows, more than any other micro fund firm and up from $172 million in August. Other big September outflows sufferers included: Highland, $54 million (down from $41 million in net inflows); LMCG, $36 million (up from negligible net outflows); Fulcrum, $35 million (down from negligible net inflows); and Redwood, $34 million (up from $11 million).

Elements also led the micro fund firm outflows pack in Q3, thanks to an estimated $1.04 billion in net Q3 outflows. Other big Q3 outflows sufferers included: Liberty Street, $163 million; Vivaldi, $107 million; MainGate, $98 million; and Chiron, $88 million.

And Elements also led the micro fund firm outflows pack in the first nine months of 2020, thanks to an estimated $2.122 billion in net YTD outflows. Other big YTD outflows sufferers included: Chiron, $732 million; Schroder, $712 million; CRM, $485 million; and Highland, $337 million.

As a group, the 493 firms with less than $1 billion each in long-term fund AUM brought in an estimated $77 million in net September inflows, equivalent to 0.08 percent of their combined AUM and accounting for 0.72 percent of net industry inflows. That's down from $553 million, 0.6 percent of AUM, and 1.34 percent of net industry inflows in August.

Micro fund firms brought in an estimated $1.013 billion in net Q3 inflows, equivalent to 1.09 percent of their combined AUM and accounting for 1.08 percent net industry inflows. Yet YTD, as of the end of September, micro fund firms still suffered an estimated $1.968 billion in net outflows, equivalent to 2.11 percent of their combined AUM and accounting for 16.24 percent of net industry outflows.

Across the entire industry, the 751 fund firms (down from 752 in August) tracked by the M* team brought in 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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