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Rating:Small Fund Firms Remain Almost $22B In the Red Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, November 19, 2020

Small Fund Firms Remain Almost $22B In the Red

Reported by Neil Anderson, Managing Editor

Though industry flows have swung back to black, small fund firms are still in the red this year in terms of net flows.

Jonathan Krane
KraneShares
Founder, CEO
This article draws from Morningstar Direct data on October 2020 ETF and open-end mutual fund flows, excluding money-market funds and funds-of-funds. More specifically, this article focuses on the 159 firms (up from 156 in September) with $1 billion and $10 billion each in long-term fund AUM. 73 of those firms gained net inflows in October (up from 69 in September), but only 64 have gained net inflows YTD.

KraneShares took the lead last month, thanks to an estimated $479 million in net October inflows, up from $299 million in September. Other big October inflows winners included: Grayscale, $456 million; Payden, $230 million (down from $591 million); GQG, $192 million (up from $156 million); and Trust for Credit Unions, $189 million (up from $150 million).

Proportionately, Amplify led the small fund firm pack, thanks to estimated net October inflows equivalent to 9.5 percent of its AUM, up from 2.5 percent in September. Other big October inflows winners included: KraneShares, 9.3 percent (up from 6.6 percent); Spyglass, 8.6 percent (up from 7.6 percent); O'Shares, 8.5 percent( up from 0.8 percent); and Trust for Credit Unions, 6.7 percent (up from 5.7 percent).

Year-to-date, as of the end of October, USCF held the lead, thanks to an estimated $4.52 billion in net inflows. Other big YTD inflows winners included: Polen, $2.837 billion; Grayscale, $2.797 billion; GQG, $2.514 billion; and Trust for Credit Unions, $1.82 billion.

On the flip side, October was a rough month for USCF, which suffered an estimated $368 million in net outflows, more than any other small fund firm and up from $169 million in September. Other big October outflows sufferers included: Manning & Napier, $365 million (down from $434 million); IVA, $259 million (down from $358 million); Causeway, $241 million (up from $13 million); and FMI, $238 million (up from $212 million).

USCF also led the small fund firm outflows pack proportionately last month, with estimated net October outflows equivalent to 8.5 percent of its AUM, up from 3.2 percent in September. Other big October outflows sufferers included: IVA, 8.3 percent (down from 10.4 percent); Manning, 6.7 percent (down from 7.3 percent); Robeco's Boston Partners, 5.3 percent (up from 4.9 percent); and Ashmore, 4.9 percent (up from 3.2 percent).

YTD, as of the end of October, FMI led the small fund firm outflows pack, thanks to an estimated $4.472 billion in net outflows. Other big outflows sufferers YTD included: IVA, $3.883 billion; Credit Suisse, $3.698 billion; Glenmede, $3.378 billion; and aIG, $3.159 billion.

As a group, the 159 small fund firms track by the M* team suffered an estimated $104 million in net October outflows, equivalent to 0.02 percent of their combined AUM. That's down from $616 million and 0.12 percent in September. YTD, small fund firms have suffered an estimated $21.829 billion in net outflows, equivalent to 4.3 percent of their combined AUM.

Across the entire industry, the 756 fund firms (up from 751 in September) tracked by the M* team brought in an estimated $13.432 billion in net October inflows, up from 410.736 billion in September. Active fund firms suffered $6.934 billion in net October outflows, while passive funds brought in $20.374 billion in net inflows. YTD, long-term funds and ETFs have brought in an estimated $13.913 billion in net inflows. 

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