A startup driven by performance fees took the lead last month among the smallest fund firms.
| Peter S. Kraus|
This article draws from Morningstar Direct
data on October 2020 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. More specifically, this article focuses on the 490 firms (down from 493 in September
) with less than $1 billion each in long-term fund AUM. 197 of those firms gained net inflows in October (down from 198 in September), and 216 gained net year-to-date inflows as of the end of October.
took the micro firm lead last month, thanks to an estimated $217 million in net October inflows, up from $1 million in net outflows in September. Other big October inflows winners included: Microsectors
, $113 million (up from $24 million); Advisors Preferred
, $96 million (up from $24 million); LeaderShares
, $85 million (up from zero net flows); and Renaissance Capital
, $84 million (down from $99 million).
Last month included one apparent newcomer: Regan Capital
YTD, as of the end of October, Toroso
led the micro fund firm pack with an estimated $740 million in net inflows. Other big YTD inflows winners included: Axonic
, $613 million; Aperture, $429 million; Rational Funds
, $412 million; and Defiance
, $398 million.
On the flip side, October was a rough month for Phaeacian
, which suffered an estimated $460 million in net outflows, more than any other micro fund firm. Other big October outflows sufferers included: Redwood
, $145 million (up from $34 million); Teucrium
, $52 million (down from $71 million in net inflows); Aware
, $50 million (up from negligible outflows); and PPM America
, $37 million (down from $2 million in net inflows).
YTD as of the end of October, Chiron
led the micro pack with an estimated $740 million in net outflows. Other big YTD outflows sufferers included: Schroders
, $712 million; CRM
, $494 million; Phaeacian, $458 million; and Highland
, $352 million.
As a group, micro fund firms suffered an estimated $45 million in net October outflows, equivalent to 0.05 percent of their combined AUM. That's down from $77 million in net September inflows. YTD, they suffered $814 million in net outflows, equivalent to 0.89 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 $15.640 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 $22.583 billion in net inflows. YTD, long-term funds and ETFs have brought in an estimated $16.122 billion in net inflows.
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