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Rating:Small Firms' Outflows Rose 23-Fold In 2020 Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, January 21, 2021

Small Firms' Outflows Rose 23-Fold In 2020

Reported by Neil Anderson, Managing Editor

Small fund firms' outflows increased more than 23-fold last year.

John Parish Love
USCF
President, CEO
This article draws from Morningstar Direct data on December 2020 ETF and open-end mutual fund flows, excluding money-market funds and funds of funds. More specifically, this article focuses on the 161 firms (up from 151 at the end of 2019) with between $1 billion and $10 billion each in long-term fund AUM.

Small fund firms accounted for 2.17 percent of long-term fund AUM as of December 31, 2020, down from: 2.22 percent on November 30, 2020; 2.39 percent on September 30, 2020; and 2.32 percent on December 31, 2019. 64 of firms brought in net 2020 inflows, 74 brought in net Q4 2020 inflows (up from 73 in Q3), and 79 brought in net December 2020 inflows (up from 75 in November).

USCF took the lead last year, thanks to an estimated $3.959 billion in net 2020 inflows, up from $790 million in 2019. Other big 2020 inflows winners included: GQG Partners, $3.326 billion (up from $1.082 billion); U.S. Global Investors, $2.258 billion (up from $59 million in net outflows); Trust for Credit Unions, $2.104 billion (up from $236 million); and KraneShares, $1.953 billion (up from $292 million).

Toroso led the small fund firms pack proportionately last year, thanks to estimated 2020 net inflows equivalent to 88.2 percent of its year-end AUM. Other big 2020 inflows winners included: USCF, 81.6 percent: Trust for Credit Unions, 67.6 percent; Defiance, 66.1 percent; and U.S. Global Investors, 63.9 percent.

In Q4 2020, KraneShares kept the lead thanks to an estimated $1.027 billion in net Q4 inflows, up from $811 million in Q3. Other big Q4 inflows winners included: GQG, $1.004 billion (up from $805 million); ETFMG, $720 million (up from $248 million); Alps, $705 million (up from $110 million); and Amplify ETFs, $687 million (up from $477 million).

Yet last month Alps took the lead, thanks to an estimated $403 million in net December 2020 inflows, up from $174 million in November. Other big December inflows winners included: ETFMG, $396 million (up from $211 million); Amplify, $346 million (up from $156 million); GQG, $297 million (down from $515 million); and PT Asset Management, $225 million (up from $171 million).

On the flip side, 2020 was a rough year for FMI, which suffered an estimated $5.128 billion in net outflows, more than any other small fund firm and up from $633 million in 2019. Other big 2020 outflows sufferers included: IVA, $4.413 billion (up from $2.33 billion); Credit Suisse, $3.802 billion (up from $17 million); AIG, $3.625 billion (up from $3.447 billion); and Glenmede, $3.467 billion (up from $1.742 billion).

Proportionately, IVA led the small fund firm outflows pack last year, suffering estimated net 2020 outflows equivalent to 148.4 percent of its AUM at year-end. Other big 2020 outflows sufferers included: Robeco's Boston Partners, 88 percent; Semper, 70 percent; Gotham, 66.9 percent; and FMI, 65.9 percent.

Yet last quarter USCF took the outflows lead among small fund firms, thanks to an estimated $929 million in net Q4 2020 outflows, down from $1.017 billion in Q3. Other big Q4 outflows sufferers included: FMI, $893 million (down from $924 million); IVA, $790 million (down from $1.555 billion); AIG, $692 million (up from $664 million); and Blackstone, $581 million (up from $315 million).

Last month IVA led the small fund firm outflows pack, thanks to an estimated $317 million in net December 2020 outflows, up from $214 million in November. Other big December outflows sufferers included: Blackstone, $265 million (up from $164 million); AIG, $256 million (up from $210 million); FMI, $232 million (down from $423 million); and USCF, $207 million (down from $353 million).

As a group, the 161 small fund firms suffered an estimated $26.728 billion in net 2020 outflows, equivalent to about 5.16 percent of their combined AUM. That's up from $1.139 billion and 0.24 percent in 2019.


Last quarter, small fund firms brought in an estimated $1.265 billion in net inflows, equivalent to 0.24 percent of their combined AUM and accounting for 0.57 percent of overall industry inflows. That's up from $4.324 billion in net outflows, equivalent to 0.86 percent of AUM, in Q3.

In December alone, small fund firms brought in an estimated $1.349 billion in net inflows, equivalent to about 0.26 percent of their combined AUM and 1.39 percent of industry inflows. That's up from $382 million, 0.08 percent of AUM, and 0.34 percent of industry inflows in November.

Across the entire industry, the 751 fund firms tracked by M* (down from 773 at the end of 2019) brought in a combined $220.219 billion in net inflows in 2020, equivalent to 0.92 percent of industry AUM. That's down from $419.3 billion and 2.02 percent in 2019.

In Q4 2020, the industry brought in $220.481 billion in net long-term mutual fund and ETF inflows, equivalent to 0.92 percent of industry AUM.

In December 2020 alone, the industry brought in an estimated $96.953 billion, equivalent to 0.41 percent of industry AUM and down from $112.028 billion. Passive funds brought in an estimated $59.958 billion in December inflows (down from $95.171 billion in November), while active funds brought in $36.995 billion in December inflows (up from $16.857 billion in November). 

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