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Tuesday, March 16, 2021

Midsize Inflows Rise 33 Percent

Reported by Neil Anderson, Managing Editor

Midsize fund firms' inflows accelerated last month, rising more than 33 percent from January.

Catherine "Cathie" Wood
ARK Investment Management, LLC
Founder, Chief Executive Officer
This article draws from Morningstar Direct data on February 2021 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. (Other asset management products, like CITs and SMAs, are also not included.) More specifically, this article focuses on the 75 firms (up from 73 in February 2020) with between $10 billion and $100 billion each in long-term fund AUM.

Midsize fund firms accounted for 11.66 percent of long-term fund AUM as of February 28, 2021, down from 11.81 percent on January 31, 2021, and down from 13.7 percent on February 28, 2020. 47 midsize fund firms brought in net inflows in February 2021, up from 42 in January 2021 and up from 35 in February 2020.

Ark kept the lead last month, thanks to an estimated $7.948 billion in net February 2021 inflows, down from $8.205 billion in January 2021 but up from $276 million in February 2020. Other big February 2021 inflows winners included: Mirae (including Global X), $3.276 billion (up month-over-month from $3.022 billion, up year-over-year from $18 million); ProShares and ProFunds, $2.629 billion (up MOM from $284 million, up YOY from negligible net inflows); Baird, $2.23 billion (up MOM from $1.726 billion and up YOY from $1.299 billion).

Ark also led the midsize pack proportionately last month, thanks to estimated net February 2021 inflows equivalent to 15.5 percent of its AUM. Other big inflows winners included: Mirae, 11.5 percent; Diamond Hill, 5.4 percent; BBH, 5.2 percent; and ProShares, 4.9 percent.

As of the end of February, Ark led the YTD midsize inflows pack with $16.135 billion. Other big YTD inflows winners so far included: Mirae, $6.297 billion; Baird, $3.955 billion; ProShares, $2.913 billion; and Guggenheim, $2.774 billion.

On the flip side, last month was a rough one for Harbor, which led the midsize pack thanks to suffering an estimated $886 million in net February outflows, down from $927 million in January 2021 but up from $403 million in February 2021. Other big February 2021 outflows sufferers included: Mercer, $884 million (down MOM from $40 million in net inflows and up YOY from $416 million); GMO, $789 million (up MOM from $777 million, up YOY from $481 million); Harris' Oakmark, $702 million (down MOM from $1.342 billion, down YOY from $1.025 billion); and DoubleLine, $498 million (down MOM from $368 million in net inflows, down YOY from $886 million in net inflows).

Proportionately, Mercer led the midsize outflows pack last month, suffering estimated net February 2021 outflows equivalent to 7.4 percent of its AUM. Other big outflows sufferers included: AQR, 2.8 percent; Akre, 2.8 percent; GMO, 2.8 percent; and Lazard, 1.7 percent.

In the first two months of 2021, Oakmark led the midsize pack thanks to an estimated $2.044 billion. Other big YTD outflows sufferers included: Harbor, $1.813 billion; GMO, $1.567 billion; Akre, $1.035 billion; and MassMutual, $981 million.

As a group, the midsize firms brought in an estimated $24.793 billion in net February 2021 inflows, equivalent to 0.88 percent of their combined AUM and accounting for 17.16 percent of all industry long-term inflows. That's up from $18.581 billion and 0.66 percent of AUM but down from 19.47 percent of industry inflows in February 2021. And it's up from $923 million in net February 2020 outflows.

YTD, midsize fund firms brought in an estimated $43.4 billion in net inflows, equivalent to 1.54 percent of their AUM and accounting for 18.11 percent of net industry inflows.

Across the entire industry, the 753 firms (down from 769 in February 2020) tracked by the M* team brought in a combined $144.457 billion in estimated net long-term fund inflows in February 2021, equivalent to 0.6 percent of long-term fund AUM. That's up from $95.454 billion and 0.4 percent of AUM in January 2021, and it's up from $27.108 billion and 0.13 percent of AUM in February 2020.

Active funds brought in an estimated $53.109 billion in net February 2021 inflows, up from $40.836 billion in January 2021 and up from $11.675 billion in February 2020. Passive funds brought in an estimated $91.347 billion in net February 2021 inflows, up from $54.591 billion in January 2021 and up from $13.784 billion in February 2020.

YTD, long-term funds have brought in an estimated $239.71 billion in net inflows, equivalent to 0.99 percent of their combined AUM. 

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