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Tuesday, April 20, 2021

Midsize Inflows Slip 45 Percent

Reported by Neil Anderson, Managing Editor

Midsize fund firms' inflows decelerated last month, falling by 45 percent from February.

Mary Ellen Bolger Stanek
Robert W. Baird & Co.
Managing Director, Director of Asset Management
This article draws from Morningstar Direct data on March 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 77 firms (up from 75 in February 2021 and 68 in March 2020) with between $10 billion and $100 billion each in long-term fund AUM.

Midsize fund firms accounted for 11.53 percent of long-term fund AUM as of March 31, 2021, down from 11.66 percent on February 28, 2021, and down from 14.53 percent on March 31, 2020. 43 midsize fund firms brought in net inflows in March 2021, down from 47 in February 2021, but up from seven in March 2020.

Baird took the lead among midsize firms last month, thanks to an estimated $2.325 billion in net March 2021 inflows, up from $2.23 billion in February 2021 inflows and up from $2.123 billion in March 2020 outflows. Other big March 2021 inflows winners included: Mirae (including Global X), $1.755 billion (down month-over-month from $3.276 billion, up year-over-year from $210 million in net outflows); VanEck, $1.32 billion (up MOM from $528 million, up YOY from $1.975 billion in net outflows); Rafferty's Direxion, $1.184 billion (up MOM from $1.011 billion, down YOY from $3.539 billion); and Neuberger Berman, $1.063 billion (up MOM from $433 million, up YOY from $1.057 billion in net outflows).

Mirae took the lead proportionately last month, thanks to estimated net March 2021 inflows equivalent to 5.9 percent of its AUM. Other big inflows winners included: Direxion, 4.9 percent; BBH, 4.2 percent; Calamos, 3.8 percent; and Alps, 3.8 percent.

Ark led the midsize pack in Q1 2021, thanks to an estimated $17.033 billion in net inflows. Other big Q1 inflows winners included: Mirae, $8.053 billion; Baird, $6.281 billion; ProShares and ProFunds, $3.717 billion; and Guggenheim (including Rydex), $3.108 billion.

On the flip side, last month was a rough one for Voya, which led the midsize pack thanks to an estimated $646 million in net March outflows, up from $288 million in February 2021 and down from $1.534 billion in March 2020. Other big March 2021 outflows sufferers included: AQR, $609 million (up MOM from $446 million, down YOY from $1.401 billion); Nationwide, $588 million (up MOM from $16 million, up YOY from $196 million); Wells Fargo, $526 million (down MOM from $221 million in inflows, down YOY from $2.35 billion); and DWS (including Xtrackers), $526 million (down MOM from $580 million in net inflows, down YOY from $1.453 billion).

Proportionately, AQR led the midsize outflows pack last month, suffering estimated net March 2021 outflows equivalent to 3.8 percent of its AUM. Other big outflows sufferers included: Nationwide, 3.1 percent; Loomis Sayles, 2.4 percent; Mercer, 1.5 percent; and Davis, 1.5 percent.

For Q1 2021, Harris' Oakmark led the midsize outflows pack thanks to an estimated $2.192 billion in net outflows. Other big Q1 outflows sufferers included: Harbor, $2.068 billion; GMO, $1.755 billion; AQR, $1.643 billion; and Voya, $1.373 billion.

As a group, midsize firms brought in an estimated $13.592 billion in net March 2021 inflows, equivalent to 0.47 percent of their combined AUM and accounting for 8.68 percent of all industry long-term inflows. That's down from $24.793 billion, 0.88 percent of AUM, and 17.16 percent of industry inflows.

In Q1 2021, midsize firms brought in an estimated $57.146 billion in net inflows. That accounts for 1.99 percent of their AUM and 14.26 percent of overall industry inflows.

Across the entire industry, the 758 fund firms (up from 753 in February 2021 but down from 770 in March 2020) tracked by the M* team brought in a combined $156.503 billion in estimated net long-term fund inflows in March 2021, equivalent to 0.63 percent of long-term fund AUM. That's up from $144.457 billion and 0.6 percent of AUM in February 2021, and it's up from $326.378 billion in net outflows and 1.91 percent of AUM.

Active funds brought in an estimated $42.386 billion in net March 2021 inflows, down from $53.109 billion in February 2021 and up from $309.808 billion in net outflows in March 2020. Passive funds brought in an estimated $114.117 billion in net March 2021 inflows, up from $91.347 billion in February 2021 and up from $16.57 billion in March 2020 outflows.

In Q1 2021, long-term funds brought in an estimated $400.697 billion in net inflows, equivalent to 1.61 percent of their combined AUM. 

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