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Tuesday, May 18, 2021

Small Firms' Inflows Climb 39 Percent

Reported by Neil Anderson, Managing Editor

Small fund firms' inflows jump 39 percent, even as overall industry inflows slipped.

This article draws from Morningstar Direct data on April 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 167 firms (up from 101 in April 2020) with between $1 billion and $10 billion each in long-term fund AUM.

Small firms had $538.398 billion in total long-term fund AUM as of April 30, 2021, accounting for 2.08 percent of industry AUM. That's down from $543 billion and 2.18 percent on March 31, 2021. And it's up from $492 billion but down from 2.65 percent on April 30, 2020.

113 small fund firms brought in net inflows last month, up from 101 in March 2021 and 57 in April 2020.

KraneShares took the lead last month, thanks to an estimated $1.234 billion in net April 2021 inflows, up month-over-month from $659 million in March 2021 and up year-over-year from $115 million in net outflows in April 2020. Other big April 2021 inflows winners included: Callahan Financial Services' Trust for Credit Unions, $391 million (down MOM from $964 million, up YOY from $136 million); GQG Partners, $387 million (down MOM from $548 million, up YOY from $260 million); Milleis Investissements Funds, $354 million (up MOM from $178 million, up YOY from $242 million); and Pacer, $278 million (up MOM from $119 million, up YOY from $5 million).

KraneShares also took the lead proportionately last month, bringing in estimated net inflows equivalent to 12.6 percent of its AUM. Other big April 2021 inflows winners included: Milleis, 10.6 percent; Smead, 9.1 percent; Chiron, 8 percent; and Trust for Credit Unions, 7.7 percent.

As of April 30, KraneShares still led the pack for 2021 thanks to an estimated $3.708 billion in net year-to-date inflows. Other big YTD inflows winners included: GQG, $2.01 billion; and Trust for Credit Unions, $1.948 billion.

on the flip side, last month was a rough one for Brookfield Investment Funds, which suffered an estimated $472 million in net April outflows, up MOM from $76 million in March 2021 and up YOY from $249 million. Other big April 2021 outflows sufferers included: AIG, $168 million (down MOM from $196 million, down YOY from $347 million); Glenmede, $141 million (up MOM from $106 million, down YOY from $475 million); USCF, $139 million (down MOM from $425 million, down YOY from $3.361 billion in net inflows); and Value Line, $80 million (down MOM from $97 million, down YOY from $43 million in net inflows.

Brookfield also led the small fund firm outflows pack proportionately last month, thanks to estimated net April 2021 outflows equivalent o 22.4 percent of its AUM. Other big outflow sufferers included: Toews Funds, 5.6 percent; Tributary Funds, 4.5 percent; ICM Series Trust, 3.8 percent; and USCF, 3.1 percent.

As of April 30, USCF led the small fund firm outflows pack for 2021, thanks to an estimated $1.644 billion in net YTD outflows. Other big YTD outflows sufferers included: Fiera Capital, $1.631 billion; and Glenmede, $951 million.

As a group, the small fund firms brought in an estimated $5.744 billion in net April 2021 inflows, equivalent to about 1.07 percent of their combined AUM and accounting for 4.57 percent of overall industry inflows. That's up from $4.119 billion, 0.76 percent, and 2.63 percent in March 2021, and it's up from $371 million in net outflows in April 2020.

In the first four months of 2021, small fund firms brought in an estimated $21.944 billion in net inflows, equivalent to 4.08 percent of their combined AUM and accounting for 4.15 percent of overall long-term fund inflows.

Across the entire industry, the 760 fund firms (up from 758 in March 2021 but down from 763 in April 2020) tracked by the M* team brought in a combined $125.673 billion in estimated net long-term fund inflows in April 2021, equivalent to 0.49 percent of long-term fund AUM. That's down from $156.503 billion and 0.63 percent of AUM in March 20210, but it's up from $16.388 billion and 0.09 percent of AUM in April 2020.

Active funds brought in an estimated $31.465 billion in net April 2021 inflows, down from $42.386 billion in March 2021 but up from $21.202 billion in April 2020 outflows. Passive funds brought in an estimated $94.208 billion in net April 2021 inflows, down from $114.117 billion in March 2021 but up from $37.598 billion in April 2020.

In the first four months of 2021, long-term funds brought in an estimated $528.439 billion in net inflows, equivalent to 2.05 percent of their combined AUM. 

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