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Thursday, July 22, 2021

Strategy Shares Takes the Micro Lead

Reported by Neil Anderson, Managing Editor

A fast-growing ETF boutique took the lead last month among the smallest fund firms.

Jerry Szilagyi
Rational Advisors, Inc.
President, Owner
This article draws from Morningstar Direct data on June 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 489 firms (up from 485 in May 2021 but down from 502 in June 2020) with less than $1 billion each in long-term fund AUM.

Micro fund firms had $96 billion in total long-term AUM as of June 30, 2021, accounting for 0.36 percent of overall industry long-term fund AUM. That compares with $94 billion and 0.42 percent of industry AUM on May 31, 2021, and $94 billion and 0.47 percent of industry AUM on June 30, 2020.

273 micro fund firms brought in net inflows last month, up from 260 in May 2021 and 216 in June 2020.

Rational Advisors' Strategy Shares took the lead last month among micro fund firms, thanks to an estimated $119 million in net June 2021 inflows, up month-over-month from $105 million in May 2021 and up year-over-year from $7 million in June 2020. Other big June 2021 inflows winners included: Engine No. 1, $116 million; Horizon Kinetics, $87 million (down M/M from $176 million, up Y/Y from $29 million in net outflows); Simplify Asset Management, $86 million (up M/M from $58 million); and ClearShares, $55 million (up M/M from $35 million in net outflows, up Y/Y from negligible net flows).

Last month include four apparent newcomers: Engine No. 1, AGRA Investment Management, Robinson Capital, and Sparkline Capital.

Horizon Kinetics led micro fund firm inflows pack in the second quarter, thanks to an estimated $471 million in net inflows. Other big Q2 2021 inflows winners included: Strategy Shares, $332 million; and Oriental Trust, $261 million.

Horizon Kinetics also led the pack for the first half of 2021, thanks to an estimated $599 million in net inflows. Other big YTD inflows winners as of June 30, 2021 included: Strategy Shares, $509 million; and Sprucegrove Investment Management, $434 million.

For the 12 months ending on June 30, 2021, Strategy Shares led the pack thanks to an estimated $659 million in net inflows. Other big inflows winners included: Horizon Kinetics, $599 million; and Renaissance Capital, $491 million.

On the flip side, last month was a rough one for Teucrium, which led the micro fund firm outflows pack thanks to an estimated $40 million in net June 2021 outflows, down M/M from $3 million in net May 2021 inflows and down Y/Y from $59 million in net June 2020 inflows. Other big June 2021 outflows sufferers included: ICON Funds, $33 million (up M/M from $2 million, up Y/Y from $14 million); MainGate Trust, $23 million (up M/M from $11 million, down Y/Y from $14 million in net inflows); Cove Street Capital, $23 million (down M/M from negligible inflows, up Y/Y from $8 million); and Berkshire, $20 million (down M/M from $49 million, down Y/Y from $12 million in net inflows).

In the second quarter, Roundhill Financial led the pack thanks to an estimated $105 million in net outflows. Other big Q2 2021 outflows sufferers included: Renaissance, $85 million; and Berkshire, $84 million.

Year-to-date, as of June 30, 2021, Schroder led the pack thanks to an estimated $332 million in net outflows. Other big YTD outflows sufferers included: Muzinich, $295 million; and MainGate, $207 million.

For the 12 months ending June 30, 2021, Phaeacian led the pack thanks to an estimated $429 million in net outflows. Other big outflows sufferers included: Liberty Street, $382 million; and MainGate, $344 million.

As a group, micro fund firms brought in an estimated $1.345 billion in net June 2021 inflows, equivalent to about 1.4 percent of their combined AUM and accounting for 1.27 percent of overall industry long-term inflows. That compares with $1.316 billion, 1.4 percent of AUM, and 1.59 percent of industry inflows in May 2021. And it's up from $179 million in net outflows, equivalent to 0.19 percent of AUM, in June 2020.

In Q2 2021, micro fund firms brought in $3.767 billion in estimated net inflows, equivalent to 3.92 percent of their combined AUM and accounting for 1.18 percent of industry inflows. In the first half of 2021, micro firms brought in an estimated $6.616 billion in net inflows, equivalent to 6.89 percent of their combined AUM and accounting for 0.92 percent of industry inflows. And in the 12 months ending June 30, 2021, micro firms brought in an estimated $7.352 billion in net inflows, equivalent to 7.65 percent of their combined AUM and accounting for 9.69 percent of industry inflows.

Across the entire industry, the 768 fund firms (up from 760 in May 2021 and 758 in June 2020) tracked by the M* team brought in a combined $105.503 billion in estimated net long-term fund inflows in June 2021, equivalent to about 0.4 percent of long-term fund AUM of $26.534 trillion. That's up from $82.763 billion and $26.156 trillion in May 2021 and $69.822 billion and $19.904 trillion in June 2020.

Active funds brought in an estimated $24.578 billion in net June 2021 inflows, up M/M from $11.451 billion but down Y/Y from $28.617 billion. Passive funds brought in $80.917 billion in June 2021, up M/M from $71.312 billion and up Y/Y from $41.295 billion.

In Q2 2021, long-term funds brought in an estimated $318.154 billion in net inflows, equivalent to 1.2 percent of long-term fund AUM. In the first half of 2021, long-term funds brought in $722.557 billion in net inflows, equivalent to 2.72 percent of their AUM. And in the 12 months ending June 30, 2021, long-term funds brought in $1.058807 trillion in net inflows, equivalent to 3.99 percent of their AUM. 

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