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Rating:Pacer Leads As Small Firms' Inflows Triple Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, November 18, 2021

Pacer Leads As Small Firms' Inflows Triple

Reported by Neil Anderson, Managing Editor

An ETF shop led the small fund firm pack last month, as the pack's inflows tripled.

Sean Edward O'Hara
Pacer ETFs Distributors / Pacer Financial
President / Director
This article draws from Morningstar Direct data on October 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 169 firms (up from 168 in September 2021 and up from 159 in October 2020) with between $1 billion and $10 billion each in long-term fund AUM.

Small firms had $550 billion in total long-term fund AUM as of October 31, 2021, accounting for 1.98 percent of overall industry long-term fund AUM. That compares with $548 billion and 2.42 percent on September 30, 2021 and $508 billion and 2.44 percent on October 31, 2021.

99 of those small fund firms brought in net inflows last month, level with September 2021 but up from 73 in October 2020.

Pacer took the lead last month, thanks to an estimated $452 million in net October 2021 inflows, up month-over-month from $206 million in September 2021 and up year-over-year from $105 million in October 2020. Other big October 2021 inflows winners included: Smead, $406 million (up M/M from $13 million, up Y/Y from $4 million); Milleis Investissements Funds, $368 million (up M/M from $138 million, up Y/Y from $110 million); Abbey Capital, $253 million (up M/M from $42 million, up Y/Y from $21 million); and Angel Oak, $252 million (up M/M from $333 million in net outflows, up Y/Y from $44 million).

Abbey took the lead proportionately last month, bringing in estimated net inflows equivalent to 16 percent of its long-term mutual fund AUM. Other big October 2021 inflows winners included: Smead, 13.5 percent; Milleis, 10.6 percent; Exchange Traded Concepts, 9.3 percent; and Strategy Shares, 7.1 percent.

Pacer still leads the 2021 small fund firm inflows pack so far, thanks to an estimated $2.46 billion in net year-to-date inflows as of October 31, 2021. Other big YTD inflows winners included: PT Asset Management, $1.792 billion; and Clark's Navigator Funds, $1.718 billion.

The same three firms also led the small fund firm pack for the 12-month period ending October 31, 2021: Pacer with $2.428 billion in net inflows, PT with $2.189 billion, and Navigator with $1.942 billion.

On the flip side, last month was a rough one for BMO, which suffered an estimated $326 million in net October 2021 outflows, more than any other small fund firm; that's up M/M from $310 million in September 2021 and up Y/Y from $2 million in October 2020. Other big October 2021 outflows sufferers included: Callahan Financial Services' Trust for Credit Unions, $239 million (up M/M from $9 million, down Y/Y from $189 million in net inflows); Graniteshares, $138 million (down M/M from $23 million in net inflows, up Y/YK from $9 million); U.S. Global Investors, $116 million (down M/M from $203 million in net inflows, down Y/Y from $125 million in net inflows); and Meridian, $90 million (up M/M from $26 million, down Y/Y from $143 million).

Graniteshares led the small firm outflows pack proportionately last month, thanks to estimated net October 2021 outflows equivalent to 9.9 percent of its AUM. Other big October 2021 outflows sufferers included: Trust for Credit Unions, 5.2 percent; BMO, 3.5 percent; Crossmark Steward, 3.4 percent; and U.S. Global Investors, 2.9 percent.

USCF leads the outflows pack so far in 2021, thanks to an estimated $2.812 billion in net year-to-date inflows as of October 31. Other big outflows sufferers included: Glenmede, $1.153 billion; and Meridian, $1.023 billion.

USCF also led the outflows pack for the 12-month period ending October 31, 2021, thanks to an estimated $3.372 billion in net outflows. Other big outflows sufferers included: FMI, $1.548 billion; and Glenmede, $1.241 billion.

As a group, small fund firms brought in an estimated $5.043 billion in net October 2021 inflows, equivalent to 0.92 percent of their combined AUM and accounting for 6.01 percent of overall industry inflows. That compares with $1.636 billion, 0.3 percent of AUM, and 2.87 percent of industry inflows in September 2021, and with $104 million in net outflows equivalent to 0.02 percent of AUM in October 2020.

After the first ten months of 2021, small firms had $36.04 billion in net YTD inflows, equivalent to 6.55 percent of their combined AUM and accounting for 3.46 percent of overall industry inflows. And for the 12-month period ending October 31, 2021, small firms brought in an estimated $38.067 billion in net inflows, equivalent to 6.92 percent of their AUM and accounting for 3.03 percent of industry inflows.

Across the entire industry, the 781 firms (up from 777 in September 2021 and 756 in October 2020) tracked by the M* team brought in a combined $83.864 billion in net long-term inflows in October 2021, equivalent to 0.3 percent of industry long-term AUM of $27.795 trillion. That's up from $57.068 billion in inflows and $26.634 trillion in September 2021 and $13.432 billion in inflows and $20.853 trillion in AUM in October 2020.

Active funds brought in an estimated $5.324 billion in October 2021 inflows, down M/M from $9.916 billion but up Y/Y from $6.934 billion in net outflows. Passive funds brought in $78.71 billion in October inflows, up M/M from $47.828 billion and up Y/UY from $20.374 billion.

In the first ten months of 2021, long-term funds brought in $1.041921 trillion in net inflows, equivalent to 3.75 percent of their combined AUM. And in the 12 months ending October 31, 2021, long-term funds brought in $1.255539 trillion in net inflows, equivalent to 4.52 percent of their AUM. 

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