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Monday, November 22, 2021

Horizon Kinetics' Proportional Inflows Jump Fourfold

Reported by Neil Anderson, Managing Editor

As industry inflows rebounded by 45 percent last month, a contrarian boutique's proportional inflows increased nearly fourfold.

Murray Stahl
Horizon Kinetics Asset Management LLC
Chairman, CEO, Chief Investment Officer, Co-Founder
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.)

Horizon Kinetics took the lead last month, thanks to an estimated $146 million per fund in net October 2021 inflows, up month-over-month from $38 million per fund in September 2021. Other big October 2021 inflows winners included: Canyon Partners' River Canyon, $122 million per fund (up M/M from $40 million per fund, up year-over-year from $5 million per fund in October 2020); Edward Jones' Bridge Builder, $108 million per fund (up M/M from $78 million per fund, down Y/Y from $462 million per fund); Dodge & Cox, $108 million per fund (down M/M from $144 million per fund, up Y/Y from $275 million per fund in net outflows); and Edgewood, $104 million per fund (up M/M from $216 million per fund in net outflows, up Y/Y from $11 million per fund).

Bridge Builder leads the pack proportionately so far in 2021, thanks to an estimated $1.475 billion per fund in net 2021 inflows as of October 31, 2021. Other big year-to-date inflows winners included: Ark, $1.428 billion per fund; and Dodge & Cox, $948 million per fund.

Ark leads the pack proportionately for the 12-month period ending October 31, 2021, thanks to an estimated $2.809 billion per fund in net inflows. Other big inflows winners included: Bridge Builder, $1.593 billion per fund; and Spyclass Capital Management, $975 million per fund.

On the flip side, Aware led the outflows pack last month, suffering an estimated $113 million per fund in net October 2021 outflows, up M/M from $1 million per fund in September 2021 and up Y/Y from $49 million per fund in October 2020. Other big October 2021 outflows sufferers included: Primecap, $73 million per fund (down M/M from $89 million per fund, down Y/Y from $182 million per fund); Sequoia, $39 million per fund (up M/M from $23 million per fund, down Y/Y from $42 million per fund); EMQQ, $23 million per fund (up M/M from $13 million per fund, down Y/Y from $51 million per fund); and Graniteshares, $23 million per fund (down M/M from $4 million per fund in net inflows, up Y/Y from $2 million per fund.

Primecap leads the outflows pack proportionately in 2021, as of October 31, thanks to an estimated $842 million per fund in net outflows. Other big YTD outflows sufferers included: Sunbridge Capital Partners, $839 million per fund; and Akre, $256 million per fund.

Primecap also led the outflows pack for the 12-month period ending October 31, 2021, thanks to an estimated $1.337 billion per fund in net outflows. Other big sufferers included: Sunbridge, $827 million per fund; and Sequoia, $322 million per fund.

The whole long-term, U.S. mutual fund and ETF industry brought in an estimated $2 million per fund in October 2021 inflows. That's up from $1.377 million per fund in September 2021 and up from $379,000 per fund in October 2020.

In 2021, as of October 31, long-term funds brought in $24.85 million per fund in net YTD inflows. And for the 12-month period ending October 31, 2021, they brought in $29.945 million per fund in net inflows. 

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