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Rating:A $3B-AUM Fixed Income Shop Leads In Feb Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, March 18, 2022

A $3B-AUM Fixed Income Shop Leads In Feb

Reported by Neil Anderson, Managing Editor

A $3.05-billion-AUM (as of February 28) RIA's mutual fund and ETF arm took the inflows lead last month among the smallest fund firms, even as the category's inflows fell 27 percent.

This article draws from Morningstar Direct data on February 2022 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 519 firms (up month-over-month from 516 in January 2022 but up year-over-year from 480 in February 2021) with less than $1 billion each in long-term fund AUM.

Micro fund firms had $94 billion in total long-term fund AUM as of February 28, 2022, accounting for 0.36 percent of overall industry long-term fund AUM. That compares with $93 billion and 0.35 percent on January 31, 2022, and with $91 billion and 0.38 percent on February 28, 2021.

279 of those micro fund firms brought in net inflows last month, down from 300 in January 2022 but up from 263 in February 2021.

CrossingBridge took the lead last month, thanks to an estimated $171 million in net February 2022 inflows, up M/M from $35 million in January 2022 and up Y/Y from $21 million in February 2021. Other big February 2022 inflows winners included: AGRA, $147 million (up M/M from $23 million); Curasset Capital Management, $139 million (up M/M from $43 million); Vivaldi, $117 million (up M/M from $82 million, up Y/Y from $28 million); and Invenomic, $100 million (up M/M from $65 million, up Y/Y from $6 million).

February 2022 featured at least two apparent mutual fund industry newcomers: Build Asset Management and C Worldwide.

As of February 28, Tuttle Capital Management's SARK ETF led the 2022 inflows pack thanks to an estimated $207 million in net year-to-date inflows. Other big YTD inflows winners included: CrossingBridge, $206 million; and Vivaldi, $199 million.

On the flip side, Liberty Street took the outflows lead last month, thanks to an estimated $169 million in net February 2022 outflows, up M/M from $12 million in January 2022 and up Y/Y from $14 million in February 2021. Other big February 2022 outflows sufferers included: Deer Park, $102 million (down M/M from $17 million in net inflows, down Y/Y from $1 million in net inflows); Redwood, $41 million (down M/M from $20 million in net inflows, up Y/Y from negligible net outflows); Chickasaw Capital Management's MainGate, $38 million (up M/M from $7 millon, down Y/Y from $85 million); and EMQQ, $34 million (up M/M from $21 million, down Y/Y from $202 million in net inflows).

As of February 28, Liberty Street also led the 2022 outflows pack thanks to an estimated $181 million in net outflows. Other big YTD outflows sufferers included: Deer Park, $85 million; and Berkshire, $66 million.

As a group, micro fund firms brought in an estimated $1.18 billion in net February 2022 inflows, equivalent to about 1.25 percent of their combined AUM and accounting for 2.47 percente of overall industry long-term inflows. That compares with $1.624 billion, 1.74 percent of AUM, and 18.17 percent of industry inflows in January 2022, and with $1.309 billion, 1.43 percent of AUM, and 0.91 percent of industry inflows in February 2021.

As of February 28, micro fund firms had $2.162 billion in net 2022 inflows YTD. That's equivalent to 2.29 percent of their combined AUM and accounted for 3.85 percent of overall industry inflows.

Across the entire industry, the 795 firms tracked by the M* team (down M/M from 797 but up Y/Y from 753) brought in an estimated $47.85 billion in net February 2022 inflows, equivalent to 0.18 percent of overall long-term fund AUM of $26.219 trillion on February 28, 2022. That's up M/M from $8.936 billion in January 2022 inflows, equivalent to 0.03 percent of $26.709 trillion in AUM, but down Y/Y from $144.457 billion in February 2021 inflows, equivalent to 0.6 percent of $24.208 trillion in AUM.

Passive funds brought in $80.09 billion in net long-term fund inflows in February 2022, up M/M from $22.087 billion but down Y/Y from $91.347 billion. Active funds suffered $32.24 billion in net long-term fund outflows in February 2022, up M/M from $13.138 billion but down Y/Y from $53.109 billion in net inflows.

YTD, long-term funds have brought in $56.119 billion in net inflows industrywide, equivalent to 0.21 percent of long-term fund AUM. 

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