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Rating:Most Fund Firms Felt Mister Market's April Pain Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, May 03, 2022

Most Fund Firms Felt Mister Market's April Pain

Reported by Neil Anderson, Managing Editor

Mister market continues to sour on asset managers as the broader stock market takes a hit. Yet the longer-term view is less bleak.

Out of 18 publicly traded U.S. mutual fund firms tracked by MFWire, only two saw their share prices rise last month. On the flip side, 12 suffered bigger share price drops (proportionately) than the S&P 500, which fell 8.8 percent in April 2022. The average market-cap-to-AUM ratio of those 18 fund firms is now 2.05 percent, though the median ratio is only 1.08 percent.

The picture is similar when zooming out and looking at all of 2022 so far. Only three of those publicly traded fund firms' shares rose in the first four months of the year. On the flip side, 12 firms' shares fell faster than the S&P 500, which slipped by 13.31 percent.

The picture improves when zooming out further, to the 12 months ending April 29, 2022. seven of those publicly traded fund firms saw their share prices rise in that time frame, while nine saw their shares slip faster than the S&P (which fell 1.18 percent in those 12 months).

And when you look at the entire pandemic period, 17 of those publicly traded fund firms saw their share prices rise from December 31, 2019 through April 29, 2022, while only one firm saw its shares fall. The S&P 500, too, rose 27.89 percent in that period, a growth pace surpassed by 10 of those fund firms.

Manning & Napier (MN) is up 664.67 percent since December 31, 2019, up 84.27 percent in the 12-month period ending April 29, 2022, up 53.67 percent in the first four months of 2022, and up 40.18 percent in April 2022 alone. With AUM (as of December 31, 2021) of $22.5 billion, its $244.217-million market cap translates into abouat 1.1 percent of its AUM.

U.S. Global Investors (GROW) is up about 283.21 percent since 12/31/2019, down 28.38 percent in the last 12 months, up 19.59 percent YTD, and up 1.16 percent in April 2022. With average AUM of $4.1 billion in 2021's final three months, its $79.131-million market cap translates into 1.9 percent of its AUM.

Value Line (VALU) is up about 141.68 percent since 12/31/2019, up 119.11 percent in the last 12 months, up 41.01 percent YTD, and down 1.87 percent in April 2022. With AUM of $4.41 billion as of January 31, 2022, its $678.74-million market cap translates into 15.4 percent of its AUM.

AllianceBernstein (AB) is up about 61.11 percent since 12/31/2019, flat over the last 12 months, down 16.17 percent YTD, and down 15.33 percent in April 2022. With AUM of $779 billion as of 12/31/2021, its $4.024-billion market cap translates into 0.5 percent of its AUM.

Virtus (VRTS) is up about 52.17 percent since 12/31/2019, down 33.76 percent over the last 12 months, down 40.01 percent YTD, and down 25.57 percent in April 2022. With AUM of $187.186 billion as of 12/31/2021, its $1.349-billion market cap translates into 0.7 percent of its AUM.

Affiliated Managers Group (AMG) is up about 48.87 percent since 12/31/2021, down 22.07 percent over the last 12 months, down 23.67 percent YTD, and down 10.91 percent in April 2022. With AUM of $813.8 billion as of 12/31/2021, its $5.151-billion market cap translates into 0.6 percent of its AUM.

Diamond Hill (DHIL) is up about 44.31 percent since 12/31/2019, up 9.79 percent in the last 12 months, down 13.31 percent YTD, and down 10.11 percent in April 2022. With AUM of $31 billion as of 12/31/2021, its $541.979-million market cap translates into 1.7 percent of its AUM.

Cohen & Steers (CNS) is up about 33.74 percent since 12/31/2019, up 18.34 percent in the last 12 months, down 16.02 percent YTD, and down 9.55 percent in April 2022. With AUM of $106.629 billion as of 12/31/2021, its $3.81-billion market cap translates into 3.6 percent of its AUM.

Victory Capital (VCTR) is up about 32.43 percent since 12/31/2019, down 0.59 percent in the last 12 months, down 26.12 percent YTD, and down 6.51 percent in April 2022. With AUM of $183.654 billion as of 12/31/2021, its $1.963-billion market cap translates into 1.1 percent of its AUM.

BlackRock (BLK) is up about 29.96 percent since 12/31/2019, down 22.19 percent in the last 12 months, down 31.77 percent YTD, and down 18.25 percent in April 2022. With AUM of $10.01 trillion as of 12/31/2021, its $96.028-billion market cap translates into 1 percent of its AUM.

WisdomTree (WETF) is up about 27.29 percent since 12/31/2019, down 12.46 percent in the last 12 months, down 4.27 percent YTD, and down 0.68 percent in April 2022. With AUM of $77.5 billion as of 12/31/2021, its $818.683-million market cap translates into 1.1 percent of its AUM.

Artisan Partners (APAM) is up about 23.71 percent since 12/31/2019, down 30.21 percent in the last 12 months, down 29.59 percent YTD, and down 18.32 percent in April 2022. With AUM of $174.754 billion as of 12/31/2021, its $2.258-billion market cap translates into 1.3 percent of its AUM.

Gamco (GBL) is up about 17.82 percent since 12/31/2019, up 9.42 percent in the last 12 months, down 20.06 percent YTD, and down 9.68 percent in April 2022. With AUM of $34.982 billion as of 12/31/2021, its $530.194-million market cap translates into 1.5 percent of its AUM.

Hennessy (HNNA) is up about 12.43 percent since 12/31/2019, up 8.51 percent in the last 12 months, down 5.51 percent YTD, and down 1.78 percent in April 2022. With AUM of $4.073 billion as of 12/31/2021, its $73.585-million market cap translates into 1.8 percent of its AUM.

Invesco (IVZ) is up about 12.42 percent since 12/31/2019, down 30.09 percent in the last 12 months, down 19.56 percent YTD, and down 20.29 percent in April 2022. With AUM of $1.611 trillion as of 12/31/2021, its $8.775-billion market cap translates into 0.5 percent of its AUM.

T. Rowe Price (TROW) is up about 8.14 percent since 12/31/2019, down 28.5 percent in the last 12 months, down 37.43 percent YTD, and down 18.62 percent in April 2022. With AUM of $1.688 trillion as of 12/31/2021, its $29.533-billion market cap translates into 1.7 percent of its AUM.

Franklin Resources (BEN) is up about 3.45 percent since 12/31/2019, down 15 percent in the last 12 months, down 26.58 percent YTD, and down 11.93 percent in April 2022. With AUM of $1.578 trillion as of 12/31/2021, its $12.938-billion market cap translates into 0.8 percent of its AUM.

And Federated Hermes (FHI) is down about 0.97 percent since 12/31/201, up 2.23 percent in the last 12 months, down 23.58 percent YTD, and down 16.38 percent in April 2022. With AUM of $669 billion as of 12/31/2021, its $2.67-billion market cap translates into 0.4 percent of its AUM. 

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