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Rating:A Multiboutique Wins As Micro Firms Buck the Industry's Flows Pain Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, May 25, 2022

A Multiboutique Wins As Micro Firms Buck the Industry's Flows Pain

Reported by Neil Anderson, Managing Editor

A multinational, multiboutique newcomer to the U.S. led the micro fund firm pack last month as the group saw rising inflows despite industry pain.

Chuck Thompson
Perpetual Limited
Head of Distribution & Strategy, Americas
This article draws from Morningstar Direct data on April 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 524 firms (up month-over-month from 514 in March 2022 and up year-over-year from 483 in April 2021) with less than $1 billion each in long-term fund AUM.

Micro fund firms had $98 billion in total long-term fund AUM as of April 30, 2022, accounting for 0.4 percent of overall industry long-term fund AUM. That's up from $94 billion and 0.36 percent on March 31, 2022, and from $93 billion and 0.36 percent on April 30, 2021.

235 of those micro fund firms brought in net inflows last month, down from 237 in March 2022 and from 285 in April 2021.

Perpetual took the lead last month, thanks to an estimated $395 million in net April 2022 inflows. Other big April 2022 inflows winners included: Invenomic, $81 million (down M/M from $138 million in March 2022, up Y/Y from $22 million in April 2021); Centre, $73 million (down M/M from $83 million, up Y/Y from $1 million in net outflows); BMO, $65 million (up M/M from flat flows, up Y/Y from $36 million in net outflows); and AllianzIM, $57 million (up M/M from $1 million, up Y/Y from $5 million).

April 2022 featured at least two apparent mutual fund industry newcomers: Perpetual and Typhon.

After the first four months of 2022, Teucrium led the pack with an estimated $548 million in net year-to-date inflows. Other big inflows winners included: Perpetual, $395 million; and Invenomic, $385 million.

On the flip side, Phaeacian took the outflows lead last month, thanks to an estimated $258 million in net April 2022 outflows, up M/M from $23 million in March 2022 but down Y/Y from $5 million in net April 2021 inflows. Other big April 2022 outflows sufferers included: Semper, $142 million (up M/M from $60 million, up Y/Y from $8 million); CRM, $125 million (up M/M from $12 million, down Y/Y from $19 million in net inflows); River Canyon, $117 million (down M/M from $375 million, down Y/Y from $58 million in net inflows); and Overlay Shares, $52 million (down M/M from $24 million in net inflows, down Y/Y from $6 million in net inflows).

As of April 30, Semper led the outflows pack thanks to an estimated $476 million in net YTD outflows. Other big 2022 outflows sufferers included: Cromwell, $405 million; and Liberty Street, $316 million.

As a group, micro fund firms brought in an estimated $1.156 billion in net April 2022 inflows, equivalent to about 1.18 percent of their combined AUM. That compares with $770 million and 0.82 percent in March 2022, and with $1.21 billion and 1.3 percent of AUM in April 2021.

In the first four months of 2022, micro fund firms brought in an estimated $3.979 billion in net YTD inflows. That's equivalent to 4.07 percent of their combined AUM.

Across the entire industry, the 796 firms tracked by the M* team (up M/M from 791 and up Y/Y from 760) suffered an estimated $89.224 billion in net April 2022 outflows, equivlalent to 0.36 percent of the industry's $24.585 trillion in long-term fund AUM . (320 firms brought in net inflows.) That's down M/M from $30.653 billion in net March 2022 inflows, equivalent to 0.12 percent of industry AUM of $26.461 trillion, and down Y/Y from $125.673 billion in net April 2021 inflows, equivalent to 0.49 percent of industry AUM of $25.801 trillion.

Active funds suffered an estimated $86.386 billion in net April 2022 outflows, up M/M from $70.411 billion but down Y/Y from $31.465 billion in net inflows. Passive funds suffered an estimated $2.838 billion in net April 2022 outflows, down M/M from $101.064 billion in net inflows and down Y/Y from $94.208 billion in net inflows.

After the first four months of 2022, the industry had suffered $2.676 billion in net YTD outflows, equivalent to 0.01 percent of industry long-term AUM. 410 firms have brought in net inflows YTD. 

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