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Rating:$15B In Inflows In Eight Months Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, September 20, 2022

$15B In Inflows In Eight Months

Reported by Neil Anderson, Managing Editor

An ETF shop known for its leveraged and inverse index offerings kept the inflows lead last month for the fourth month in a row, as midsize firms' overall outflwos fell another 40 percent.

Michael Lynn Sapir
ProShare Advisors, ProFund Advisors
CEO
This article draws from Morningstar Direct on August 2022 open-end mutual fund and ETF slows, 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 72 firms (down from 73 in July 2022 and from 78 in August 2021) with between $10 billion and $100 billion each in long-term fund AUM.

Midsize firms had $2.475 trillion in combined long-term fund AUM as of August 31, 2022, and they accounted for 10.56 percent of overall industry long-term fund AUM. That compares with $2.527 trillion and 10.46 percent on July 31, 2022, and with $2.85 trillion and 10.49 percent on August 31, 2021.

20 midsize firms brought in net long-term inflows in August 2022, up from 17 in July 2022 but down from 35 in August 2021.

ProShares and ProFunds kept the inflows lead last month, thanks to an estimated $1.409 billion in net August 2022 inflows, down month-over-month from $2.896 billion in July 2022 but up year-over-year from $506 million in August 2021. Other big August 2022 inflows winners included: Baird (including Strategas), $1.25 billion (up M/M from $690 million in net outflows, down Y/Yk from $1.736 billion in net inflows); Pacer, $982 million (up M/M from $600 million, up Y/Y from $299 million); WisdomTree, $865 million (down M/M from $1.029 billion, up Y/Y from $95 million in net outflows); and Mirae (including Global X), $746 million (up M/M from $49 million, down Y/Y from $1.303 billion).

Pacer took the lead proportionately last month thanks to net August 2022 inflows equivalent to 6.1 percent of its AUM. Other big inflows winners included: GQG, 2.5 percent; Rafferty's Direxion, 2.4 percent; ProShares, 2.2 percent; and Mirae, 1.9 percent.

ProShares also still leads the 2022 midsize inflows pack so far, thanks to an estimated $15.202 billion in net year-to-date inflows as of August 31. Other big YTD inflows winners included: Direxion, $8.53 billion; and WisdomTree, $8.42 billion.

On the flip side, Macquarie's Delaware took the outflows lead last month, thanks to an estimated $960 million in net August 2022 outflows, down M/M from $1.075 billion in July 20222 and down Y/Y from $1.027 billion in August 2021. Other big August 2022 outflows sufferers included: Ark, $947 million (down M/M from $420 million in net inflows, down Y/Y from $1.206 billion); Northern (including Flexshares), $857 million (up M/M from $383 million, up Y/Y from $36 million); DoubleLine, $834 million (down M/M from $926 million, up Y/Y from $86 million); and Virtus, $729 million (down M/M from $983 million, down Y/Y from $828 million).

Arktook the outflows lead proportionately last month, thanks to estimated August 2022 outflows equivalent to 6.5 percent of its AUM. Other big outflows sufferers included: KraneShares, 6.1 percent; Abrdn, 2.6 percent; Edgewood, 2.3 percent; and Alger, 2 percent.

DoubleLine still leads the 2022 midsize outflows pack so far, thanks to an estimated $12.703 billion in net YTD outflows as of August 31. Other big outflows sufferers included: Delaware, $10.658 billion; and TCW (including MetWest), $10.178 billion.

As a group, midsize fund firms suffered an estimated $8.17 billion in net August 2022 outflows, equivalent to 0.33 percent of their combined AUM. That compares with $13.537 billion and 0.54 percent in July 2022, and with $1.32 billion and 0.05 percent in August 2021.

Midsize fund firms have suffered an esetimated $107.027 billion in net 2022 outflows as of August 31. That's equivalent to 4.32 percent of their combined AUM and accounts for 88.34 percent of overall industry long-term outflows YTD.

Across the entire industry, the 784 firms tracked by the M* team (up Y/Y from $776) brought in an estimated $4.816 billion in net August 2022 inflows, equivalent to 0.02 percent of their combined $23.433 trillion in AUM. That's up M/M from $12.991 billion in net outflows and 0.05 percent of AUM, but down Y/Y from $97.458 billion in net inflows and 0.35 percent of AUM.

Active funds suffered an estimated $33.062 billion in net August 2022 outflows, down M/M from $58.766 billion and down Y/Y from $19.829 billion in net inflows. Yet passive funds brought in $37.845 billion in net August 2022 inflows, down M/M from $45.732 billion and down Y/Y from $77.739 billion.

As of August 31, long-term funds and ETFs have suffered $121.156 billion in net 2022 outflows. That's equivalent to 0.52 percent of their combined AUM. 

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