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Rating:$1.82MM Flowed Out of the Average Fund Last Month Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, October 24, 2022

$1.82MM Flowed Out of the Average Fund Last Month

Reported by Neil Anderson, Managing Editor

The average long-term fund or ETF saw nearly $2 million in assets exit last month amid continuing market turmoil.

This article draws from Morningstar Direct data on September 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.)

Core Alternative Capital took the proportional lead last month, thanks to an estimated $71 million per fund in net September 2022 inflows, up month-over-month from $38 million per fund in August 2022 and up year-over-year from $22 million per fund in September 2021. Other big September 2022 inflows winners included: Hamlin Funds, $45 million per fund (up M/M from $344,000 per fund in net outflows, up Y/Y from $4 million per fund in net inflows); PFM, $42 million per fund (up M/M from $41 million per fund, down Y/Y from $51 million per fund); Ark, $36 million per fund (up M/M from $105 million per fund in net outflows, up Y/Y from $230 million per fund in net outflows); and RBB, $33 million per fund (up M/M from $26 million per fund).

Core Alternative also led the pack proportionately last quarter, thanks to an estimated $201 million per fund in net third quarter 2022 inflows. Other big Q3 2022 inflows winners included: Strive, $172 million per fund; and Schwab, $92 million per fund.

So far in 2022, Edward Jones' Bridge Builder leads the inflows pack, thanks to an estimated $714 million per fund in net year-to-date inflows as of September 30. Other big YTD inflows winners included: Schwab, $252 million per fund; and GQG, $252 million per fund.

On the flip side, Edgewood led the outflows pack proportionately last month for a fourth month in a row, thanks to an estimated $302 million per fund in net September 2022 outflows, up M/M from $220 million in August 2022 and up Y/Y from $216 million per fund in September 20221. Other big September 2022 outflows sufferers included: Aspiriant, $89 million per fund (up M/M from $10 million per fund, down Y/Y from $365,000 per fund in net inflows); Dodge & Cox, $87 million per fund (down M/M from $27 million per fund in net inflows, down Y/Y from $144 million per fund in net inflows); River Canyon, $75 million per fund (up M/M from $19 million per fund, down Y/Y from $40 million per fund in net inflows); and Primecap, $69 million per fund (up M/M from $40 million per fund, down Y/Y from $89 million per fund).

Edgewood also led the outflows pack proportionately last quarter, thanks to an estimated $769 million per fund in net Q3 2022 outflows. Other big outflows sufferers included: Spyglass Capital Management, $217 million per fund; and AAAMCO, $171 million per fund.

And Edgewood now leads the 2022 outflows pack proportionately, thanks to an estimated $1.081 billion per fund in net YTD outflows as of September 30. Other big outflows sufferers included: Primecap, $906 million per fund; and River Canyon, $488 million per fund.

The whole long-term U.S. mutual fund and ETF industry (excluding money-market funds and funds of funds) suffered an estimated $1.82 million per fund in net September 2022 outflows. That's down M/M from $114,000 per fund in August 2022 inflows and down Y/Y from $1.377 million per fund in September 2021 inflows.

The industry suffered $2.022 million per fund in net Q3 2022 inflows. After the first nine months of 2022, the industry had suffered an estimated $4.682 million per fund in net YTD outflows. 

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