A Gotham fund firm took the inflows lead last month among the smallest fund firms.
| Robert W. Kleinschmidt|
Tocqueville Asset Management L.P.
President, Chief Executive Officer, Chief Investment Officer
This article draws from Morningstar Direct
data on November 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 527 firms (up year-over-year from 499 in November 2021
) with less than $1 billion each in long-term fund AUM.
Micro fund firms had $102 billion in total, long-term fund AUM as of November 30, 2022, accounting for 0.43 percent of overall industry long-term fund AUM. That compares with $102 billion and 0.45 percent on October 31, 2022
, and with $94 billion and 0.34 percent on November 30, 2021.
207 of those micro fund firms brought in net inflows in November 2022, up month-over-month from 197 in October 2022 but down Y/Y from 258 in November 2021.
took the lead last month, thanks to an estimated $188 million in net November 2022 inflows, up M/M from $10 million in October 2022 outflows and up Y/Y from $4 million in November 2021 outflows. Other big November 2022 inflows winners included: Aptus ETFs
, $118 million; Kensington Asset Management
, $88 million (up M/M from $49 million); Campbell & Company
, $85 million (up M/M from $56 million, Y/Y from negligible inflows); and Volatility Shares
, $68 million (up M/M from $4 million in net outflows).
November 2022 featured at least two apparent mutual fund industry newcomers: Meet Kevin
, and YieldMax ETFs
Kensington still leads the 2022 micro firm inflows pack so far, thanks to an estimated $676 million in net year-to-date inflows as of November 30. Other big YTD inflows winners included: Campbell, $658 million; and Teucrium
, $484 million.
On the flip side, CGM
led the micro firm outflows pack last month for a second month in a row, thanks to an estimated $868 million in net November 2022 outflows, up M/M from $119 million in October 2022 and up Y/Y from $11 million in November 2021. Other big November 2022 outflows sufferers included: Evoke
, $369 million (up M/M from $13 million); Sunbridge Capital Partners
, $143 million (up M/M from $6 million, up Y/Y from $23 million); RMB Funds
, $114 million (up M/M from $13 million, down Y/Y from $1 million in net inflows); and Frontier Funds
, $99 million (up M/M from $76 million, down Y/Y from $12 million in net inflows).
Callahan's Trust for Credit Unions
still leads the 2022 micro firm outflows pack, thanks to an estimated $3.457 billion in net YTD outflows as of November 30. Other big outflows sufferers included: Frontier, $1.851 billion; and CGM, $977 million.
As a group, micro firms suffered $1.238 billion in net November 2022 outflows, equivalent to 1.22 percent of their combined AUM and accounting for 2.35 percent of overall industry long-term outflows. That compares with $234 million, 0.23 percent of AUM, and 1.07 percent of outflows in October 2022, and with $691 million in net inflows, 0.73 percent of AUM, and 0.85 percent of industry inflows in November 2021.
Over the first eleven months of 2022, micro firms suffered a combined $4.86 billion in net outflows. That's equivalent to 4.78 percent of their combined AUM and accounts for 1.72 percent of overall industry long-term outflows.
Across the entire industry, the 788 firms tracked by the M* team (up M/M from 787, up Y/Y from 781) suffered an estimated $52.733 billion in net November 2022 outflows, equivalent to 0.22 percent of their combined $23.842 trillion in AUM. That's up M/M from $21.911 billion and 0.1 percent, and down Y/Y from $80.955 billion in net inflows and 0.3 percent.
Active funds suffered an estimated $95.552 billion in net November 2022 outflows, down M/M from $101.864 billion and up Y/Y from $2.051 billion. Passive funds brought in $42.638 billion in net November 2022 inflows, down M/M from $79.909 billion and down Y/Y from $83.006 billion.
As of November 30, long-term funds and ETFs have suffered $282.45 billion in net 2022 outflows. That's equivalent to 1.18 percent of their combined AUM.
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