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Rating:Catalyst Leads With $2.2B Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, January 23, 2023

Catalyst Leads With $2.2B

Reported by Neil Anderson, Managing Editor

A liquid alts shop took the inflows lead last year among small fund firms, even as the group overall suffered a $71-billion flows reversal.

Jerry Szilagyi
Catalyst Capital Advisors LLC
President, CEO, Co-Founder
This article draws from Morningstar Direct data for December 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 159 firms (up month-over-month from 158 in November 2022 but down year-over-year from 172 in December 2021) with between $1 billion and $10 billion each in long-term fund AUM.

Small firms had $488 billion in total long-term fund AUM as of December 31, 2022, accounting for 2.15 percent of overall industry long-term fund AUM. That compares with $502 billion and 2.11 percent on November 30, 2022, and with $550 billion and 1.96 percent on December 31, 2021.

42 of those small fund firms brought in net inflows in December 2022, down M/M from 49 in November 2022 and down Y/Y from 84 in December 2021. 40 small fund firms brought in net inflows in the fourth quarter of 2022, and 59 brought in net inflows for the full calendar year.

Catalyst took the lead last year, thanks to an estimated $2.202 billion in net 2022 inflows. Other big inflows winners included: LoCorr, $1.439 billion; BMO, $1.393 billion; Smead, $1.361 billion; and Abbey Capital, $1.218 billion.

Highland took the lead proportionately last year, thanks to estimated net 2022 inflows equivalent to 51.1 percent of its AUM. Other big inflows winners included: Invenomic, 47.2 percent; and BMO, 42.7 percent.

Catalyst also lead the way last quarter, thanks to an estimated $658 million in net Q4 2022 inflows. Other big inflows winners included: Smead, $435 million; and Amplify, $427 million.

Evoke took the lead last month, thanks to an estimated $249 million in net December 2022 inflows, up M/M from $369 million in November 2022 outflows. Other big December 2022 inflows winners included: Amplify, $216 million (up M/M from $145 million, up Y/Y from $22 million in net outflows); and Smead, $215 million (up M/M from $167 million, up Y/Y from $128 million).

On the flip side, Matthews Asia took the outflows lead last year, thanks to an estimated $4.912 billion in net 2022 outflows. Other big outflows sufferers included: Angel Oak, $4.21 billion; JOHCM, $3.697 billion; AlphaCentric, $3.004 billion; and UBS, $2.886 billion.

AlphaCentric took the lead proportionately last year, thanks to estimated net 2022 outflows equivalent to 280.1 percent of the AUM it had left over at the end of the year. Other big outflows sufferers included: Matthews Asia, 189.9 percent; and Angel Oak, 108.4 percent.

Matthews Asia also led the way last quarter, thanks to an estimated $1.778 billion in net Q4 2022 outeflows. Other big outflows sufferers included: JOHCM, $1.536 billion; and Polen, $1.305 billion.

Polen took the lead last month, thanks to an estimated $635 million in net December 2022 outflows, up M/M from $472 million in November 2022 and down Y/Y from $135 million in December 2021 inflows. Other big December 2022 outflows sufferers included: City National Rochdale, $548 million (up M/M from $281 million, up Y/Y from $155 million); and JOHCM, $472 million (down M/M from $550 million, down Y/Y from $486 million).

As a group, small fund firms suffered $36.467 billion in net 2022 outflows, equivalent to 7.47 percent of their combined AUM and accounting for 10.09 percent of overall industry long-term outflows. That's down from $34.445 billion in net 2021 inflows.

In Q4 2022, small fund firms suffered $18.565 billion in net outflows. That's equivalent to 3.8 percent of their combined AUM and accounts for 11.26 percent of overall industry outflows.

In December 2022, small fund firms suffered $7.995 billion in net outflows, equivalent to 1.64 percent of their combined AUM and accounting for 9.32 percent of overall industry outflows. That compares with $4.316 billion, 0.86 percent of AUM, and 8.18 percent of industry outflows in November 2022, and with $379 million and 0.07 percent of AUM in December 2021.

Across the entire industry, the 788 firms tracked by the M* team (down from 799 a year ago) suffered an estimated $361.242 billion in net outflows in 2022, equivalent to 1.59 percent of the industry's combined $22.731 trillion in AUM, and the industry had 42,192 long-term funds and ETFs. That's down Y/Y from $1.21309 trillion in 2021 inflows, when the industry had $28.084 trillion in AUM.

In Q4 2022, the industry suffered $164.816 billion in net outflows. That's equivalent to 0.73 percent of the industry's AUM.

In December 2022, the industry suffered $85.82 billion in net outflows, equivalent to 0.38 percent of its AUM. That compares with $52.733 billion and 0.22 percent in November 2022, and with $87.633 billion in net inflows and 0.31 percent in December 2021.

Passive funds brought in $35.056 billion in net December 2022 inflows, down M/M from $42.638 billion in November 2022 and down Y/Y from $95.932 billion in December 2021. Yet active funds suffered $121.317 billion in net December 2022 outflows, up M/M from $95.552 billion and up Y/Y from $8.299 billion. 

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