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Rating:Micro Firm Outflows Fall 85 Percent Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, January 26, 2023

Micro Firm Outflows Fall 85 Percent

Reported by Neil Anderson, Managing Editor

Outflows from the smallest fund firms fell 85 percent last month.

This article draws from Morningstar Direct data on 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 518 firms (down month-over-month from 527 in November 2022 but up year-over-year from 517 in December 2021) with less than $1 billion each in long-term fund AUM.

Micro fund firms had $97.302 billion in total, long-term fund AUM as of December 31, 2022, accounting for 0.43 percent of overall industry long-term fund AUM. That compares with $102 billion and 0.43 percent on November 30, 2022, and with $94 billion and 0.33 percent on December 31, 2021.

211 of those micro fund firms brought in net inflows in December 2022, up M/M from 207 in November 2022 but down Y/Y from 246 in December 2021.

Campbell & Company took the lead last year, thanks to an estimated $643 million in net 2022 inflows. Other big inflows winners included: Kensington Asset Management, $638 million; Strive, $481 million; AllianzIM, $449 million; and BondBloxx, $447 million.

North Slope Capital led the inflows pack last quarter, thanks to an estimated $245 million in inflows in the fourth quarter of 2022. Other big Q4 2022 inflows winners included: AllianzIM, $232 million; and FS, $145 million.

AllianzIM took the lead last month, thanks to an estimated $107 million in net December 2022 inflows, up M/M from $26 million in November 2022 and up Y/Y from $12 million in December 2021. Other big December 2022 inflows winners included: Ninety One, $97 million (up M/M from $3 million in net outflows, up Y/Y from $32 million in net inflows); and North Slope, $83 million.

December 2022 featured at least two apparent mutual fund industry newcomers: Dipetf and SafeGuard Asset Management.

On the flip side, 2022 was a rough year for Callahan's Trust for Credit Unions, which led the micro firm outflows pack thanks to an estimated $3.514 billion in net outflows. Other big outflows sufferers last year included: Frontier, $1.965 billion; Semper, $866 million; River Canyon, $620 million; and Spyglass Capital Management, $553 million.

Frontier led the outflows pack last quarter, thanks to an estimated $289 million in Q4 2022 outflows. Other big outflows sufferers last quarter included: Trust for Credit Unions, $201 million; and Sunbridge Capital Partners, $186 million.

Frontier also took the outflows lead last month, thanks to an estimated $114 million in December 2022 outflows, up M/M from $99 million in November 2022 but down Y/Y from $42 million in December 2021 inflows. Other big December 2022 outflows sufferers included: Spyglass, $64 million (up M/M from $13 million, down Y/Y from $235 million); and Trust for Credit Unions, $57 million (down M/M from $66 million, down Y/Y from $89 million).

As a group, micro firms suffered $4.319 billion in net 2022 outflows, equivalent to 4.44 percent of their combined AUM and 1.2 percent of overall industry outflows. That's down Y/Y from $7.889 billion in 2021 inflows.

In Q4 2022, micro firms suffered $901 million in net outflows. That's equivalent to 0.93 percent of their combined AUM and accounts for 0.55 percent of overall industry outflows.

In December 2022, micro firms suffered $187 million in net outflows, equivalent to 0.19 percent of their combined AUM and accounting for 0.22 percent of overall industry outflows. That compares with $1.238 billion, 1.22 percent of AUM, and 2.35 percent of industry outflows in November 2022, and with $760 million in net inflows, 0.81 percent of AUM, and 0.87 percent of industry inflows 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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