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Rating:Victory Leads As Mr. Market Smites Most Fund Firms Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, March 1, 2023

Victory Leads As Mr. Market Smites Most Fund Firms

Reported by Neil Anderson, Managing Editor

As stocks fell last month, most asset managers felt the sting of Mister Market.

David C. "Dave" Brown
Victory Capital Holdings, Inc.
Chairman, CEO
Of the 15 publicly traded U.S. mutual fund firms tracked by MFWire, only four saw their share prices rise last month, as the S&P 500 fell 2.61 percent. (The median share price drop for public fund firms last month was 3.66 percent.) The median market-cap-to-AUM ratio of publicly traded fund firms slipped last month to 1.21 percent.

The picture looks similar when looking at the 12 months ending on January 31, 2023. Five of those publicly traded fund firms saw their share prices rise in that period, while ten saw their share prices fall. The S&P 500 fell 9.23 percent over that period, compared with a median fund firm share price drop of 6.34 percent.

Looking at the entire pandemic period, though, still shows a net positive picture for publicly traded fund firms. All 15 of those firms saw their share prices rise between December 31, 2019 and February 28, 2023. The S&P 500 rose 22.89 percent over that period, compared with a median fund firm share price jump of 41.14 percent.

U.S. Global Investors (GROW) ended last month up 109.78 percent since December 2019, fell 47.99 percent in the last 12 months, fell 1.21 percent in the first two months of 2023, and fell 9.03 percent in February 2023. With average AUM of $2.9 billion in the quarter ended September 30, 2022, its $48.205-million market cap translates into about 1.7 percent of its AUM.

Affiliated Managers Group (AMG) ended last month up 89.03 percent since 12/31/2019, rose 15.25 percent in the last 12 months, rose 0.62 percent in 2023, and fell 7.71 percent in February 2023. With AUM (as of December 31, 2022) of $650.8 billion, its $5.716-billion market cap translates into about 0.9 percent of its AUM.

Virtus (VRTS) ended last month up 86.87 percent since 12/31/2019, fell 9.59 percent in the last 12 months, rose 10.77 percent in 2023, and fell 2.07 percent in February 2023. With AUM (as of January 31, 2023) of $157.812 billion, its $1.522-billion market cap translates into about 1 percent of its AUM.

Victory Capital (VCTR) ended last month up 72.82 percent since 12/31/2019, rose 6.16 percent in the last 12 months, rose 26.57 percent in 2023, and rose 14.57 percent in February 2023. With AUM (as of January 31, 2023) of $161.41 billion, its $2.286-billion market cap translates into 1.4 percent of its AUM.

AllianceBernstein (AB) ended last month up 69.16 percent since 12/31/2019, fell 6.81 percent in the last 12 months, rose 14.98 percent in 2023, and rose 4.24 percent in February 2023. With AUM (as of January 31, 2023) of $680 billion, its $4.42-billion market cap translates into 0.7 percent of its AUM.

Diamond Hill (DHIL) ended last month up 57.74 percent since 12/31/2019, fell 5.08 percent in the last 12 months, fell 5.63 percent in 2023, and fell 7.34 percent in February 2023. With AUM (as of January 31, 2023) of $26.4 billion, Diamond Hill's $533.134-million market cap transaltes into 2 percent of its AUM.

BlackRock (BLK) ended last month up 47.51 percent since 12/31/2019, fell 4.68 percent in the last 12 months, fell 2.71 percent in 2023, and fell 9.19 percent in February 2023. With AUM of $8.594485 trillion (as of December 31, 2022), BlackRock's $103.577-billion market cap translates into 1.2 percent of its AUM.

Federated Hermes (FHI) ended last month up 41.14 percent since 12/31/2019, rose 24.29 percent in the last 12 months, rose 9.09 percent in 2023, and rose 0.79 percent in February 2023. With AUM of $668.9 billion (as of December 31, 2022), Federated's $3.513-billion market cap translates into 0.5 percent of its AUM.

Artisan Partners (APAM) ended last month up 37.43 percent since 12/31/2019, fell 6.34 percent in the last 12 months, rose 13.85 percent in 2023, and fell 8.16 percent in February 2023. With AUM of $138.095 billion (as of January 31, 2023), Artisan's $2.239-billion market cap translates into 1.6 percent of its AUM.

WisdomTree (WT) ended last month up 33.26 percent since 12/31/2019, rose 8.35 percent in the last 12 months, rose 10.15 percent in 2023, and rose 4.19 percent in February 2023. With AUM of $87.467 billion (as of February 28, 2023), WisdomTree's $874.706-million market cap translates into 1 percent of its AUM.

Franklin Resources (dba Franklin Templeton) (BEN) ended last month up 29.82 percent since 12/31/2019, rose 3.8 percent in the last months, rose 11.71 percent in 2023, and fell 5.54 percent in February 2023. With AUM of $1.4519 trillion (as of January 31, 2023), Franklin Templeton's $14.746-billion market cap translates into 1 percent of its AUM.

Cohen & Steers (CNS) ended last month up 28.53 percent since 12/31/2019, fell 8.13 percent in the last 12 months, rose 12.08 percent in 2023, and fell 1.51 percent in February 2023. With AUM of $87.3 billion (as of January 31, 2023), Cohen & Steers' $3.553-billion market cap translates into 4.1 percent of its AUM.

Invesco (IVZ) ended last month up 12.63 percent since 12/31/2019, fell 19.11 percent in the last 12 months, rose 2.95 percent in 2023, and fell 3.6 percent in February 2023. With AUM of $1.4827 trillion (as of January 31, 2023), Invesco's $8.031-billion market cap translates into 0.5 percent of its AUM.

T. Rowe Price (TROW) ended last month up 2.77 percent since 12/31/0219, fell 19.11 percent in the last 12 months, rose 2.95 percent in 2023, and fell 3.6 percent in February 2023. With AUM of $1.349 trillion (as of January 31, 2023), T. Rowe's $25.196-billion market cap translates into 1.9 percent of its AUM.

And Hennessy (HNNA) ended last month up 0.6 percent since 12/31/2019, fell 12.04 percent in the last 12 months, rose 1.57 percent in 2023, and fell 12.13 percent in February 2023. With AUM of $2.9 billion, Hennessy's $63.621-million market cap translates into 2.2 percent of its AUM. 

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