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Rating:Midside Firms' Outflows Quadruple In Q2 Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, July 21, 2023

Midside Firms' Outflows Quadruple In Q2

Reported by Neil Anderson, Managing Editor

A publicly traded ETF shop took the inflows lead last month among midsize fund firms, even as the group's outflows overall more than quadrupled from the first quarter.

Jonathan Laurence "Jono" Steinberg
WisdomTree Investments, Inc.
CEO
This article draws from Morningstar Direct data on June 2023 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 71 firms (up month-over-month from 70 in May 2023)with between $10 billion and $100 billion each in long-term fund AUM.

Midsize firms had $2.455 trillion in combined long-term fund AUM across 12,936 funds as of June 30, 2023, and they accounted for 9.83 percent of industry AUM. That compares with $2.347 trillion, 12,556 funds, and 9.82 percent of industry AUM on May 31, 2023, and with $2.52 trillion and 11.05 percent of industry AUM on June 30, 2022.

20 midsize firms brought in net June 2023 inflows. That's down month-over-month from 23 in May 2023 but up year-over-year from 12 in June 2022.

Baird (including Strategas) leads the 2023 midsize inflows pack so far, thanks to an estimated $6.437 billion in net year-to-date inflows as of June 30. Other big YTD inflows winners include: WisdomTree, $6.212 billion; Pacer, $4.098 billion; ProShares and ProFunds, $3.087 billion; and Guggenheim (including Rydex), $2.961 billion.

Pacer leads the 2023 inflows pack proportionately so far, thanks to net YTD inflows equivalent to 16.7 percent of its AUM. Other big YTD inflows winners after the first six months of the year included: Innovator, 11.5 percent; and GQG, 11.2 percent.

Baird also led the way last quarter, thanks to an estimated $3.955 billion in net inflows in the second quarter of 2023. Other big Q2 2023 inflows winners included: WisdomTree, $3.25 billion; and Guggenheim, $1.716 billion.

WisdomTree took the lead last month, thanks to an estimated $2.008 billion in net June 2023 inflows, up M/M from $909 million in May 2023 but down Y/Y from $1.291 billion in June 2022. Other big June 2023 inflows winners included: Baird, $1.924 billion (up M/M from $951 million, up Y/Y from $360 million in net outflows); and Mirae's Global X, $808 million (up M/M from $675 million, up Y/Y from $238 million in net outflows).

On the flip side, Macquarie's Delaware now leads the 2023 outflows pack, thanks to an estimated $5.293 billion in net YTD outflows as of June 30. Other big YTD outflows sufferers included: Virtus, $4.085 billion; Northern Trust (including FlexShares), $2.924 billion; SEI, $2.918 billion; and TCW (including MetWest), $2.706 billion.

After the first six months of 2023, UBS (including Credit Suisse) led the outflows pack proportionately, thanks to net YTD outflows equivalent to 14.5 percent of its AUM. Other big YTD outflows sufferers included: Alger, 13.7 percent; and Calamos, 9.1 percent.

Virtus took the outflows lead last quarter, thanks to an estimated $2.419 billion in net Q2 2023 outflows. Other big outflows sufferers included: Delaware, $2.389 billion; and Northern Trust, $1.552 billion.

TCW took the outflows lead last month, thanks to an estimated $1.097 billion in net June 2023 outflows, up M/M from $252 million in May 2023 but down Y/Y from $1.979 billion in June 2022. Other big June 2023 outflows sufferers included: Virtus, $871 million (up M/M from $679 million, down Y/Y from $1.503 billion); and DWS (including Xtrackers), $724 million (up M/M from $424 million, down Y/Y from $1.086 billion in net inflows).

As group, midsize fund firms suffered $21.008 billion in net outflows over the first half of 2023. That's equivalent to 0.86 percent of their combined AUM.

In Q2 2023 alone, midsize fund firms suffered $17.216 billion in net outflows. That's equivalent to 0.7 percent of their combined AUM.

In June 2023, midsize firms suffered an estimated $5.497 billion in net outflows, equivalent to 0.22 percent of their combined AUM. That compares with $$6.968 billion and 0.3 percent of AUM in May 2023, and with with $21.486 billion and 0.85 percent of AUM in July 2022.

Across the entire industry, the 780 firms tracked by the M* team down Y/Y from 790) brought in $38.045 billion in the first half of 2023. That's equivalent to 0.15 percent of their combined AUM.

In Q2 2023, the overall industry brought in $22.483 billion in net inflows. That's equivalent to 0.09 percent of its combined AUM.

In June 2023 alone, the overall industry brought in $36.029 billion in net inflows, equivalent to 0.14 percent of its combined $24.973 trillion in AUM across 42,054 funds. That's up M/M from $22.969 billion in net outflows, 0.1 percent, $23.9 trillion in AUM, and 41,597 funds in May 2023, and up Y/Y from $61.306 billion in net outflows, 0.27 percent, $22.808 trillion in AUM, and 42,029 funds in June 2022.

Active funds suffered an estimated $31.238 billion in net outflows in June 2023, down M/M from $44.016 billion in May 2023 and down Y/Y from $90.45 billion in June 2022. On the flip side, passive funds brought in $67.267 billion in net June 2023 inflows, up M/M from $21.046 billion and up Y/Y from $29.219 billion. 

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