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Monday, July 24, 2023

Simplify's Inflows Jump Tenfold

Reported by Neil Anderson, Managing Editor

An options-focused ETF shop's inflows jumped more than tenfold last month, even as small firms' combined outflows fell by more than two-thirds.

Paul Sang Jin Kim
Simplify Asset Management Inc.
CEO, Co-Founder
This article draws from Morningstar Direct data for 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 161 firms (up month-over-month from 158 in May 2023) with between $1 billion and $10 billion each in long-term fund AUM.

Small firms had $499 billion in total long-term fund AUM across 3,611 funds as of June 30, 2023, accounting for 2 percent of overall industry long-term fund AUM. That compares with $487 billion, 3,963 funds, and 2.04 percent of industry AUM on May 31, 2023, and with $511 billion and 2.24 percent of industry AUM on June 30, 2022.

56 of those small fund firms brought in net inflows in June 2023. That's up M/M from 51 in May 2023 and up year-over-year from 42 in June 2022.

F/m's North Slope Capital (part of 1251 Capital Group's Diffractive Managers Group) leads the way so far in 2023, thanks to an estimated $1.352 billion in net year-to-date inflows as of June 30. Other big YTD inflows winners included: BondBloxx, $1.236 billion; Fuller & Thaler Asset Management, $888 million; Performance Trust, $671 million; and Simplify, $637 million.

North Slope also leads the way proportionately in 2023, thanks to estimated net YTD inflows (as of June 30) equivalent to 76.5 percent of its AUM. Other big inflows winners included: BondBloxx, 72.1 percent; and Simplify, 41.3 percent.

In the second quarter of 2023, BondBloxx led the way with an estimated $898 million in net inflows. Other big Q2 2023 inflows winners included: North Slope, $701 million; and Simplify, $661 million.

Simplify took the lead last month, thanks to an estimated $543 million in net June 2023 inflows, up M/M from $52 million in May 2023 and up Y/Y from $2 million in net outflows in June 2022. Other big June 2023 inflows winners included: Stone Ridge, $362 million (up M/M from $268 million, up Y/Y from $5 million); and North Slope, $200 million (down M/M from $246 million).

On the flip side, KraneShares leads the way in terms of 2023 outflows, thanks to an estimated $1.309 billion in net outflows over the first half of the year. Other big YTD outflows sufferers as of June 30 included: JOHCM, $692 million; Davis, $595 million; Champlain, $591 million; and City National Rochdale, $587 million.

Highland leads the 2023 outflows pack proportionately, thanks to estimated net YTD outflows as of June 30 equivalent to 32 percent of its AUM. Other big YTD outflows sufferers included: U.S. Global Investors, 20.6 percent; and Water Island's Arbitrage Fund, 19.7 percent.

KraneShares also led the outflows pack last quarter, thanks to an estimated $644 million in net Q2 2023 outflows. Other big outflows sufferers included: Southeastern's Longleaf, $401 million; and Payden, $328 million.

Longleaf took the outflows lead last month, thanks to an estimated $306 million in net June 2023 outflows, up M/M from $59 million in May 2023 and up Y/Y from $27 million in June 2022. Other big June 2023 outflows sufferers included: USCF, $270 million (down M/M from $167 million in net inflows, down Y/Y from $798 million in net outflows); and LoCorr, $168 million (up M/M from $84 million, down Y/Y from $193 million in net inflows).

As a group, small fund firms suffered $1.456 billion in net YTD outflows in the first half of 2023. That's equivalent to 0.29 percent of their combined AUM.

In Q2 2023, small fund firms suffered $3.582 billion in net outflows. That's equivalent to 0.72 percent of their combined AUM.

In June 2023, small fund firms suffered $547 million in net outflows, equivalent to 0.11 percent of their combined AUM. That compares with $1.737 billion and 0.36 percent in May 2023, and with $1.467 billion in net inflows and 0.29 percent in June 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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