A publicly traded ETF shop took the inflows lead last month among midsize fund firms, even as the group's overall outflows nearly tripled, according to the latest data from the folks at a publicly traded investment research firm.
| Jonathan Laurence "Jono" Steinberg|
WisdomTree Investments, Inc.
This article draws from Morningstar Direct
data on August 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 72 firms (down month-over-month from 75 in July 2023
) with between $10 billion and $100 billion each in long-term fund AUM.
Midsize firms had $2.514 trillion in combined long-term fund AUM across 13,050 funds as of August 31, 2023, and they accounted for 9.97 percent of total industry long-term fund AUM. That compares with $2.642 trillion, 14,312 funds, and 10.19 percent of industry AUM on July 31, 2023, and with $2.475 trillion and 10.56 percent of industry AUM on August 31, 2022
21 midsize firms brought in net August 2023 inflows. That's up M/M and year-over-year from 20 in July 2023 and in August 2022.
took the lead last month, thanks to an estimated $1.428 billion in net August 2023 inflows, up M/M from $928 million in July 2023 and up Y/Y from $865 million in August 2022. Other big August 2023 inflows winners included: Rafferty's Direxion
, $1.223 billion (up M/M from $219 million, up Y/Y from $553 million); Pacer
, $1.044 billion (up M/M from $519 million, up Y/Y from $982 million); Baird
(including Strategas), $569 million (down M/M from $1.502 billion, down Y/Y from $1.25 billion); and GQG
, $439 million (up M/M from $164 million, up Y/Y from $304 million).
Pacer took the lead proportionately last month, thanks to estimated net inflows equivalent to 3.8 percent of its AUM. Other big August 2023 inflows winners included: Direxion, 3.7 percent; and GQG, 2.5 percent.
WisdomTree now leads the 2023 midsize inflows pack, too, thanks to an an estimated $8.568 billion in net year-to-date inflows as of August 31. Other big YTD inflows winners included: Baird, $8.544 billion; and Pacer, $5.661 billion.
On the flip side, Macquarie's Delaware
took the outflows lead last month, thanks to an estimated $1.07 billion in net August 2023 outflows, up M/M from $763 million in July 2023 and up Y/Y from $960 million in August 2022. Other big August 2023 outflows sufferers included: DWS
(including Xtrackers), $826 million (up M/M from $145 million, up Y/Y from $571 million); Federated Hermes
, $674 million (up M/M from $507 million, up Y/Y from $396 million); Harbor
, $648 million (up M/M from $188 million, up Y/Y from $173 million); and ProShares
and ProFunds, $619 million (down M/M from $969 million, down Y/Y from $1.409 billion in net inflows).
Mercer led the outflows pack proportionately again last month, thanks to net August 2023 outflows equivalent to 2.8 percent of its AUM. Other big outflows sufferers included: Alger
, 2.5 percent; and Abrdn
, 2.5 percent.
Delaware still leads the 2023 outflows pack so far, thanks to an estimated $7.129 billion in net YTD outflows as of August 31. Other big YTD outflows sufferers included: Virtus
, $5.011 billion; and SEI
, $4.109 billion.
As a group, midsize firms suffered an estimated $6.546 billion in net August 2023 outflows, equivalent to 0.26 percent of their combined AUM and accounting for 26.75 percent of overall industry outflows. That compares with $2.415 billion and 0.09 percent in July 2023, and with $8.17 billion and 0.33 percent in August 2022.
As of August 31, midsize firms have suffered an estimated $29.1 billion in net 2023 outflows. That's equivalent to 1.16 percent of their combined AUM.
Across the entire industry, the 780 firms tracked by the M* team (up M/M from 779, down Y/Y from 784) suffered $24.468 billion in net August 2023 outflows, equivalent to 0.1 percent of their combined $25.211 trillion in AUM across 42,226 funds. That compares with $32.39 billion in net inflows, 0.13 percent of AUM, $25.75 trillion in AUM, and 42,167 funds in July 2023, and with $4.816 billion in net inflows, 0.02 percent of AUM, and $23.433 trillion in AUM in August 2022.
Active funds suffered an estimated $34.337 billion in net August 2023 outflows, up M/M from $24.413 billion and up Y/Y from $33.062 billion. On the flip side, passive funds brought in $9.869 billion in net August 2023 inflows, down M/M from $56.803 billion and down Y/Y from $37.845 billion.
As of August 31, the industry has brought in $48.162 billion in net 2023 inflows. That's equivalent to 0.19 percent of its total long-term fund AUM.
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