A quantitative ETF startup led the inflows pack proportionately again last month, even as industry outflows returned.

Troy Michael Cates NEOS Investments LLC Co-Founder, Managing Partner

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.)

Neos led the way for a third month in a row, thanks to an estimated $70 million per fund in net August 2023 inflows, down month-over-month from $88 million/fund in July 2023 but up year-over-year from $1 million/fund in August 2022. Other big August 2023 inflows winners included: newcomer Astoria Capital Partners, $58 million/fund; Edward Jones' Bridge Builder, $50 million/fund (roughly unchanged M/M, up Y/Y from $37 million/fund); River Canyon, $47 million/fund (up M/M from $4 million/fund, up Y/Y from $19 million/fund in net outflows); and Dodge & Cox, $42 million/fund (up M/M from $12 million/fund, up Y/Y from $27 million/fund).

Bridge Builder still leads the 2023 inflows pack so far, thanks to an estimated $654 million/fund in net year-to-date inflows as of August 31. Other big YTD inflows winners included: Neos, $280 million/fund; and Baird (including Strategas), $219 million/fund.

On the flip side, Edgewood led the outflows pack for a fourth month in a row, thanks to an estimated $102 million/fund in net August 2023 outflows, down M/M from $203 million/fund in July 2023 and down Y/Y from $220 million/fund in August 2022. Other big August outflows sufferers included: Akre, $61 million/fund (up M/M from $37 million/fund, up Y/Y from $3 million/fund); Corbyn's Greenspring, $56 million/fund (down M/M from $2 million/fund in net inflows, down Y/Y from $3 million/fund in net inflows); Sequoia, $48 million/fund (up M/M from $34 million/fund, up Y/Y from $31 million/fund); and SSGA, $46 million/fund (down M/M from $9 million/fund in net inflows, down Y/Y from $12 million/fund in net inflows).

Edgewood also still leads the 2023 outflows pack so far, thanks to an estimated $788 million/fund in net YTD outflows as of August 31. Other big YTD outflows sufferers included: Primecap, $536 million/fund; and Akre, $359 million/fund.

In August 2023, the industry suffered an estimated $579,000/fund in net outflows. That's down M/M from $768,000/fund in net July 2023 inflows and down Y/Y from $114,000/fund in net August 2022 inflows.

Over the first eight months of 2023, the whole long-term U.S. mutual fund and ETF industry brought in an estimated $1.141 million/fund in net inflows. 

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