A Midwestern fund firm kept the lead last month among midsize fund firms, according to the latest data from the folks at a publicly traded investment research giant.

Mary Ellen Bolger Stanek Robert W. Baird & Co. Managing Director, Director of Asset Management

This article draws from Morningstar Direct data on April 2024 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 213 firms (up by four month-over-month from March 2024) with between 10 and 99 long-tem mutual funds and ETFs each.

Baird (including Strategas) led the pack for a second month in a row, thanks to an estimated $2.313 billion in net April 2024 inflows, up by $811 million M/M from March 2024 and up by $1.232 billion year-over-year from April 2023. Other big April 2024 inflows winners included: Pacer, $1.8 billion (up by $389 million M/M, up by $1.337 billion Y/Y); Causeway, $1.188 billion (up by $919 million M/M, up by $1.315 billion Y/Y); Envestnet (including Active Passive Funds and PMC), $872 million (up by $867 million M/M); and GQG, $588 million (down by $290 million M/M, up by $400 million Y/Y).

Baird also led the way for the trailing twelve months ending April 30, 2024, thanks to an estimated $15.67 billion in net inflows. Other big TTM inflows winners included: Pacer, $15.089 billion; and Edward Jones' Bridge Builder, $8.402 billion.

On the flip side, Grayscale led the outflows pack for a fourth month consecutive month, thanks to an estimated $2.452 billion in April 2024 outflows, down by $3.905 billion M/M from March 2024 and a $2.452 billion net drop Y/Y from April 2023. Other big April 2024 outflows sufferers included: Bridge Builder, $1.984 billion (a $2.546-billion net flows drop M/M, a $2.681-billion net flows drop Y/Y); DoubleLine, $776 million (up M/M by $672 million M/M, up by $430 million Y/Y); Baron, $700 million (up by $171 million M/M, up by $639 million Y/Y); and Parnassus, $469 million (up by $178 million M/M, up by $419 million Y/Y).

Grayscale also leads the outflows pack over the last year, thanks to an estimated $17.205 billion in net TTM outflows as of April 30, 2024. Other big TTM outflows sufferers included: Parnassus, $5.766 billion; and DoubleLine, $5.548 billion.

As a group, midsize firms suffered $816 million in April 2024 outflows, and they ended the month with $1.669 trillion in combined AUM, across 6,033 funds. That compares with $957 million in net March 2024 outflows and $1.688 trillion in AUM and 5,689 funds on March 31, 2024.

As of April 30, 2024, midsize firms accounted for 6.1 percent of industry long-term fund AUM and 14.1 percent of long-term funds. That's up M/M from 5.9 percent of AUM and 13.7 percent of funds.

Midsize firms suffered $2.48 billion in TTM outflows as of April 30, 2024.

Across the whole industry, the 789 firms (unchanged M/M but up Y/Y from 776) tracked by the M* team suffered an estimated $9.009 billion in net April 2024 outflows, down by $98.558 net M/M and down by $15.664 billion Y/Y. It was the industry's first monthly net outflows since October 2023.

The industry ended April 2024 with $27.506 trillion in AUM across 42,733 funds. (That compares with $28.428 trillion in AUM and 42,586 funds on March 31, 2024, and with $24.131 trillion in AUM and 42,060 funds on April 30, 2023).

For the TTM ending April 30, 2024, the industry brought in $229.942 billion in net inflows. 

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