A Midwestern fund firm kep the lead last month among midsize fund firms as the group's net inflows returned, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on May 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 210 firms (down by three month-over-month from April 2024) with between 10 and 99 long-term mutual funds and ETFs each.

Baird (includling Strategas) led the pack for a third month in a row, thanks to an estimated $990 million in net May 2024 inflows, down by $1.323 billion M/M from April 2024 but up by $39 million year-over-year from May 2023. Other big May 2024 inflows winners included: Edward Jones' Bridge Builder, $961 million (up by $2.945 billion M/M, down by $1.181 billion Y/Y); GQG, $844 million (up by $256 million M/M, up by $696 million Y/Y); Pacer, $503 million (down by $1.297 billion M/M, up by $413 million Y/Y); and YieldMax, $448 million (down by $17 million M/M, up by $419 million Y/Y).

Baird also led the way for the trailing twelve months ending May 31, 2024, thanks to an estimated $15.71 billion in net inflows. Other big TTM inflows winners included: Pacer, $15.502 billion; and Dodge & Cox, $8.254 billion.

On the flip side, DoubleLine took the outflows lead, thanks to an estimated $782 million in May 2024 outflows, up by $6 million M/M from April 2024 but a $817-million net flows drop Y/Y from May 2023). Other big May 2024 outflows sufferers included: Old Westbury, $641 million (up by $289 million M/M, up by $540 million Y/Y); Grayscale, $600 million (down by $1.852 billion M/M, up by $600 million Y/Y); Parnassus, $538 million (up by $69 million M/M, up by $120 million Y/Y); and Harding Loevner, $412 million (up by $96 million M/M, up by $256 million Y/Y).

Grayscale leads the outflows pack over the last year, thanks to an estimated $17.805 billion in net TTM outflows as of May 31, 2024. Other big TTM outflows sufferers included: DoubleLine, $6.364 billion; and Parnassus, $5.886 billion.

As a group, midsize firms brought in $1.381 billion in May 2024 inflows, and they ended the month with $1.629 trillion in combined AUM, across 5,896 funds. That compares with $816 million in April 2024 outflows and with $1.669 trillion in AUM and 6,033 funds on April 30, 2024.

As of May 31, 2024, midsize firms accounted for 5.8 percent of industry long-term fund AUM and 13.8 percent of long-term funds, and last month they brought in 2.4 percent of industry inflows.

Midsize firms brought in $2.013 billion in TTM outflows as of May 31, 2024.

Across the whole industry, the 791 firms (up by two M/M and up by 11 Y/Y) tracked by the M* team brought in $58.35 billion in net May 2024 inflows, up by $67.359 billion M/M and up by $81.319 billion Y/Y. The industry ended May 2024 with $28.273 trillion in AUM across 42,674 funds. (That's up by $767 billion M/M and up by $4.373 trillion Y/Y).

For the TTM ending May 31, 2024, the industry brought in $291.264 billion in net inflows. 

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