A quantitative ETF startup led the inflows pack proportionately again last month, even as industry inflows per fund slowed by about 10 percent.

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

This article draws from Morningstar Direct data on July 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 second month in a row, thanks to an estimated $88 million per fund in net July 2023 inflows, down month-over-month from $99 million per fund in June 2023. Other big July 2023 inflows winners included: Edward Jones' Bridge Builder, $50 million per fund (up M/M from $43 million, up year-over-year from $16 million in July 2022); Ark, $42 million per fund (up M/M from $48 million in net outflows, down Y/Y from $47 million in net inflows); Distillate Capital, $42 million per fund (up M/M from $8 million, up Y/Y from $16 million); and Baird (including Strategas), $39 million per fund (down M/M from $49 million, up Y/Y from $17 million in net outflows).

Bridge Builder still leads the 2023 pack so far, thanks to an estimated $605 million per fund in net year-to-date inflows as of July 31. Other big YTD inflows winners included: Neos, $210 million fund; and Baird, $204 million per fund.

On the flip side, Edgewood led the outflows pack for a third month in a row, thanks to an estimated $203 million per fund in net July 2023 outflows, up M/M from $161 million per fund in June 2023 but down Y/Y from $247 million per fund in July 2022. Other big July 2023 outflows sufferers included: Primecap, $69 million per fund (down M/M from $131 million per fund, up Y/Y from $49 million per fund); Akre, $37 million per fund (down M/M from $60 million per fund, down Y/Y from $5 million per fund in net inflows); RCF's Sequoia, $34 million per fund (down M/M from $47 million per fund, down Y/Y from $40 million per fund); and Mercer, $25 million per fund (up M/M from $8 million per fund, down Y/Y from $11 million per fund in net inflows).

Edgewood also still leads the 2023 outflows pack so far, thanks to an estimated $686 million per fund in net YTD outflows as of July 31. Other big YTD outflows sufferers included: Primecap, $496 million per fund; and Akre, $298 million per fund.

In July 2023, the industry brought in about $768,000 per fund in net estimated inflows. That's down M/M from about $857,000 in June 2023, and up Y/Y from $309,000 per fund in net July 2022 outflows.

The whole long-term U.S. mutual fund and ETF industry brought in $1.673 million per fund in net YTD inflows as of July 31. 

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