A 93-year-old fund firm took the lead last month among midsize fund firms, according to the latest data from the folks at a publicly traded investment research firm.

Dana Morton Emery Dodge & Cox CEO, Chair

This article draws from Morningstar Direct data on January 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 month-over-month from 214 in December 2023) with between 10 and 99 long-term mutual funds and ETFs each.

Dodge & Cox pulled ahead of the pack last month, thanks to an estimated $2.339 billion in net January 2024 inflows, up M/M from $351 million in net outflows in December 2023 and up year-over-year from $1.122 billion in January 2023 inflows. Other big January 2024 inflows winners included: Pacer, $2.148 billion (up M/M from $2.103 billion, up Y/Y from $1.454 billion); Baird (including Strategas), $1.812 billion (up M/M from $1.487 billion, up Y/Y from $702 million); Edward Jones' Bridge Builder, $695 million (up M/M from $497 million, up Y/Y from $508 million); and GQG, $508 million (up M/M from $371 million, down Y/Y from $696 million).

On the flip side, Grayscale took the outflows lead last month, thanks to an estimated $5.916 billion in net January 2024 outflows, down M/M from $5 million in December 2023 inflows, and down Y/Y from negligible net flows in January 2023. Other big January 2024 outflows sufferers included: Parnassus, $1.902 billion (up M/M from $332 million, up Y/Y from $114 million); Brown Capital Management, $993 million (up M/M from $268 million, up Y/Y from $143 million); Glenmede, $728 million (down M/M from $46 million in net inflows, down Y/Y from $57 million in net inflows); and USCF, $582 million (down M/M from $179 million in net inflows, down Y/Y from $269 million in net inflows).

As a group, midsize firms suffered $2.518 billion in January 2024 outflows, and they ended the month with $1.536 trillion in combined AUM across 5,851 funds. (That compares with $4.857 billion in net outflows, $1.551 trillion in AUM, and 5,839 funds on December 31, 2023.) As of January 31, 2024, midsize firms accounted for 5.8 percent of industry long-term fund AUM and 13.8 percent of industry long-term funds.

Across the industry, the 773 firms tracked by the M* team (down M/M from 782, down Y/Y from 783) brought in an estimated $35.941 billion in net January 2024 inflows, ending the month with $26.623 trillion in AUM across 42,446 funds. That compares with $57.098 billion in net inflows, $26.527 trillion in AUM, and 42,423 funds in December 2023, and with $42.682 billion in net inflows, $24.165 trillion in AUM, and 42,338 funds in January 2023. 

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