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Friday, July 21, 2017|
Guggenheim and Bridge Builder Are On a Roll!
Guggenheim had a big June, not only did it take the lead in terms of the top 50 biggest fund firms on a relative basis but also lead the pack of fund firms with AUMs between $10 and $100 billion on an absolute basis. In addition to large inflows, Guggenheim also appointed Jerry W. Miller, former Deutsche Executive, as its new president.
The fund flow information within this article was formulated from the exclusive data provided to MFwire by Alina Lamy, a senior analyst of quantitative research at MorningStar.
Guggenheim placed first (among fund firms with AUM between $10 and $100 billion) for the month of June with $1.298 billion in net open-end mutual fund and ETF inflows, M* estimates. Coming in second in the $10B to $100B bracket was Edward Jones'Bridge Builder Funds with estimated net inflows of $933 billon. Bridge Builder was also also in the top five in this bracket for the month of May with $957 million. Other big winners in June included: DoubleLine, with $775 million; Harris' OakMark, with $721 million; and PGIM, with $710 million. In terms of absolute inflows, the magnitude of inflows for June was worse than May, with only two fund firms in this bracket that pulled in over $800 million compared to May when all of the brackets in the top five managed to pull in well over that and three firms even racked in over $1 billion in net inflows.
Harding Loevner moved up all the way from number five to number one in the $10B to $100B bracket in terms of a relative basis for the month of June. Harding Leovner generated net inflows that were an estimated 2.645 percent of its total AUM. Guggenheim came in second with net inflows that were an estimated 2.262 percent of its total AUM, however, this relative change in AUM put it in first place in the month of June in regards to the top 50 biggest fund firms. Following Harding Leovner and Guggenheim were: Causeway, with 2.257 percent; Diamond Hill, with 2.218 percent; and Bridge Builder, with 2.189 percent.
Despite a lot of positive gains for the month of June, there were still firms that suffered large amounts of outflows. The $10B to $100B firm that suffered the most was Harbor Capital Advisors with estimated net outflows of $1.410 billion; Harbor was also first in the bracket for outflows in May as well with an estimated $1.555 billion. Following close behind in June is MainStay with estimated net outflows of $1.28 billion. Other firms that also suffered large outflows included: GMO, with $1.245 billion; and Van Eck, with $1.168 billion.
On a relative basis, Van Eck once again suffered the most with estimated outflows of 3.306 percent of its total AUM. Royce comes in second with estimated outflows that were 2.893 percent of its total AUM. Other fund firms that suffered the most relative outflows in June included: GMO, with 2.558 percent; MainStay, with 2.440 percent; and Allianz Global, with 2.339 percent.
Industry wide, long-term active mutual funds generated net inflows of $1.758 billion in the month of June. This is a significant decrease in inflows compared to the $9.745 billion generated in May. The inflows in passive funds also decreased from $59.05 billion in May to $56.41 billion in June and money market funds also took a big hit last month, experiencing estimated net outflows of about $25.097 billion.
Within long term active mutual funds, bond funds generated net inflows of $17.018 billion. International equity funds generated estimated inflows of $4.577 billion. In contrast, U.S. equity funds and sector equity funds together generated outflows of $16.275 billion and alternative, allocation, and commodities funds generated estimated total outflows of $3.562 billion.
Together, the total amount of inflows generated by both passive and active funds in June was about $58.174 billion. Yet the fund firms in the $10B and $100B AUM bracket generated net outflows of $2.212 billion.
The information garnered above regarding general industry performance was extracted from research conducted by Chicago-based research specialist MorningStar, who released its "Morning Direct Asset Flows Commentary: United States" report for June 2017. Lamy Penned the report.
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