A New Entrant Leads the Under $1B AUM Pack
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Thursday, November 30, 2017

A New Entrant Leads the Under $1B AUM Pack

The fastest growing of the smallest mutual fund firms is a new entrant into the space.

The fund flow information within this article was formulated from Morningstar data provided to MFWire by Alina Lamy, senior analyst of quantitative research at the investment research giant.

Beacon Trust's Beacon Investment Advisory arm brought in an estimated $488 million in net inflows in October, more than any other fund firm with under $1 billion in AUM. Other top inflows shops last month included: Innovator Funds, $83 million; Ark, $80 million; GQG, $73 million; and Equbot, $71 million.

On a relative basis, Beacon, Equbot, and Vert Asset Management all appear to be new to the mutual fund business, as they brought in estimated October net inflows equivalent to 100 percent of their AUM. Other big inflows winners last month included: Event Shares, 99.9 percent; and Ascendant, 60 percent.

On the flip side, TFS suffered estimated outflows of $136 million in October, more than any other fund firm with under $1 billion in AUM and up from $120 million in September. Other big sufferers in October included: American Independence, $107 million; Oak Ridge, $53 million; Rainier, $48 million; and IronBridge, $44 million.

Proportionately, TFS also suffered the most in October, with estimated net outflows equivalent to 208.3 percent of its AUM by the end of the month. Other big net outflow suffers among the smallest fund firms included: Cumberland, 38.5 percent; VolMaxx, 37.1 percent; Roosevelt, 34.1 percent; and Ironclad, 26.7 percent.

As a group, fund families with under $1 billion in AUM each brought in a combined $886 million in estimated net inflows in September, equivalent to about 0.98 percent of their combined AUM.

On Monday M* released a report about industrywide flows, and MFWire highlighted the biggest winners and losers among the largest fund firms. Across the whole industry, active, long-term mutual funds swung back to net inflows in October, bringing in an estimated $5.585 billion. Money market funds suffered $7.234 billion in net outflows, while passive funds' net inflows rose to $71.6 billion. Among long-term, active funds, taxable bond funds, international equity funds, muni bond funds, liquid alts, and commodities funds all netted positive estimated inflows. U.S. equity funds, allocation funds, and sector equity funds all suffered estimated net outflows.

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