ProShares Wins as Mid-Size Flows Stabilize
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Monday, February 25, 2019

ProShares Wins as Mid-Size Flows Stabilize

As fund flows stabilized last month among mid-size fund firms, a leveraged and inverse fund specialist took the lead.

Michael Lynn Sapir
ProFunds, ProShares
Chairman, CEO
This article draws from Morningstar Direct data on January 2019 open-end mutual fund and ETF flows (excluding money-market funds and funds of funds). This article focuses specifically on the 78 firms with between $10 billion and $100 billion each (in mutual fund and ETF AUM). 38 of those firms gained net inflows in January, while 40 suffered net outflows.

ProShares/ProFunds led the mid-size fund firm pack last month, with estimated net January inflows of $1.669 billion, up from $697 million in net outflows in December. Other big January inflows winners included: DoubleLine, $1.164 billion (up from $1.568 billion in net December outflows); Morgan Stanley, $1.101 billion (up from $68 million); Brinker Capital's Destinations, $1.032 billion (up from $122 million); and Bessemer's Old Westbury, $788 million (up from $1.671 billion in net outflows).

Proportionately among midsize firms, Destinations led the pack last month with estimated net January inflows equivalent to 9.21 percent of its AUM, up from 1.27 percent in December. Other big January inflows winners include: ProShares, 5.21 percent (up from 2.42 percent in net outflows); Morgan Stanley, 2.6 percent (up from 0.18 percent); Old Westbury, 2.5 percent (up from 5.78 percent in net outflows); and Harding Loevner, 2.01 percent (up from 1.45 percent in net outflows).

On the flip side, January was a rough month for Wells Fargo, which suffered an estimated $984 million in net outflows, more than any other mid-size fund firm but down from $1.254 billion in December. Other big January outflows sufferers include: Harbor, $865 million (down from $2.185 billion in December); Rafferty's Direxion, $575 million (down from $271 million in net inflows); First Eagle, $539 million (down from $2.517 billion); and Voya, $531 million (down from $866 million).

Proportionately, Direxion led the midsize outflows pack last month, suffering estimated net January outflows equivalent to 4.36 percent of its AUM, down from 2.36 percent in net December inflows. Other big outflows sufferers last month included: ALPS, 2.65 percent (down from 1.48 percent in net December inflows); Touchstone, 2.31 percent (down from 3.2 percent); AIG, 2.23 percent (down from 4.26 percent); and Harbor, 1.88 percent (down from 5.09 percent).

As a group, the 78 midsize fund firms brought in an estimated $1.421 billion in combined net inflows, equivalent to 0.05 percent of their combined AUM. That's up from $61.894 billion in net outflows in December.

Across the entire industry (M* tracks flows from 785 firms), long-term mutual funds and ETFs brought in a combined $38.941 billion in estimated net inflows in January, equivalent to 0.22 percent of their combined AUM. Passive funds brought in $27.216 billion in net inflows in January, while active funds brought in $11.725 billion.

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