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Monday, December 16, 2019

Small Fund Firms' Outflows Plunge

Reported by Neil Anderson, Managing Editor

Net outflows for small fund firms fell last month, and an investment research giant led the way with its inflows.

Kunal Kapoor
This article draws from Morningstar Direct data on November 2019 ETF and open-end mutual fund flows, excluding money-market funds and funds of funds. More specifically, this article focuses on the 152 firms (two fewer than in October) with between $1 billion and $10 billion each in fund AUM. 59 of those firms gained net inflows last month, down from 68 in October.

Morningstar's own funds led the small fund firm pack thanks to an estimated $654 million in net November inflows, up from $23 million in October. Other big November inflows winners included: Mercer, $302 million (up from $27 million); AlphaCentric, $200 million (up from $125 million); Pacer, $135 million (up from $61 million); and Polen Capital, $134 million (up from $95 million).

Morningstar also led the small fund firm pack proportionately, bringing in estimated net November inflows equivalent to 20.1 percent of its AUM, up from 0.9 percent in October. Other big November inflows inflows included: AlphaCentric, 5 percent (up from 3.3 percent); Mercer, 4 percent (up from 0.4 percent); Nuance, 3.8 percent (up from 3.1 percent); and PT Asset Management (PTAM), 3.5 percent (down from 4.5 percent).

On the flip side, November was a rough month for Manning & Napier, which suffered an estimated $297 million in net outflows, more than any other small fund firm and up from $104 million in October. Other big November outflows sufferers included: IVA, $174 million (down from $363 million); Southeastern's Longleaf, $169 million (up from $99 million); Robeco's Boston Partners, $129 million (down from $349 million); and Westwood, $128 million (up from $57 million).

Westwood led the small fund firm outflows pack proportionately, with estimated net November outflows equivalent to 5.8 percent of its AUM, up from 2.5 percent in October. Other big November outflows sufferers included: Shelton Capital Management, 5.6 percent (up from 1.2 percent); Sound Shore, 5.2 percent (up from 3.6 percent); Manning, 5 percent (up from 1.7 percent); and Chartwell, 4.5 percent (up from 2 percent).

As a group, the 152 small fund firms suffered an estimated $273 million in combined net November outflows, equivalent to 0.06 percent of their combined AUM. That's down from $2.604 billion and 0.54 percent in October.

Across the whole industry (M* tracked November flows from 766 firms, up from 765 in October), long-term mutual funds and ETFs brought in an estimated $55.224 billion in net November inflows, equivalent to about 0.27 percent of industry AUM (up from 0.15 percent). Passive funds brought in $55.119 billion in net November inflows (up from $38.42 billion), while active funds brought in $105 million in net inflows (up from $9.446 billion in net outflows). 

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