A Gotham ETF startup took the lead last month among the smallest fund firms.
This article draws from Morningstar Direct
data on November 2020 open-end mutual fund and ETF flows, excluding money-market funds and funds-of-funds. More specifically, this article focuses on the 481 firms (down from 490 in October
) with less than $1 billion each in long-term fund AUM. 218 of those firms gained net inflows in November (up from 197 in October), and 211 gained net year-to-date inflows as of the end of November.
took the micro firm lead last month, thanks to an estimated $101 million in net November inflows, up from $84 million in October Other big November inflows winners included: Renaissance Capital
, $98 million (up from $84 million); Advisors Preferred
, $73 million (down from $96 million); Toroso
, $62 million (up from $32 million); and Aristotle
, $59 million (up from $23 million).
Last month included three apparent newcomers: 2nd Vote Funds
, and Leatherback
YTD, as of the end of November, Toroso still leads the micro firm pack thanks to an estimated $802 million in net inflows. Other big YTD inflows winners included: Axonic
, $637 million; Defiance, $499 million; Aptus Capital Advisors
, $440 million; and Rational Funds
, $428 million.
On the flip side, November was a rough month for SRN Advisors
, which suffered an estimated $231 million in net outflows, more than any other micro fund firm and up from negligible net outflows in October. Other big November outflows sufferers included: Ryan Labs
, $56 million (up from $20 million); Walthausen Funds
, $48 million (up from $2 million); AXS
, $47 million (up from $15 million); and Horizon Investments
, $440 million (up from $9 million).
YTD as of the end of November, Chiron
still led the micro pack with an estimated $727 million in net outflows in 2020. Other big YTD outflows sufferers included: Schroder
, $710 million; Phaecian
, $449 million; Highland
, $358 million; and 361
, $309 million.
As a group, micro fund firms brought in an estimated $6 million in net November inflows, equivalent to 0.01 percent of their combined AUM and accounting for 0.01 percent of overall industry inflows. That's up from $45 million in net October outflows. YTD, micro firms suffered $627 million in net outflows.
Across the entire industry, the 747 fund firms (down from 756 in October) tracked by the M* team brought in an estimated $112.028 billion in net November inflows, up from $15.64 billion in October. Active fund firms brought in an estimated $16.857 billion in net November inflows, while passive funds brought in $95.171 billion in net inflows. YTD, long-term funds and ETFs have brought in an estimated $128.103 billion in net inflows.
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