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Rating:Year-Over-Year, Midsize Firms' Marketshare Slips 23 Percent Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, May 17, 2021

Year-Over-Year, Midsize Firms' Marketshare Slips 23 Percent

Reported by Neil Anderson, Managing Editor

Midsize fund firms' marketshare by AUM fell 23 percent over the past year.

Luis Berruga
Mirae's Global X Management Company LLC
CEO
This article draws from Morningstar Direct data on April 2021 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. (Other asset management products, like CITs and SMAs, are also not included.) More specifically, this article focuses on the 77 firms (up from 72 in April 2020) with between $10 billion and $100 billion each in long-term fund AUM.

Midsize fund firms accounted for 10.83 percent of long-term fund AUM as of April 30, 2021, down from 11.53 percent on March 31, 2021 and 14.15 percent on April 30, 2020. 43 midsize fund firms brought in net inflows in April 2021, the same as in March 2021 but up from 31 in April 2020.

Mirae (including Global X) took the lead among midsize firms last month, thanks to an estimated $1.639 billion in net April 2021 inflows, down month-over-month from $1.755 billion in March 2021 inflows and up year-over-year from $27 million in April 2020 inflows. Other big April 2021 inflows winners included: VanEck, $1.25 billion (down MOM from $1.32 billion, up YOY from $1.174 billion in net outflows); Baird, $1.139 billion (down MOM from $2.325 billion, up YOY from $966 million); Guggenheim (including Rydex), $931 million (up MOM from $335 million, down YOY from $1.516 billion); and Federated Hermes, $718 million (up MOM from $425 million in net outflows, up YOY from $174 million).

Mirae kept the lead proportionately last month, thanks to estimated net April 2021 inflows equivalent to 5 percent of its AUM. Other big inflows winners included: Calamos, 3 percent; VanEck, 2 percent; Guggenheim, 1.9 percent; and BBH, 1.8 percent.

Ark led the midsize pack in the first four months of 2021, thanks to an estimated $17.155 billion in YTD inflows as of April 30, 2021. Other big YTD inflows winners included: Mirae, $9.692 billion; and Baird, $7.42 billion.

On the flip side, last month was a rough one for Harbor, which led the midsize pack thanks to an estimated $892 million in net April outflows, up MOM from $255 million in March 2021 but down YOY from $113 million in net April 2020 inflows. Other big April 2021 outflows sufferers included: ProShares and ProFunds, $796 million (down MOM from $804 million in net inflows, down YOY from $4.693 billion in net inflows); DoubleLine, $727 million (up MOM from $28 million, down YOY from $2.493 billion); Rafferty's Direxion, $689 million (down MOM from $1.184 billion in net inflows, down YOY from $1.792 billion in net inflows); and AQR, $486 million (down MOM from $609 million, down YOY from $655 million).

Proportionately, AQR kept the midsize outflows pack lead last month, suffering estimated net April 2021 outflows equivalent to 3.8 percent of its AUM. Other big outflows sufferers included: Mercer, 2.9 percent; Direxion, 2.85 percent; Harbor, 1.6 percent; and ProShares, 1.4 percent.

For the first four months of 2021, Harbor led the midsize outflows pack thanks to an estimated $2.957 billion in net YTD outflows as of April 30, 2021. Other big YTD outflows sufferers included: Harris' Oakmark, $2.206 billion; and AQR, $2.13 billion.

As a group, midsize firms brought in an estimated $5.709 billion in net April 2021 inflows, equivalent to 0.2 percent of their combined AUM and accounting for 4.54 percent of all industry long-term flows. That's down $13.592 billion, 0.475 percent of AUM, and 8.68 percent of inflows in March 2021. Yet it's up from $2.865 billion in net outflows, equivalent to 0.11 percent of AUM, in April 2020.

At the end of the first four months of 2021, midsize firms had $62.421 billion in net YTD inflows. That's equivalent to 2.23 percent of their combined AUM and accounts for 11.81 percent of overall industry inflows.

Across the entire industry, the 760 fund firms (up from 758 in March 2021 but down from 763 in April 2020) tracked by the M* team brought in a combined $125.673 billion in estimated net long-term fund inflows in April 2021, equivalent to 0.49 percent of long-term fund AUM. That's down from $156.503 billion and 0.63 percent of AUM in March 20210, but it's up from $16.388 billion and 0.09 percent of AUM in April 2020.

Active funds brought in an estimated $31.465 billion in net April 2021 inflows, down from $42.386 billion in March 2021 but up from $21.202 billion in April 2020 outflows. Passive funds brought in an estimated $94.208 billion in net April 2021 inflows, down from $114.117 billion in March 2021 but up from $37.598 billion in April 2020.

In the first four months of 2021, long-term funds brought in an estimated $528.439 billion in net inflows, equivalent to 2.05 percent of their combined AUM. 

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