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Rating:Midsize Firms' Marketshare Slips Below 10.5 Percent Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, September 15, 2021

Midsize Firms' Marketshare Slips Below 10.5 Percent

Reported by Neil Anderson, Managing Editor

A China-focused U.S. ETF shop kept the lead last month among midsize fund firms, yet those firms' marketshare continued to slip.

Jonathan Krane
KraneShares
Founder, CEO
This article draws from Morningstar Direct data on August 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 focused on the 78 firms (down from 79 in July 2021 but up from 73 in August 2020) with between $10 billion and $100 billion each in long-term fund AUM.

Midsize firms had $2.85 trillion in combined long-term fund AUM as of August 31, 2021, and they accounted for 10.49 percent of overall industry long-term fund AUM. That's down from $2.969 trillion and 11.04 percent on July 31, 2021, and it compares with $2.651 trillion and 12.29 percent on August 31, 2020. 35 midsize firms brought in net long-term inflows in August 2021, down from 40 in July 2021 and down from 37 in August 2020.

KraneShares kept the lead among midsize firms last month, thanks to an estimated $1.772 billion in net August 2021 inflows, up month-over-month from $1.585 billion in July 2021 and up year-over-year from $8 million in August 2021 outflows. Other big August 2021 inflows winners included: Mirae (including Global X), $1.303 billion (up M/M from $1.224 billion, up Y/Y from $793 million); Guggenheim (including Rydex), $739 million (up M/M from $622 million, down Y/Y from $1.35 billion); Thrivent, $737 million (up M/M from $294 million, up Y/Y from $9 million in net outflows); and Baron, $616 million (down M/M from $733 million, up Y/Y from $34 million).

KraneShares kept the lead proportionately last month, thanks to estimated net August 2021 inflows equivalent to 13.9 percent of its AUM. Other big inflows winners included: Mirae, 3.3 percent; BBH, 2.8 percent; Thrivent, 2.4 percent; and Calamos, 2 percent.

Mirae now leads the midsize inflows pack year-to-date, thanks to an estimated $14.895 billion in net 2021 inflows as of August 31, 2021. Other big YTD inflows winners included: Ark, $13.407 billion; and KraneShares, $8.627 billion.

Ark led the midsize inflows pack for the 12-month period ending August 31, 2021, thanks to an estimated $27.594 billion in net inflows. Other big inflows winners included: Mirae, $19.163 billion; and VanEck, $12.24 billion.

On the flip side, last month was a rough one for FPA, which led the midsize outflows pack thanks to an estimated $1.455 billion in net August 2021 outflows, down M/M from $121 million in net July 2021 inflows but up Y/Y from $56 million in net August 2020 inflows. Other big August 2021 outflows sufferers included: Rafferty's Direxion, $1.26 billion (down M/M from $443 million in net inflows, up Y/Y from $421 million); Ark, $1.206 billion (down M/M from $1.568 billion, down Y/Y from $1.991 billion in net inflows); Virtus, $828 million (up M/M from $421 million, down Y/Y from $143 million in net inflows); and Jensen, $715 million (up M/M from $674 million, up Y/Y from $70 million).

Jensen led the midsize outflows pack proportionately last month, thanks to estimated net outflows equivalent to 6.7 percent of its AUM. Other big August 2021 outflows sufferers included: FPA, 6.6 percent; Direxion, 4.8 percent; Ark, 2.7 percent; and Lazard, 2.5 percent.

Harbor leads the midsize outflows pack so far in 2021, thanks to an estimated $5.684 billion in net YTD outflows as of August 31, 2021. Other big YTD outflows sufferers included: MassMutual, $4.237 billion; and Voya, $4.207 billion.

Harbor also led the midsize outflows pack for the 12-month period ending August 31, 2021, thanks to an estimated $8.169 billion in net outflows. Other big outflows sufferers included: Harris' Oakmark, $7.844 billion; and Voya, $6.928 billion.

As a group, midsize firms suffered an estimated $1.32 billion in net outflows in August 2021, equivalent to about 0.05 percent of their combined AUM. THat's down from $3.564 billion in net inflows and 0.12 percent of AUM in July 2021, and $7.361 billion in net inflows and 0.28 percent of AUM in August 2020.

In the first eight months of 2021, midsize firms brought in an estimated $72.012 billion in net inflows. That's equivalent to 2.53 percent of their combined AUM and accounting for 8.07 percent of overall industry long-term inflows.

For the 12-month period ending August 31, 2021, midsize firms brought in an estimated $92.824 billion in net inflows. That's equivalent to 3.26 percent of their combined AUM and accounted for 8.1 percent of overall industry long-term inflows.

Across the entire industry, the 776 fund firms (up from 774 in July 2021 and 752 in August 2020) tracked by the M* team brought in a combined $97.458 billion in net long-term inflows in August 2021, equivalent to 0.35 percent of industry long-term AUM of $27.175 trillion. That compares with $77.077 billion and $26.898 trillion in July 2021 and $41.403 billion and $21.561 trillion in August 2020.

Active funds brought in an estimated $19.829 billion in net August 2021 inflows, up M/M from $14.693 billion in July 2021 but down Y/Y from $25.255 billion in August 2020. Passive funds brought in an estimated $77.739 billion in August 2021 inflows, up M/M from $57.431 billion and up Y/Y from $16.178 billion.

In the first eight months of 2021, long-term funds brought in an estimated $892.153 billion in net inflows, equivalent to 3.28 percent of long-term fund AUM. And in the 12-month period ending August 31, 2021, long-term funds brought in $1.146073 trillion in net inflows, equivalent to 4.225 of their AUM. 

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