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Rating:A Global Value Shop Leads As Small Firms' Inflows Rise 12 Percent Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, September 20, 2021

A Global Value Shop Leads As Small Firms' Inflows Rise 12 Percent

Reported by Neil Anderson, Managing Editor

A global value equity shop that combines fundamental and quantitative investing led the small fund firm pack last month as small firms' inflows rose 12 percent.

Sarah H. Ketterer
Causeway Capital Management LLC
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 focuses on the 169 firms (up from 166 in July 2021 and up from 158 in August 2020) with between $1 billion and $10 billion each in long-term fund AUM.

Small firms had $548 billion in total long-term fund AUM as of August 31, 2021, accounting for 2.02 percent of overall industry long-term fund AUM. That compares with $537 billion and 2 percent on July 31, 2021 and $511 billion and 2.37 percent on August 31, 2020.

100 of those small fund firms brought in net inflows last month, down from 101 in July 2021 but up from 74 in August 2020.

Causeway took the lead last month, thanks to an estimated $381 million in net August 2021 inflows, up month-over-moth from $26 million in July 2021 and up year-over-year from $74 million in August 2020. Other big August 2021 inflows winners included: Milleis Investissements Funds, $366 million (up M/M from $61 million in net outflows, up Y/Y from $286 million); Angel Oak, $301 million (up M/M from $119 million, up Y/Y from $46 million); Pacer, $299 million (down M/M from $507 million, up Y/Y from $127 million); and PT Asset Management, $199 million (up M/M from $127 million, up Y/Y from $190 million).

Strategy Shares took the lead proportionately last month, bringing in estimated net inflows equivalent to 16.7 percent of its long-term mutual fund AUM. Other big August 2021 inflows winners included: Milleis, 11.4 percent; DF Dent Funds, 11.2 percent; Shenkman Funds, 4.8 percent; and Advisors Preferrred, 4 percent.

Pacer led the small fund firm pack year-to-date as of August 31, 2021, thanks to an estimated $1.803 billion in net inflows. Other big YTD inflows winners included: Callahan Financial Services' Trust for Credit Unions, $1.736 billion; and PT, $1.575 billion.

Trust for Credit Unions led the small fund firm pack for the 12-month period ending August 31, 2021, thanks to an estimated $2.36 billion in net inflows. Other big inflows winners included: PT, $2.236 billion; and ETFMG, $2.118 billion.

On the flip side, last month was a rough one for Jackson Square, which suffered an estimated $371 million in net August 2021 outflows, more than any other small fund firm. (That's down M/M from $110 million in net July 2021 inflows and down Y/Y from $35 million in net August 2020 inflows.) Other big August 2021 outflows sufferers included: FMI, $316 million (up M/M from $34 million, down Y/Y from $388 million); Meridian, $221 million (up M/M from $47 million, up Y/Y from $64 million); USCF, $155 million (down M/M from $371 million, up Y/Y from $80 million); and Acadian, $112 million (down M/M from $6 million in net inflows, up Y/Y from $3 million).

Acadian led the small firm outflows pack proportionately last month, thanks to estimated net August 2021 outflows equivalent to 10.3 percent of its AUM. Other big August 2021 outflows sufferers included: Jackson Square, 7.5 percent; Meridian, 5 prcenth; Toews Fund, 4.5 percent; and FMI, 4 percent.

USCF led the small firm outflows pack YTD as of August 31, 2021, thanks to an estimated $2.577 billion in net outflows. Other big YTD outflows sufferers included: Glenmede, $1.068 billion; and Meridian, $907 million.

And USCF also led the small firm outflows pack for the 12-month period ending August 31, 2021, thanks to an estimated $3.674 billion in net outflows. Other big outflows sufferers included: FMI, $1.922 billion; and Glenmede, $1.822 billion.

As a group, small fund firms brought in an estimated $2.978 billion in net August 2021 inflows, equivalent to about 0.54 percent of their combined AUM and accounting for 3.06 percent of overall industry long-term inflows. That compares with $2.654 billion, 0.49 percent of AUM, and 3.44 percent of industry inflows in July 2021, and $634 million in net outflows and 0.12 percent of AUM in August 2020.

In the first eight months of 2021, small firms brought in an estimated $30.692 billion in net inflows. That's equivalent to 5.61 percent of their combined AUM and 3.44 percent of industry inflows.

For the 12-month period ending August 31, 2021, small firms brought in an estimated $30.982 billion in net inflows. That's equivalent to 5.66 percent of their combined AUM and 2.7 percent of industry 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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