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Rating:Direxion Leads As the Midsize Winners List Shrinks Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, May 23, 2022

Direxion Leads As the Midsize Winners List Shrinks

Reported by Neil Anderson, Managing Editor

A niche shope known for its leveraged and inverse index funds took the lead last month among midsize fund firms, even as fewer such firms netted positive flows.

This article draws from Morningstar Direct data on April 2022 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 75 firms (up from 74 in March 2022 but down from 77 in April 2021) with between $10 billion and $100 billion each in long-term fund AUM.

Midsize firms had $2.624 trillion in combined long-term fund AUM as of April 30, 2022, and they accounted for 10.67 percent of overall industry long-term fund AUM. That compares with $2.656 trillion and 10.03 percent on March 31, 2022, and with $2.795 trillion and 11.53 perncet on April 30, 2021.

21 midsize firms brought in net long-term inflows in April 2022, down from 23 in March 2022 and from 43 in April 2021.

Rafferty's Direxion took the lead last month among midsize funds, thanks to an estimated $2.293 billion in net April 2022 inflows, up month-over-month from $471 million in March 2022 and up year-over-year from $689 million in April 2021 outflows. Other big April 2022 inflows winners included: VanEck, $1.745 billion (up M/M from $533 million, up Y/Y from $1.25 billion); WisdomTree, $1.618 billion (up M/M from $878 million, up Y/Y from $297 million); Mirae (including Global X), $739 million (down M/M from $1.083 billion, down Y/Y from $1.639 billion); and Pacer, $704 million (down M/M from $1.331 billion, up Y/Y from $278 million).

Direxion also led the way proportionately last month, thanks to estimated net April 2022 inflows equivalent to 9.6 percent of its AUM. Other big inflows winners included: Pacer, 5.4 percent; GQG, 3.4 percent; WisdomTree, 3.4 percent; and VanEck, 2.7 percent.

After the first four months of the year, ProShares and ProFunds led the midsize pack, thanks to an estimated $7.848 billion in year-to-date inflows. Other big YTD inflows winners included: Direxion, $6.128 billion; and VanEck, $4.942 billion.

On the flip side, last month was a rough one for DoubleLine, which led the midsize pack with an estimated $2.4646 billion in net April 2022 outflows, up M/M from $1.257 billion in March 2022 and up Y/Y from $727 million in April 2021. Other big April 2022 outflows sufferers included: SEI, $1.654 billion (down M/M from $1.77 billion, up Y/Y from $767 million); TCW (including MetWest), $1.646 billion (up M/M from $1.054 billion, up Y/Y from $635 million); Federated Hermes, $1.383 billion (up M/M from $1.125 billion, down Y/Y from $718 million in net inflows); and Harbor, $1.213 billion (up M/M from $732 million, up Y/Y from $892 million).

BBH led the midsize outflows pack proportionately last month, suffering estimated net April 2022 outflows equivalent to 7.68 percent of its AUM. Other big outflows sufferers included: KraneShares, 4.1 percent; UBS, 3.7 percent; DoubleLine, 3.5 percent; and Matthews Asia, 3.1 percent.

After the first four months of 2022, DoubleLine led the 2022 midsize outflows pack, thanks to an estimated $6.591 billion in net YTD outflows. Other big outflows sufferers included: TCW, $5.358 billion; and Federated, $4.372 billion.

As a group, midsize fund firms suffered an estimated $17.012 billion in net April 2022 outflows, equivalent to 0.67 percent of their combined AUM and accounting for 19.07 percent of overall industry outflows. That's up M/M from $11.726 billion and 0.44 percent of AUM in March 2022 but down Y/Y from $13.592 billion in net inflows and 0.47 percent of AUM in net inflows.

Midsize fund firms suffered an estimated $30.406 billion in net outflows in the first four months of 2022. That's equivalent to 1.16 percent of their combined AUM and accounts for 1,136.25 percent of overall industry outflows YTD.

Across the entire industry, the 796 firms tracked by the M* team (up M/M from 791 and up Y/Y from 760) suffered an estimated $89.224 billion in net April 2022 outflows, equivlalent to 0.36 percent of the industry's $24.585 trillion in long-term fund AUM . (320 firms brought in net inflows.) That's down M/M from $30.653 billion in net March 2022 inflows, equivalent to 0.12 percent of industry AUM of $26.461 trillion, and down Y/Y from $125.673 billion in net April 2021 inflows, equivalent to 0.49 percent of industry AUM of $25.801 trillion.

Active funds suffered an estimated $86.386 billion in net April 2022 outflows, up M/M from $70.411 billion but down Y/Y from $31.465 billion in net inflows. Passive funds suffered an estimated $2.838 billion in net April 2022 outflows, down M/M from $101.064 billion in net inflows and down Y/Y from $94.208 billion in net inflows.

After the first four months of 2022, the industry had suffered $2.676 billion in net YTD outflows, equivalent to 0.01 percent of industry long-term AUM. 410 firms have brought in net inflows YTD. 

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