A Chicago fixed income boutique took the inflows lead among the smallest fund firms last month, according to the latest data from the folks at a publicly traded investment research firm.

Sean Michael-Thomas Dranfield PT Asset Management, LLC CEO

This article draws from Morningstar Direct data on August 2024 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 510 firms with fewer than ten long-term mutual funds and ETFs each.

Performance Trust Asset Management (PTAM) took the lead last month, thanks to an estimated $218 million in net August 2024 inflows, up by $7 million month-over-month from July 2024 and up by $133 million year-over-year from August 2023. Other big August 2024 inflows winners included: Volatility Shares, $215 million (down by $93 million M/M, up by $205 million Y/Y); Hood River Capital Management, $185 million (up by $8 million M/M, up by $142 million Y/Y); Alpha Architect, $171 million (down by $304 million M/M, up by $55 million Y/Y); and Aptus, $157 millon (up by $45 million M/M, up by $258 million Y/Y).

TappAlpha and Twin Oak appear to be August's newcomers to the industry.

As of August 31, Column Funds (from Northwestern Mutual's Mason Street Advisors) led the pack for the trailing twelves with an estimated $4.034 billion in net inflows. Other big TTM inflows winners included: Alpha Architect, $3.644 billion; and 21Shares, $2.414 billion.

On the flip side, Primecap took tthe outflows lead last month thanks to an estimated $552 million in net August 2024 outflows, up by $222 million M/M from July 2024 and up by $432 million Y/Y from August 2023. Other big August 2024 outflows sufferers included: Ark, $455 million (up by $36 million M/M, up by $122 million Y/Y); Nuance, $346 million (down by $120 million M/M, up by $297 million Y/Y); 21Shares, $258 million (a $452-million net flows drop M/M); and Champlain, $172 million (down by $245 million M/M, up by $165 million Y/Y).

As of August 31, Primecap led the TTM outflows pack thanks to an estimated $4.296 billion in net outflows. Other big TTM outflows sufferers included: Ark, $4.191 billion; and Akre, $3.072 billion.

As a group, small fund firms suffered $696 million in net August 2024 outflows, a $1.896-billion net flows drop M/M from July 2024. On August 31, small fund firms had a combined $313 billion in AUM and 1,485 funds, compared with $311 billion and 1,483 funds on July 31. Small fund firms accounted for 1 percent of industry AUM and 3.5 percent of industry funds on August 31.

Small fund firms had $8.89 billon in net TTM inflows as of August 31.

Across the whole industry, the 791 firms (down by four M/M but up by 11 Y/Y) tracked by the M* team brought in about $26.099 billion in net August 2024 inflows, and the industry ended the month with $29.993 trillion in AUM acoss 42,891 funds. That compares with $82.936 billion in net inflows, $29.447 trillion in AUM, and 43,102 funds in July 2024, and with $24.468 billion in net outflows, $25.211 trillion in AUM, and 42,226 funds in August 2023.

As of August 31, 2024, the industry brought in $398.051 billion in net TTM inflows into long-term funds. 

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