A Chicago fixed income boutique took the inflows lead among the smallest fund firms last quarter, even as the group's overall net flows slowed, 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 September 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 511 firms (up by one month-over-month from August 2024 and up by 13 year-over-year from September 2023) with fewer than ten long-term mutual funds and ETFs each.

Performance Trust Asset Management (PTAM) took the lead last quarter, thanks to an esetimated $790 million in net inflows in the third quarter of 2024, up by $364 million quarter-over-quarter from Q2 2024 and up by $574 million Y/Y from Q3 2023. Other big Q3 2024 inflows winners included: Neos, $661 million (down by $83 million Q/Q, up by $436 million Y/Y); Alpha Architect, $653 million (down by $713 million Q/Q, up by $329 million Y/Y); Aptus, $592 million (up by $45 million Q/Q, up by $758 million Y/Y); and Hood River, $571 million (up by $283 million Q/Q, up by $446 million Y/Y).

21Shares took the lead last month, thanks to an estimated $391 million in net September 2024 inflows. Other big inflows winners included: PTAM, $362 million; and Aptus, $323 million.

On the flip side, Primecap took the outflows lead last quarter, thanks to an estimated $1.184 billion in net Q3 2024 outflows, up by $7 million Q/Q from Q2 2024 and up by $689 million Y/Y from Q3 2023. Other big Q3 2024 outflows sufferers included: Ark, $1.122 billion (down by $194 million Q/Q, up by $699 million Y/Y); Nuance, $861 million (up by $560 million Q/Q, up by $714 million Y/Y); Champlain, $665 million (up by $514 million Q/Q, up by $634 million Y/Y); and Akre, $658 million (up by $34 million Q/Q, up by $261 million Y/Y).

Primecap also led the outflows pack last month for a second consecutive month, thanks to an estimated $302 million in net September 2024 outflows. Other big outflows sufferers included: Ark, $247 million; and Akre, $179 million.

As a group, small fund firms brought in $1.387 billion in net September 2024 inflows, with 220 of those firms netting inflows. That compares with $696 million in net inflows in August 2024 and with $741 million in net outflows in September 2023.

Small fund firms had $319 billion in AUM across 1,489 funds as of September 30, 2024. That compares with: $313 billion and 1,485 funds on August 31, 2024; $302 billion and 1,479 funds on June 30, 2024; and $250 billion and 1,490 funds on September 30, 2023.

In Q3 2024, small fund firms brought in $1.896 billion in net inflows (down from $2.981 billion in net inflows in Q2 2024 but up by $1.287 billion in net outflows in Q3 2023). They accounted for 1.2 percent of industry inflows in Q3 2024 and ended the quarter with 1 percent of industry AUM across 3.5 percent of industry funds.

Across the whole industry, the 793 firms (up by two M/M and by 13 Y/Y) tracked by the M* team brought in about $54.963 billion in net September 2024 inflows. (That's up by $28.864 billion M/M and up by $67.209 billion Y/Y.) The industry ended September 2024 with $30.559 trillion in AUM across 43,123 funds. (That's up by $566 billion and 232 funds M/M, up by $1.831 trillion and 309 funds Q/Q, and up by $6.404 trillion and 854 funds Y/Y.)

In Q3 2024, the industry brought in $163.658 billion in net inflows. (That's up by $70.283 billion Q/Q and up by $159.82 billion Y/Y.) 

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