A Gotham investment research shop's new ETF business took the small fund firm flows lead right out of the gate, according to the latest data from the folks at a publicly traded investment research firm.

Thomas Jong "Tom" Lee Fundstrat Capital, LLC Managing Director, Head of Research

This article draws from Morningstar Direct data on November 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 515 firms (the same amount as in October 2024 but up by 18 year-over-year from November 2023) with fewer than ten long-term mutual funds or ETFs each.

Fundstrat (which sponsored its first ETF launch, with help from Tidal, on November 6 and appears to be the only November newcomer fund firm) took the lead thanks to an estimated $465 million in net November 2024 inflows. Other big November 2024 inflows winners included: Alpha Architect, $243 million (down by $24 million month-over-month, up by $162 million Y/Y); Volatility Shares, $215 million (up by $89 million M/M, up by $179 million Y/Y); VS Trust, $121 million (up by $147 million M/M, up by $172 million Y/Y); and Hood River Capital Management, $117 million (up by $30 million M/M, up by $97 million Y/Y).

As of November 30, 2024, Column Funds (from Northwestern Mutual's Mason Street Advisors) led the pack for the trailing twelve months, with an estimated $4.183 billion in net inflows. Other big TTM inflows winners included: Alpha Architect, $3.903 billion; and 21Shares, $2.757 billion.

On the flip side, Independent Franchise Partners took the outflows lead last month, thanks to an estimated $765 million in net November 2024 outflows, up by $740 million M/M from October 2024 and up by $764 million Y/Y from November 2023. Other big November 2024 outflows sufferers included: Wealthfront, $615 million (up by $610 million M/M, up by $613 million Y/Y) (Wealthfront revealed plans last month to liquidate its sole mutual fund on January 3); Primecap, $313 million (up by $1 million M/M, up by $6 million Y/Y); Edgewood, $291 million (down by $57 million M/M, up by $54 million Y/Y); and Champlain, $241 million (up by $40 million M/M, up by $140 million Y/Y).

As of November 30, 2024, Primecap led the small firm outflows pack for the trailing twelve months, thanks to an estimated $4.569 billion in net outflows. Other big TTM outflows sufferers included: Ark, $4.302 billion; and Akre [profile], $2.694 billion.

As a group, small fund firms suffered $763 million in net November 2024 outflows (up by $687 million M/M from October 2024 but down by $534 million Y/Y from November 2023). As of November 30, 2024, small firms had a combined $335 billion in AUM (up by $30 billion M/M and up by $75 billion Y/Y) across 1,496 funds (up by 3 M/M, up, down by 2 Y/Y).

Small fund firms ended November 2024 accounting for 1.1 percent of industry AUM and 3.5 percent of ETFs and long-term mutual funds. These firms also accounted for nearly two-third (64.5 percent) of all fund firms.

As of November 30, 2024, small fund firms had brought in $11.783 billion in net TTM inflwos. Over those 12 months, small funds accounted for 2 percent of overall industry long-term fund flows.

Across the whole industry, the 798 firms (up by one M/M and up by 20 Y/Y) tracked by the M* team brought in $114.585 billion in net November 2024 inflows. (That's up by $32.523 billion M/M and up by $81.498 billion Y/Y.) The industry ended November 2024 with $31.426 trillion in AUM (up by $1.342 trillion M/M, up by $6.097 trillion Y/Y) and 43,046 long-term funds (down by 97 M/M but up by 739 Y/Y).

As of November 31, 2024, the industry brought in $687.668 billion in TTM net inflows. 

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