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Tuesday, February 27, 2018

ProShares Takes the Midsize Lead

Reported by Neil Anderson, Managing Editor

Among midsize mutual fund firms, ProShares took the lead last month.

The fund flows information within this article draws from Morningstar Direct data. This article digs into fund flows for January 2018.

ProShares brought in an estimated $2.051 billion in net mutual fund and ETF inflows in January, more than any other fund family with between $10 billion and $100 billion in AUM, up from $705 million in outflows in December. Other top inflow shops in the midsize AUM range in January included: First Trust, $1.271 billion; Global X, $1.206 billion; Van Eck, $1.056 billion; and Edward Jones' Bridge Builder, $1.038 billion.

On a relative basis, Global X led the midsize fund firm pack in January with estimated net inflows equivalent to 11.81 percent of its AUM. Other big inflow winners proportionately last month included: ProShares, 5.71 percent; Credit Suisse, 4.7 percent; Brown Advisory, 4.06 percent; and Great-West, 2.69 percent.

On the flip side, January was a rough month for Wells Fargo, which suffered estimated net outflows of $1.978 billion, more than any other midsize fund firm. Other big sufferers last month included: Harbor, $1.823 billion; Voya, $738 million; WisdomTree, $723 million; and Deutsche, $656 million.

Proportionately, Harbor was the biggest sufferer in January among midsize fund firms, with estimated net outflows equivalent to 2.51 percent of its AUM. Other big sufferers last month, proportionately, included: Wells Fargo, 2.12 percent; Allianz, 1.93 percent; FMI, 1.88 percent; and Royce, 1.88 percent.

As a group, fund families with between $10 billion and $100 billion in AUM brought in $9.168 billion in estimated net inflows in January, equivalent to 0.3 percent of their combined AUM. That's up from $6.877 billion in net outflows in December.

Last week M* released a report about industrywide flows, and MFWire highlighted the biggest winners and losers among the largest fund firms. Across the whole industry, long-term active mutual funds brought in $24.048 billion in estimated net inflows in January, while money funds suffered $47.881 billion in net outflows and passive funds brought in $104.076 billion in net inflows. Within long-term active mutual funds, taxable bond funds, international equity funds, muni bond funds, liquid alts, commodities funds, and sector equity funds all had net inflows, while U.S. equity funds and allocation funds suffered net outflows. 

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