A Philadelphia area boutique led the smallest fund firms by inflows last month again, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on May 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 509 firms (up by six month-over-month from April 2024) with fewer than ten long-term mutual funds and ETFs each.

Alpha Architect led the way for a second month in a row, thanks to an estimated $490 million in net May 2024 inflows, down by $178 million M/M from April 2024 but up by $439 million year-over-year from May 2023. Other big May 2024 inflows winners included: 21Shares, $267 million (up by $358 million M/M); Neos, $249 million (down by $9 million M/M, up by $235 million Y/Y); Bitwise, $223 million (up by $97 million M/M, up by $223 million Y/Y); and Holbrook, $127 million (up by $78 million M/M, up by $113 million Y/Y).

Last month, the long-term mutual fund and ETF industry had at least two apparent newcomers: Anydrus and Return Stacked ETFs.

For the trailing 12 months ending May 31, 2024, Column Funds (from Northwestern Mutual's Mason Street Advisors) led the pack with $3.835 billion in net inflows. Other big TTM inflows winners included: Alpha Architect, $2.961 billion; and 21Shares, $2.543 billion.

On the flip side, Ark took the outflows lead last month, thanks to an estimated $336 million in net May 2024 outflows, down M/M by $159 million from April 2024 and a $448-million net flows drop Y/Y from May 2023. Other big May 2024 outflows sufferers included: Primecap, $309 million (down by $334 million M/M, up by $112 million Y/Y); Akre, $305 million (up by $145 million M/M, up by $132 million Y/Y); Edgewood, $106 million (down by $10 million M/M, down by $66 million Y/Y); and Nuance, $91 million (up by $48 million M/M, up by $71 million Y/Y).

Primecap led the TTM outflows pack as of May 31, 2024, thanks to an estimated $3.91 billion in net outflows. Other big outflows sufferers included: Ark, $3.214 billion; and Akre, $2.907 billion.

As a group, small fund firms brought in $2.108 billion in net May 2024 inflows, with 239 of those firms netting inflows. That compares with $1.191 billion and 240 firms in April 2024.

As of May 31, 2024, small fund firms had a combined $301 billion in AUM across 1,473 funds. (That compares with $290 billion and 1,473 funds on April 30.) Small firms accounted for 1.1 percent of industry AUM and 3.5 percent of industry funds.

Small fund firms brought in $6.301 billion TTM as of May 31, 2024. 252 of those firms netted inflows.

Across the whole industry, the 791 firms (up by two M/M and up by 11 Y/Y) tracked by the M* team brought in $58.35 billion in net May 2024 inflows, up by $67.359 billion M/M and up by $81.319 billion Y/Y. The industry ended May 2024 with $28.273 trillion in AUM across 42,674 funds. (That's up by $767 billion M/M and up by $4.373 trillion Y/Y).

For the TTM ending May 31, 2024, the industry brought in $291.264 billion in net inflows. 

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