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

Wesley Gray Alpha Architect CEO, Chief Investment Officer

This article draws from Morningstar Direct data on June 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 two month-over-month from May 2024 and up by 10 quarter-over-quarter from March 2024) with fewer than ten long-term mutual funds and ETFs each.

Alpha Architect took the lead last quarter, thanks to an estimated $1.384 billion in net inflows in the second quarter of 2024, up by $71 million Q/Q and up by $1.144 billion year-over-year. Other big Q2 2024 inflows winners included: Neos, $744 million (up by $215 million Q/Q, up by $627 million Y/Y); Volatility Shares, $563 million (down by $471 million Q/Q, up by $556 million Y/Y); Aptus, $547 million (up by $108 million Q/Q, up by $515 million Y/Y); and Performance Trust, $426 million (down by $370 million Q/Q, up by $28 million Y/Y).

Volatility Shares took the lead last month, thanks to an estimated $271 million in net Jun 2024 inflows. Other big inflows winners include: Neos, $237 million; and Alpha Architect, $227 million.

On the flip side, Ark kept the outflows lead for a second quarter, thanks to an estimated $1.316 billion in net Q2 2024 outflows, down by $539 million Q/Q but up by $534 million Y/Y. Other big Q2 2024 outflows sufferers included: Primecap, $1.177 billion (up by $165 million Q/Q, up by $468 million Y/Y); Akre, $624 million (down by $151 million Q/Q, up by $134 million Y/Y); Edgewood, $420 million (down by $496 million Q/Q, down by $172 million Y/Y); and Blackstone, $360 million (up by $279 million Q/Q, up by $145 million Y/Y).

Ark also kept the outflows lead for a second consecutive month, thanks to an estimated $485 million in net June 2024 outflows. Other big outflows sufferers included: Primecap, $225 million; and Edgewood, $198 million.

As a group, small fund firms brought in $110 million in net June 2024 inflows, with 214 of those firms netting inflows. As of June 30, 2024, small fund firms had a combined $302 billion in AUM across 1,479 funds. Small firms accounted for 1.1 percent of industry AUM and 3.5 percent of industry AUM.

In Q2 2024, small fund firms brought in $2.981 billion in net inflows. They accounted for 3.3 percent of industry inflows.

Across the whole industry, the 793 firms (up by two M/M and up by 11 Q/Q) tracked by the M* team brought in about $43.761 billion in net June 2024 inflows. The industry ended June 2024 with $28.728 trillion in AUM across 42,814 funds. (That's up by $455 billion and 140 funds M/M, up by $300 billion and 228 funds Q/Q, and up by $3.3 trillion and 760 Y/Y.

In Q2 2024, the industry brought in $91.375 billion in net inflows. 

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