The managed funds industry, consisting of open unlisted unit trusts and ETPs, represented in the Rainmaker Information database, had estimated net flows of negative $35 billion in the 12 months to end March 2023.
This represents a total loss of FUM due to net flows of 5%.
This was in sharp contrast with the 12 months to March 2022, which saw total net flows of positive $28 billion.
Unit trusts had negative net flows of -$45 billion and ETPs has positive net flows of $10 billion.
Three large managers accounted for $24 billion in negative net flows. These were First Sentier Investors (-$13 billion), Magellan Asset Management (-$6 billion) and Pendal Group (-$5 billion).
Australian equities income focused products were the only sector that showed positive net flows over the 12 months with $437 million. This was a 140% increase on the previous 12 months net flows of $181 million.
The sector with the highest percentage decrease in FUM due to net flows was alternatives (down 14%) which lost nearly $2 billion in negative net flows.
International equities large cap had largest negative net flows, losing $7 billion in the latest 12 months, nearly double the negative net flows of the previous 12 months.
Managers
Of the 154 managers in the Rainmaker Information managed funds database, 64 had net inflows and 88 had net outflows over 12 months. 42% had positive net flows and 58% had negative net flows.
The median manager net inflow was $25 million and the median net outflow was $195 million.
Betashares had the highest net flow over 12 months with $3.2 billion As a percentage of FUM, this was an increase of 14%.
Macquarie was second with $2.6 billion, for an increase in FUM from flows of 7%.
First Sentier had the largest negative net flows over 12 months, losing $12.6 billion from its managed funds products. Four of its products lost more than $1 billion in net flows each.
Products
Out of 1,098 products in the sample, 42% had positive net flows and 58% had negative net flows over 12 months.
The median positive net flow was $14 million while the median negative net flow was $39 million.
The La Trobe Australian Credit Fund 12 Month Term Account had the highest 12-month net flow with $1.2 billion, for an increase in FUM of 21%, ending the year with FUM of $7.3 billion.
The product with the second highest inflows was the Macquarie Enhanced Australian Fixed Interest Fund with $1.1 billion in positive net flows
Fourteen products had negative net flows greater than $1 billion, with five of those having negative net flows greater than $2 billion.
The product with the greatest negative net flows was the Magellan Global Fund with $4.1 billion in net flows.
