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...Today, DFA manages about $677bn, and a decent chunk of that is invested in its suite of small-cap funds. such as its $15.4bn US Small Cap Portfolio....
...Just three providers control about 75 per cent of the assets in US exchange traded funds these days: BlackRock, Vanguard, and State Street Global Advisors....
...Many of Dimensional’s largest ETFs were launched as mutual funds, including its $25.3bn US Core Equity 2 ETF, $9.7bn US Marketwide Value ETF and $9.3bn US Targeted Value ETF....
...Two less established players, JPMorgan and Dimensional Fund Advisors, have aggressively developed their ETF line-ups in recent years to reach combined control of 3 per cent of the US market, up from less...
...Plain vanilla equity funds were the hardest hit with fees dropping from an average of 0.12 per cent to 0.113 per cent....
...The investment bank’s chief global equity strategist has mapped out the multi-dimensional phenomenon of mounting stock market concentration — the rise of US stocks, the rise of tech stocks and the rise of...
...Take Calstrs, the $327bn US pension fund that is one of the world’s biggest backers of private equity....
...The launches follow hot on the heels of US asset management giant Dimensional Fund Advisors entry into the Australian market with its own suite of active ETFs....
...The headwinds for mutual funds have also been much stronger in equities than in other types of assets....
...Private equity, hedge fund and venture capital markets have spent decades dodging even basic anti-money laundering checks....
...“It’s led all of us to be a lot more humble,” says Andrew Ang, head of factor investing at BlackRock....
...Here they are, courtesy of Stockanalysis.com: OK, many of the latest ones are perfectly fine — such as a brace of short-duration bond ETFs from Capital Group and Dimensional Fund Advisors, a large-cap US...
...The DFA Tax Managed US Equity, DFA Tax Advantaged US Core Equity 2, DFA Tax Managed US Small Cap and DFA Tax-Managed US Targeted Value funds leaked a combined $799mn during the six months before their conversions...
...iShares led July US ETF sales with $18.6bn, followed by Vanguard’s $14.9bn. Behind Invesco was State Street Global Advisors, with $3.4bn; Dimensional Fund Advisors, $2.1bn; and First Trust, $1.1bn....
...The majority of smart beta inflows have been into high-income equity products, says Deborah Fuhr, founder of ETFGI, an ETF research firm....
...Instead, Armour said, “we are seeing more comfort with daily disclosure” and the likes of JPMorgan and Dimensional Fund Advisors have built up large active ETF books....
...Equity funds accounted for $75.8bn of this, with US-listed funds soaking up $45.2bn, their strongest inflows since October....
...Dimensional — widely used by US advisers — also switched over lots of its mutual funds and Ark Invest (run by Cathie Wood) boasts a small legion of actively managed tech equity ETFs....
...Dimensional Fund Advisors, for example, started offering advisers the option to hold and trade ETFs on its SMA platform in late January....
...Data from Morningstar shows the active side of the US industry garnered $8.6bn in February inflows, while passive ETFs shed $10.4bn....
...I don’t think there’s much evidence to support that,” said Mamdouh Medhat, a senior researcher and vice-president at Dimensional Fund Advisors....
...These factors also aided Dimensional Fund Advisors, which enjoyed a 60 per cent jump in assets to $72.4bn. “Dimensional has fairly loyal clients who are banging the door down,” Kashner said....
...Flows are heading in the same direction: US-domiciled mutual funds suffered net outflows of $1.1tn in 2022 even as US-listed ETFs took in $610bn, according to Investment Company Institute data....
...Hamish Preston, director of US equity indices at S&P Dow Jones, said “several energy companies [such as ExxonMobil and Chevron] have moved from having a 100 per cent allocation to Value before the rebalance...
...A quarter of all trades in ETFs in the US were ProShares products, the most of any single provider, ProShares said....
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